Document:

Exhibit 10.82

 

Dated 15 July 2020

 

THE FINANCIAL INSTITUTIONS LISTED IN SCHEDULE
1

as Lenders

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Resigning Facility Agent

and Resigning Security Agent

 

and

 

LUCID AGENCY SERVICES LIMITED

as Successor Facility Agent

 

and

 

LUCID TRUSTEE SERVICES LIMITED

as Successor Security Agent

 

and

 

LORD OCEAN NAVIGATION CO.

as Borrower

 

and

 

SEANERGY MARITIME HOLDINGS CORP.

as Guarantor

 

and

 

EMPEROR HOLDING LTD.

as Shareholder

 

RESIGNATION, APPOINTMENT, AMENDMENT AND RESTATEMENT
DEED

relating to a facility agreement dated

11 June 2018 in connection with

the refinancing of certain existing indebtedness

secured on m.v. "LORDSHIP"

 

    	 	 	 

     

    

 

Index

 

	Clause	 	Page
	 	 	 
	1	Interpretation 	2
	2	Facility Agent	5
	3	Security Agent	6
	4	Conditions Precedent	7
	5	Representations	7
	6	Amendment and Restatement of Facility Agreement and other Finance Documents	8
	7	Further Assurance	9
	8	Acknowledgement by Transaction Obligors and Finance Parties 	10
	9	Variations	12
	10	Invalidity	12
	11	Costs and Expenses	12
	12	Notices	13
	13	Counterparts	13
	14	Governing Law	13
	15	Enforcement	14
	 	 	 
	Schedules	 
	 	 	 
	Schedule 1 The Lenders	15
	Schedule 2 Conditions Precedent	16
	 	 	 
	Execution	 
	 	 	 
	Execution Pages	18

 

Appendix

 

Appendix Form of Amended and Restated Facility
Agreement (marked to indicate amendments)

 

    	 	 	 

     

    

 

THIS RESIGNATION, APPOINTMENT, AMENDMENT
AND RESTATEMENT DEED is made on 15 July 2020

 

PARTIES

 

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

 

		(2)	WILMINGTON TRUST, NATIONAL ASSOCIATION as resigning Facility Agent (the "Resigning
Facility Agent")

 

		(3)	WILMINGTON TRUST, NATIONAL ASSOCIATION as resigning Security Agent (the "Resigning
Security Agent")

 

		(4)	LUCID AGENCY SERVICES LIMITED as successor Facility Agent (the "Successor Facility
Agent")

 

		(5)	LUCID TRUSTEE SERVICES LIMITED as successor Security Agent (the "Successor Security
Agent")

 

		(6)	LORD OCEAN NAVIGATION CO., a corporation incorporated in the Republic of Liberia whose registered
address is at 80 Broad Street, Monrovia, Liberia as borrower (the "Borrower")

 

		(7)	SEANERGY MARITIME HOLDINGS CORP., a corporation incorporated in the Republic of the Marshall
Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands
as guarantor (the "Guarantor")

 

		(8)	EMPEROR HOLDING LTD., a corporation incorporated in the Republic of the Marshall Islands
whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, the Republic of the Marshall
Islands as shareholder (the "Shareholder")

 

BACKGROUND

 

		(A)	By the Facility Agreement, the Lenders made available to the Borrower a facility of (originally)
up to $24,500,000. The amount of the Loan utilised by the Borrower on 13 June 2018 was $24,500,000 and on the date of this Deed
the principal amount of the Loan outstanding is $22,900,000.

 

		(B)	The Majority Lenders wish for the Resigning Facility Agent to resign as Facility Agent in accordance
with paragraph (g) of clause 28.12 (resignation of the facility agent) of the Facility Agreement and have given notice to
the Resigning Facility Agent in accordance with paragraph (b) of clause 28.12 (resignation of the facility agent) of the
Facility Agreement.

 

		(C)	The Majority Lenders wish to appoint the Successor Facility Agent as Facility Agent to act as the
agent on behalf of the Finance Parties under and in connection with the Finance Documents.

 

		(D)	The Majority Lenders wish for the Resigning Security Agent to resign as Security Agent in accordance
with paragraph (g) of clause 29.13 (resignation of the security agent) of the Facility Agreement and have given notice to
the Resigning Security Agent in accordance with paragraph (b) of clause 29.13 (resignation of the security agent) of the
Facility Agreement.

 

		(E)	The Majority Lenders wish to appoint the Successor Security Agent as Security Agent to act as the
security agent on behalf of the Secured Parties under and in connection with the Finance Documents.

 

    	 	 	 

     

    

 

		(F)	Such resignations and appointments are to take effect on and from the Restatement
Date and in accordance with clause 28.12 (resignation of the facility agent) and clause 29.13 (resignation of the security
agent) of the Facility Agreement respectively.

 

		(G)	As a condition of the Lenders continuing to make available
the Loan to the Borrower, the Parties have agreed to amend and restate the Facility Agreement and amend and supplement the other
Finance Documents as set out in this Deed to:

 

		(i)	implement the cross-collateralisation of the Security
under the Security Documents with the security executed in connection with the Collateral Facility Agreement; and

 

		(ii)	reflect the resignations and appointments described in
Recitals (B) to (F) above.

 

OPERATIVE PROVISIONS

 

		1	INTERPRETATION

 

		1.1	Definitions

 

In this Deed:

 

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

 

"Amendment and Accession
to Account Pledge Agreement" means an amendment and accession to the first priority account pledge agreement dated 13
June 2018 between (i) the Borrower as pledgor, (ii) the Resigning Security Agent and the Lenders as existing pledgees and (iii)
the Successor Security Agent as new pledgee.

 

"Collateral Account
Security" means a document creating second priority Security over the Collateral Guarantor Earnings Account in agreed
form.

 

"Collateral Facility
Agent" means Lucid Agency Services Limited as agent of the Collateral Finance Parties.

 

"Collateral Facility
Agreement" means the facility agreement dated on or about the date of this Deed and made between, amongst others, (i)
the Collateral Guarantors as joint and several borrowers, (ii) the Guarantor as guarantor, (iii) certain financial institutions
listed therein as lenders, (iv) the Collateral Facility Agent and (v) the Collateral Security Agent.

 

"Collateral Finance
Parties" means the "Finance Parties" defined in the Collateral Facility Agreement.

 

"Collateral General
Assignment" means Collateral General Assignment A or Collateral General Assignment B.

 

"Collateral General
Assignment A" means a second priority general assignment in respect of the Earnings, Insurances and Requisition Compensation
relating to Collateral Ship A between (i) Collateral Guarantor A and (ii) the Successor Security Agent as security for the obligations
of Collateral Guarantor A under Collateral Guarantee A.

 

"Collateral General
Assignment B" means a second priority general assignment in respect of the Earnings, Insurances and Requisition Compensation
relating to Collateral Ship B between (i) Collateral Guarantor B and (ii) the Successor Security Agent as security for the obligations
of Collateral Guarantor B under Collateral Guarantee B.

 

    	 	2	 

     

    

 

"Collateral Guarantee
A" means a collateral guarantee to be granted by Collateral Guarantor A in favour of the Successor Security Agent,
in relation to the obligations of, amongst others, the Borrower under the Amended and Restated Facility Agreement.

 

"Collateral Guarantee
B" means a collateral guarantee to be granted by Collateral Guarantor B in favour of the Successor Security Agent,
in relation to the obligations of, amongst others, the Borrower under the Amended and Restated Facility Agreement.

 

"Collateral Guarantor A" means
Sea Glorius Shipping Co., a corporation incorporated in the Marshall Islands whose registered address is at Trust Company Complex,
Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands.

 

"Collateral Guarantor B" means
Sea Genius Shipping Co., a corporation incorporated in the Marshall Islands whose registered address is at Trust Company Complex,
Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands.

 

"Collateral Guarantor Earnings Account" means in
respect of each Collateral Guarantor:

 

		(a)	an account in the name of that Collateral Guarantors
with the Account Bank designated "USD Earnings Account"; or

 

		(b)	any other account in the name of a Collateral Guarantor
with the Account Bank which may, with the prior written consent of the Successor Facility Agent, be opened in the place of the
account referred to in paragraph (a) above, irrespective of the number or designation of such replacement account; or

 

		(c)	any sub-account of any account referred to in paragraphs
(a) or (b) above.

 

"Collateral Guarantors" means Collateral Guarantor A or Collateral Guarantor B.

 

"Collateral Intercreditor Agreement"
means the intercreditor agreement to be entered into between, amongst others, (i) the Collateral Guarantors and the Guarantor
as debtors, (ii) the Borrower as collateral guarantor, (iii) the Collateral Security Agent as senior security agent and (iv) the
Successor Security Agent as junior security agent.

 

"Collateral Manager's Undertaking"
means, in relation to an Approved Manager, a second priority letter of undertaking from that Approved Manager subordinating
the rights of that Approved Manager against a Collateral Ship and the relevant Collateral Guarantor to the rights of the Finance
Parties in agreed form.

 

"Collateral Mortgage" means Collateral Mortgage
A or Collateral Mortgage B.

 

"Collateral Mortgage A" means
a second preferred Marshall Islands mortgage over Collateral Ship A to be granted by (i) Collateral Guarantor A in favour of (ii)
the Successor Security Agent as security for the obligations of Collateral Guarantor A under Collateral Guarantee A.

 

"Collateral Mortgage B" means
a second preferred Marshall Islands mortgage over Collateral Ship B to be granted by (i) Collateral Guarantor B in favour of (ii)
the Successor Security Agent as security for the obligations of Collateral Guarantor B under Collateral Guarantee B.

 

"Collateral Secured Parties" means
the "Secured Parties" defined in the Collateral Facility Agreement.

 

"Collateral Security Agent" means
Lucid Trustee Services Limited as security agent of the Collateral Secured Parties.

 

    	 	3	 

     

    

 

"Collateral Security Documents"
means the Collateral Account Security, each Collateral General Assignment, each Collateral Manager's Undertaking, each Collateral
Mortgage and each Collateral Shares Security.

 

"Collateral Ship" means Collateral Ship A or Collateral
Ship B.

 

"Collateral Ship A" means
the 2004-built Capesize bulk carrier, having IMO Number 9266944 and registered in the name of Collateral Guarantor A under the
Marshall Islands flag with the name "GLORIUSHIP".

 

"Collateral Ship B" means
the 2010-built Capesize bulk carrier, having IMO Number 9398759 and registered in the name of Collateral Guarantor B under the
Marshall Islands flag with the name "GENIUSHIP".

 

"Collateral Shares Security" means
Collateral Shares Security A or Collateral Shares Security B.

 

"Collateral Shares Security A"
means a document to be executed by the Guarantor as shareholder creating second priority Security over the shares in Collateral
Guarantor A in agreed form.

 

"Collateral Shares Security B"
means a document to be executed by the Guarantor as shareholder creating second priority Security over the shares in Collateral
Guarantor B in agreed form.

 

"Facility Agreement" means
the facility agreement dated 11 June 2018 (as amended, restated and supplemented from time to time before the date of this Deed)
and made between, amongst others, (i) the Borrower, (ii) the Guarantor, (iii) the Lenders, (iv) the Resigning Facility Agent and
(v) the Resigning Security Agent.

 

"Fee Letter" means any letter
or letters between any of the Successor Facility Agent, the Successor Security Agent and any Obligor setting out any of the fees
referred to in clause 11.1 (agency fee) of the Amended and Restated Facility Agreement.

 

"Intercreditor Agreement" means
the intercreditor agreement to be entered into between, amongst others, (i) the Borrower and the Shareholder as debtors, (ii) the
Guarantor, (iii) the Collateral Guarantors, (iv) the Successor Security Agent as senior security agent and (v) the Collateral Security
Agent as junior security agent.

 

"Majority Lenders" means a
Lender or Lenders whose participations in the Loan aggregate more than 66% per cent. of the amount of the Loan outstanding.

 

"Mortgage Assignment" means
the assignment of the first preferred Marshall Islands Mortgage on the Ship to be executed by the Resigning Security Agent in favour
of the Successor Security Agent.

 

"New Shares Security Deliverables"
means each document to be re-issued by the Shareholder, any director or officer of the Borrower in favour of the Successor
Security Agent pursuant to the Shares Security.

 

"Party" means a party to this Deed.

 

"Restatement Date" means the
date on which the Successor Facility Agent (acting on the instruction of the Majority Lenders) notifies the Borrower, the Resigning
Facility Agent and the other Finance Parties as to the satisfaction of the conditions precedent as provided in paragraph (b) of
Clause 4 (Conditions Precedent).

 

"Transaction Obligor" means the Borrower, the Guarantor
or the Shareholder.

 

    	 	4	 

     

    

 

		1.2	Defined expressions

 

Defined expressions in the Amended
and Restated Facility Agreement shall have the same meanings when used in this Deed unless the context otherwise requires or unless
otherwise defined in this Deed.

 

		1.3	Application of construction and interpretation provisions
of Facility Agreement

 

Clause 1.2 (construction) of
the Amended and Restated Facility Agreement apply to this Deed as if they were expressly incorporated in it with any necessary
modifications.

 

		1.4	Designation as a Finance Document

 

The Borrower, the Resigning Facility
Agent and the Successor Facility Agent (on the instructions of the Majority Lenders) designate this Deed as a Finance Document.

 

		1.5	Third party rights

 

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

 

		(b)	Subject to clause 41.3 (exceptions) of the Facility
Agreement but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not
required to rescind or vary this Deed at any time.

 

		2	FACILITY AGENT

 

		2.1	Resignation of Resigning Facility Agent

 

With effect from the Restatement
Date, the Resigning Facility Agent resigns from its role as Facility Agent under the Finance Documents.

 

		2.2	Appointment of Successor Facility Agent

 

In accordance with paragraph (b)
of clause 28.12 (resignation of the facility agent) of the Facility Agreement, the Majority Lenders appoint the Successor
Facility Agent as the agent of the Finance Parties under and in connection with the Finance Documents and the Successor Facility
Agent accepts such appointment with effect on and from the Restatement Date.

 

		2.3	Release of Resigning Facility Agent

 

In accordance with paragraph (f)
of clause 28.12 (resignation of the facility agent) of the Facility Agreement, with effect on and from the Restatement Date,
the Resigning Facility Agent shall be discharged from any further duties and obligations in respect of the Finance Documents (other
than its obligations under paragraph (f) of clause 28.12 (resignation of the facility agent) of the Facility Agreement)
in its capacity as Facility Agent.

 

		2.4	Transfer of rights and obligations to the Successor
Facility Agent

 

The Parties to this Deed acknowledge
and agree that pursuant to this Deed, as of the Restatement Date, any and all rights and obligations of the Resigning Facility
Agent as Facility Agent under the Facility Agreement and the other Finance Documents shall be transferred to and assumed by the
Successor Facility Agent, provided that the Successor Facility Agent shall not be responsible for any property, liabilities or
obligations of the Resigning Facility Agent relating to or arising out of matters or events occurring before the Restatement Date.

 

    	 	5	 

     

    

 

		2.5	Undertaking by the Successor Facility Agent

 

The Successor Facility Agent undertakes
with each of the other Parties that it will perform all those obligations which, by the terms of this Deed, are assumed by it as
Facility Agent on and from the Restatement Date.

 

		2.6	Continuing indemnities

 

The Parties confirm that the indemnities
in clauses 14.3 (indemnity to the facility agent) and 28 (the facility agent) of the Facility Agreement in respect
of any actions taken or omitted to be taken by it or any event occurring in each case before its resignation pursuant to this Deed
which indemnities shall survive the resignation of the Resigning Facility Agent and shall continue in full force and effect for
the benefit of the Resigning Facility Agent, any of its sub-agents and their respective Affiliates.

 

		3	SECURITY AGENT

 

		3.1	Resignation of Resigning Security Agent

 

With effect from the Restatement
Date, the Resigning Security Agent resigns from its role as Security Agent under the Finance Documents.

 

		3.2	Appointment of Successor Security Agent

 

In accordance with paragraph (b)
of clause 29.13 (resignation of the security agent) of the Facility Agreement, the Majority Lenders appoint the Successor
Security Agent as the security agent of the Secured Parties under and in connection with the Finance Documents and the Successor
Security Agent accepts such appointment with effect on and from the Restatement Date.

 

		3.3	Release of Resigning Security Agent

 

In accordance with paragraph (f)
of clause 29.13 (resignation of the security agent) of the Facility Agreement, with effect on and from the Restatement Date,
the Resigning Security Agent shall be discharged from any further duties and obligations in respect of the Finance Documents (other
than its obligations under paragraph (d) of clause 29.13 (resignation of the security agent) and paragraph (b) of clause
29.25 (winding up of trust) of the Facility Agreement) in its capacity as Security Agent.

 

		3.4	Transfer of rights and obligations to the Successor
Security Agent

 

		(a)	The Parties to this Deed acknowledge and agree that pursuant
to this Deed, section 36 of the Trustee Act 1925, all relevant powers conferred by the Trustee Act 1925, the Security Documents
and any other applicable law, as of the Restatement Date, any and all rights and obligations of the Resigning Security Agent as
Security Agent under the Facility Agreement and the other Finance Documents and the proceeds of enforcement of such documents
and all other Security Property shall be transferred to and assumed (and, in relation to the Security Property, held in accordance
with the Finance Documents to which the Resigning Security Agent is a party) by the Successor Security Agent, provided that nothing
under this Deed shall oblige the Successor Security Agent to be liable for any property, liabilities or obligations of the Resigning
Security Agent relating to or arising out of matters or events occurring before the Restatement Date. The provisions of this Deed
are without prejudice to Section 40(1) of the Trustee Act 1925.

 

		(b)	With effect on and from the Restatement Date, and by virtue
of the resignation of the Resigning Security Agent and the appointment of the Successor Security Agent as Security Agent under
the Finance Documents, the term "Security Agent" shall refer to the Successor Security Agent only, and not the Resigning
Security Agent, for all purposes of the Finance

 

    	 	6	 

     

    

 

Documents, and the Successor Security
Agent (acting in its capacity as Security Agent) shall act as Security Agent for the purposes of the Finance Documents.

 

		3.5	Assignment of security

 

The Resigning Security Agent irrevocably
assigns to the Successor Security Agent its whole right, title, benefit and interest in, under and to all the Security Property,
subject to the terms of this Deed on and from the Restatement Date.

 

		3.6	Undertaking by the Successor Security Agent

 

The Successor Security Agent undertakes
with each of the other Parties that it will perform all those obligations which, by the terms of this Deed, are assumed by it as
Security Agent on and from the Restatement Date.

 

		3.7	Continuing indemnities

 

The Parties confirm that the indemnities
in clauses 14.4 (indemnity to the security agent) and 29 (the security agent) of the Facility Agreement in respect
of any actions taken or omitted to be taken by it or any event occurring in each case before its resignation pursuant to this Deed
which indemnities shall survive the resignation of the Resigning Security Agent and shall continue in full force and effect for
the benefit of the Security Facility Agent, any of its sub-agents and their respective Affiliates.

 

		4	CONDITIONS PRECEDENT

 

		(a)	The Restatement Date cannot occur unless the Successor
Facility Agent has received (or, on the instructions of the Majority Lenders, waived receipt of) all of the documents and other
evidence listed in Error! Reference source not found. (Conditions Precedent) in form and substance satisfactory
to the Successor Facility Agent (acting on the instruction of the Majority Lenders).

 

		(b)	Subject to paragraph (c) below, the Successor Facility
Agent shall notify the Borrower and the other Finance Parties promptly upon the satisfaction of the conditions precedent referred
to in paragraph (a) above.

 

		(c)	Other than to the extent that the Majority Lenders notify
the Successor Facility Agent in writing to the contrary before the Successor Facility Agent gives the notification described in
paragraph (b) above, the Finance Parties authorise (but do not require) the Successor Facility Agent to give that notification.
The Successor Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

 

		5	REPRESENTATIONS

 

		5.1	Facility Agreement representations

 

Each Obligor that is a party to the
Facility Agreement makes the representations and warranties set out in clause 18 (representations) of the Facility Agreement,
as amended and restated by this Deed and updated with appropriate modifications to refer to this Deed and, where appropriate, the
Mortgage Assignment, by reference to the circumstances then existing on the date of Deed and on the Restatement Date.

 

		5.2	Finance Document representations

 

Each Transaction Obligor makes the
representations and warranties set out in the Finance Documents (other than the Facility Agreement) to which it is a party, as
amended and supplemented by this Deed and updated with appropriate modifications to refer to this

 

    	 	7	 

     

    

 

Deed and, where appropriate, the
Mortgage Assignment, by reference to the circumstances then existing on the date of this Deed and on the Restatement Date.

 

		6	AMENDMENT AND RESTATEMENT OF FACILITY AGREEMENT AND
OTHER FINANCE DOCUMENTS

 

		6.1	Specific amendments to the Facility Agreement

 

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

 

		6.2	Amendments to Finance Documents

 

With effect on and from the Restatement
Date each of the Finance Documents other than the Facility Agreement, the Mortgage which is assigned by the Mortgage Assignment
and the Account Security which is amended and acceded to by the Amendment and Accession to Account Pledge Agreement, shall be,
and shall be deemed by this Deed to have been, amended as follows:

 

		(a)	by construing references to the "Facility Agent"
or "agent" throughout those Finance Documents as referring to the Successor Facility Agent rather than the Resigning
Facility Agent;

 

		(b)	by construing references to the "Security Agent",
"Mortgagee" or "security trustee" throughout those Finance Documents as referring to the Successor Security
Agent rather than the Resigning Security Agent;

 

		(c)	the definition of, and references throughout each of the
Finance Documents to, the Facility Agreement and any of the other Finance Documents shall be construed as if the same referred
to the Facility Agreement and those Finance Documents as amended and supplemented by this Deed;

 

		(d)	the definition of, and references throughout each of the
Finance Documents to, the Mortgage shall be construed as if the same referred to the Mortgage as assigned by the Mortgage Assignment;

 

		(e)	the definition of, and references throughout each of the
Finance Documents to, the Account Security shall be construed as if the same referred to the Account Security as amended and acceded
to by the Amendment and Accession to Account Pledge Agreement; and

 

		(f)	by construing references throughout each of the Finance
Documents to "this Agreement", "this Deed" and other like expressions as if the same referred to such Finance
Documents as amended and supplemented by this Deed.

 

		6.3	Security Party Confirmation

 

On the Restatement Date, each Transaction Obligor:

 

		(a)	confirms its acceptance of the Amended and Restated Facility Agreement;

 

		(b)	agrees that it is bound as an Obligor (as defined in the Amended and Restated Facility Agreement);

 

		(c)	confirms that the definition of, and references throughout each of the Finance Documents to, the
Facility Agreement and any of the other Finance Documents shall be construed as if

 

    	 	8	 

     

    

 

the same referred to the Facility Agreement and those
Finance Documents as amended, restated and/or supplemented by this Deed;

 

		(d)	(in the case of the Guarantor) confirms that its guarantee
and indemnity:

 

		(i)	continues to have full force and effect on the terms of the Amended and Restated Facility Agreement; and

 

		(ii)	extends to the obligations of the relevant Security Parties under the Finance Documents as amended, restated and/or and supplemented
by this Deed.

 

		6.4	Security confirmation

 

On the Restatement Date, each Transaction Obligor confirms
that:

 

		(a)	any Security created by it under the Finance Documents extends to the obligations of the relevant Obligors under the Finance
Documents as amended, restated and/or and supplemented by this Deed;

 

		(b)	the obligations of the relevant Transaction Obligor under the Amended and Restated Facility Agreement are included in the Secured
Liabilities (as defined in the Security Documents to which it is a party); and

 

		(c)	the Security created under the Finance Documents continues in full force and effect on the terms of the respective Finance
Documents.

 

		6.5	Finance Documents to remain in full force and effect

 

The Finance Documents shall remain in full force and effect
and, on and from the Restatement Date:

 

		(a)	in the case of the Facility Agreement as amended and restated pursuant to Clause 6.1 (Specific amendments to the Facility
Agreement);

 

		(b)	as amended and supplemented pursuant to Clause 6.2 (Amendments to Finance Documents);

 

		(c)	the Facility Agreement and the applicable provisions of this Deed will be read and construed as one document; and

 

		(d)	except to the extent expressly waived by the amendments effected by this Deed, no waiver is given by this Deed and the Lenders
expressly reserve all their rights and remedies in respect of any breach of or other Default under the Finance Documents.

 

		7	FURTHER ASSURANCE

 

		7.1	Further assurance

 

Clause 20.25 (further assurance) of the Facility
Agreement, as amended restated by this Deed, applies to this Deed as if it were expressly incorporated in it with any necessary
modifications.

 

		7.2	Delivery of original and copy documents

 

		(a)	Each of the Resigning Facility Agent and the Resigning Security Agent has provided copies of all of the Finance Documents,
including copies of any and all notices, supplemental agreements, amendments, addenda and any other documents relating to or connected
with

 

    	 	9	 

     

    

 

any of the Finance Documents, in
its possession, to the Successor Facility Agent or the Successor Security Agent (as applicable).

 

		(b)	Within 20 Business Days of the date of this Deed, each of the Resigning Facility Agent the Resigning
Security Agent shall deliver to the Successor Facility Agent or the Successor Security Agent (as applicable), all originals of
the Finance Documents in their possession.

 

		7.3	Further documents

 

		(a)	The Resigning Facility Agent shall make available to the Successor Facility Agent such documents
and records and provide such assistance as the Successor Facility Agent may reasonably request for the purposes of performing its
functions as Facility Agent under the Finance Documents.

 

		(b)	The Resigning Facility Agent shall, at the request of the Successor Facility Agent, do all such
things and execute and deliver all such deeds, documents, memoranda, agreements or instruments as may be reasonably necessary to
give effect to the provisions of this Deed.

 

		(c)	The Resigning Security Agent shall make available to the Successor Security Agent such documents
and records and provide such assistance as the Successor Security Agent may reasonably request for the purposes of performing its
functions as Security Agent under the Finance Documents.

 

		(d)	The Resigning Security Agent shall, at the request of the Successor Security Agent, do all such
things and execute and deliver all such deeds, documents, memoranda, agreements or instruments as may be reasonably necessary to
give effect to the provisions of this Deed.

 

		(e)	The Borrower shall, within 5 Business Days of demand, reimburse the Resigning Facility Agent and
the Resigning Security Agent for the amount of all costs and expenses (including legal fees) incurred by each of them in making
available such documents and records and providing such assistance.

 

		8	ACKNOWLEDGEMENT BY TRANSACTION OBLIGORS AND FINANCE
PARTIES

 

The Transaction Obligors and each
of the Finance Parties, by their execution of this Deed, acknowledge that they have received notice of:

 

		(a)	the appointment of the Successor Facility Agent and the transfer of its rights and obligations
to the Successor Facility Agent under Clause 2 (Facility Facility Agent

 

		8.2	Resignation of Resigning Facility Agent

 

With effect from the Restatement
Date, the Resigning Facility Agent resigns from its role as Facility Agent under the Finance Documents.

 

		8.3	Appointment of Successor Facility Agent

 

In accordance with paragraph (b)
of clause 28.12 (resignation of the facility agent) of the Facility Agreement, the Majority Lenders appoint the Successor
Facility Agent as the agent of the Finance Parties under and in connection with the Finance Documents and the Successor Facility
Agent accepts such appointment with effect on and from the Restatement Date.

 

		8.4	Release of Resigning Facility Agent

 

In accordance with paragraph (f)
of clause 28.12 (resignation of the facility agent) of the Facility Agreement, with effect on and from the Restatement Date,
the Resigning Facility Agent shall be discharged from any further duties and obligations in respect of the Finance

 

    	 	10	 

     

    

 

Documents (other than its obligations
under paragraph (f) of clause 28.12 (resignation of the facility agent) of the Facility Agreement) in its capacity as Facility
Agent.

 

		8.5	Transfer of rights and obligations to the Successor
Facility Agent

 

The Parties to this Deed acknowledge
and agree that pursuant to this Deed, as of the Restatement Date, any and all rights and obligations of the Resigning Facility
Agent as Facility Agent under the Facility Agreement and the other Finance Documents shall be transferred to and assumed by the
Successor Facility Agent, provided that the Successor Facility Agent shall not be responsible for any property, liabilities or
obligations of the Resigning Facility Agent relating to or arising out of matters or events occurring before the Restatement Date.

 

		8.6	Undertaking by the Successor Facility Agent

 

The Successor Facility Agent undertakes
with each of the other Parties that it will perform all those obligations which, by the terms of this Deed, are assumed by it as
Facility Agent on and from the Restatement Date.

 

		8.7	Continuing indemnities

 

The Parties confirm that the indemnities
in clauses 14.3 (indemnity to the facility agent) and 28 (the facility agent) of the Facility Agreement in respect
of any actions taken or omitted to be taken by it or any event occurring in each case before its resignation pursuant to this Deed
which indemnities shall survive the resignation of the Resigning Facility Agent and shall continue in full force and effect for
the benefit of the Resigning Facility Agent, any of its sub-agents and their respective Affiliates.

 

		(a)	Security Agent); and

 

		(b)	the appointment of the Successor Security Agent and the transfer of its rights and obligations
to the Successor Security Agent under Clause 3 (Security Facility Agent

 

		8.8	Resignation of Resigning Facility Agent

 

With effect from the Restatement
Date, the Resigning Facility Agent resigns from its role as Facility Agent under the Finance Documents.

 

		8.9	Appointment of Successor Facility Agent

 

In accordance with paragraph (b)
of clause 28.12 (resignation of the facility agent) of the Facility Agreement, the Majority Lenders appoint the Successor
Facility Agent as the agent of the Finance Parties under and in connection with the Finance Documents and the Successor Facility
Agent accepts such appointment with effect on and from the Restatement Date.

 

		8.10	Release of Resigning Facility Agent

 

In accordance with paragraph (f)
of clause 28.12 (resignation of the facility agent) of the Facility Agreement, with effect on and from the Restatement Date,
the Resigning Facility Agent shall be discharged from any further duties and obligations in respect of the Finance Documents (other
than its obligations under paragraph (f) of clause 28.12 (resignation of the facility agent) of the Facility Agreement)
in its capacity as Facility Agent.

 

		8.11	Transfer of rights and obligations to the Successor
Facility Agent

 

The Parties to this Deed acknowledge
and agree that pursuant to this Deed, as of the Restatement Date, any and all rights and obligations of the Resigning Facility
Agent as Facility Agent under the Facility Agreement and the other Finance Documents shall be

 

    	 	11	 

     

    

 

transferred to and assumed by the
Successor Facility Agent, provided that the Successor Facility Agent shall not be responsible for any property, liabilities or
obligations of the Resigning Facility Agent relating to or arising out of matters or events occurring before the Restatement Date.

 

		8.12	Undertaking by the Successor Facility Agent

 

The Successor Facility Agent undertakes
with each of the other Parties that it will perform all those obligations which, by the terms of this Deed, are assumed by it as
Facility Agent on and from the Restatement Date.

 

		8.13	Continuing indemnities

 

The Parties confirm that the indemnities
in clauses 14.3 (indemnity to the facility agent) and 28 (the facility agent) of the Facility Agreement in respect
of any actions taken or omitted to be taken by it or any event occurring in each case before its resignation pursuant to this Deed
which indemnities shall survive the resignation of the Resigning Facility Agent and shall continue in full force and effect for
the benefit of the Resigning Facility Agent, any of its sub-agents and their respective Affiliates.

 

		(a)	Security Agent),

 

of this Deed and that each of them
waives any notice, consultation or consent requirement (if any) under the Facility Documents or otherwise in connection with the:

 

		(i)	resignation of the Resigning Facility Agent and the appointment of the Successor Facility Agent;
or

 

		(ii)	resignation of the Resigning Security Agent and the appointment of the Successor Security Agent.

 

		9	VARIATIONS

 

This Deed may be varied only by a document signed by or
for and on behalf of all Parties.

 

		10	INVALIDITY

 

If, at any time, any provision of
this Deed is or becomes invalid, illegal or unenforceable in any respect under the law of any jurisdiction:

 

		(a)	the validity, legality and enforceability under the law of that jurisdiction of any other provision;
and

 

		(b)	the validity, legality and enforceability under the law of any other jurisdiction of that or any
other provision,

 

shall not be affected or impaired in any way.

 

		11	COSTS AND EXPENSES

 

		(a)	Clause 16.2 (amendment costs) of the Amended and Restated Facility Agreement, applies to
this Deed as if it were expressly incorporated in it with any necessary modifications.

 

		(b)	The Borrower shall pay to or, on the account of, the Resigning Facility Agent and the Resigning
Security Agent the amount of all documented costs and expenses (including legal fees) reasonably incurred by each of them in connection
with the negotiation, preparation, execution, administration and delivery of this Deed.

 

    	 	12	 

     

    

 

		(c)	Nothing in this Deed shall affect any right of the Resigning Facility Agent or the Resigning Security
Agent to receive:

 

		(i)	reimbursement of its incurred but not yet settled expenses and any unpaid indemnity amounts under
any Finance Document to the extent the Resigning Facility Agent or the Resigning Security Agent (as applicable) is entitled to
such expenses and amounts under the terms of that Finance Document; and

 

		(ii)	any other amount to which it is entitled pursuant to the provisions of this Deed or any other Finance
Document.

 

		12	NOTICES

 

		12.1	Addresses

 

Clause 35 (notices) of the
Facility Agreement applies to this Deed as if it were expressly incorporated in it with any necessary modifications save that the
notice details of the following parties shall be as set out in this Clause 12.1 (Addresses):

 

		(a)	in the case of the Successor Facility Agent:

 

Lucid Agency Services Limited

6th Floor, No 1 Building

1-5 London Wall Buildings

London Wall, London

United Kingdom

EC2M 5PG

 

	Fax:	+ 44 2030024691
	Email:	deals@lucid-ats.com
	Attention:	Lucid Agency and Trustee Services

 

		(b)	in the case of the Successor Security Agent:

 

Lucid Trustee Services Limited

6th Floor, No 1 Building

1-5 London Wall Buildings

London Wall, London

United Kingdom

EC2M 5PG

 

	Fax:	+ 44 2030024691
	Email:	deals@lucid-ats.com
	Attention:	Lucid Agency and Trustee Services

 

		13	COUNTERPARTS

 

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

 

		14	GOVERNING LAW

 

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

 

    	 	13	 

     

    

 

		15	ENFORCEMENT

 

		15.1	English court jurisdiction

 

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

 

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

 

		(c)	This Clause 15.1 (English court jurisdiction) is for the benefit of the Finance Parties,
the Successor Facility Agent and the Successor Security Agent only. As a result, none of the Finance Parties nor he Successor Facility
Agent nor the Successor Security Agent shall be prevented from taking proceedings relating to a Dispute in any other courts with
jurisdiction. To the extent allowed by law, the Finance Parties and/or and/or the Successor Facility Agent the Successor Security
Agent may take concurrent proceedings in any number of jurisdictions.

 

		15.2	Service of process

 

		(a)	Without prejudice to any other mode of service allowed under any relevant law, each Transaction
Obligor:

 

		(i)	irrevocably appoints Messrs E. J. C. Album Solicitors, presently of Landmark House, 190 Willifield
Way, London NW11 6YA, England (attention: Mr Edward Album, tel: +44 208 455 7653, fax: +44 208 457 5558 and email: ejca@mitgr.com
as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document;
and

 

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

 

		(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent
for service of process, the Borrower (on behalf of all the Transaction Obligors) must immediately (and in any event within 5 days
of such event taking place) appoint another agent on terms acceptable to the Successor Facility Agent. Failing this, the Successor
Facility Agent may appoint another agent for this purpose.

 

This Deed has been executed as a deed and
delivered on the date stated at the beginning of this Deed.

 

    	 	14	 

     

    

 

SCHEDULE 1

 

THE LENDERS

 

	Name of Original Lender	 	
        Commitment 

        outstanding ($)
	 	Address
for Communication
	 	 	 	 	 
	EnTrusGlobal ICAV, for and on behalf of Blue Ocean Fund	 	9,224,718.24	 	
        EnTrustGlobal ICAV

        c/o EnTrust Global Partners Offshore LP

        375 Park Avenue

        New York, NY 10152

         

        Facsimile: +1 212 888 0751

        Email: sengh@entrustglobal.com

        /odonnerstein@entrustglobal.com/

        mlux@entrustglobal.com

        Attention: Svein Engh / Omer

        Donnerstein / Matthew Lux

	 	 	 	 	 
	Blue Ocean Onshore Fund LP	 	9,781,378.88	 	
        Blue
Ocean Onshore Fund LP

        c/o EnTrust Global Partners Offshore LP

        375 Park Avenue

        New York, NY 10152

         

        Facsimile: +1 212 888 0751

        Email: sengh@entrustglobal.com

/odonnerstein@entrustglobal.com/

        mlux@entrustglobal.com

 Attention: Svein Engh / Omer 

Donnerstein / Matthew Lux

	 	 	 	 	 
	
        Blue Ocean Investments SPC, for and on behalf of
        Segregated Portfolio One
	 	3,893,902.88	 	 Blue Ocean Investments SPC
        c/o EnTrust Global Partners Offshore LP

        375 Park Avenue

        New York, NY 10152

         

        Facsimile: +1 212 888 0751

 Email: sengh@entrustglobal.com

 /odonnerstein@entrustglobal.com/

        mlux@entrustglobal.com

 Attention: Svein Engh / Omer 

Donnerstein / Matthew Lux

 

    	 	15	 

     

    

 

SCHEDULE 2

 

CONDITIONS PRECEDENT

 

		1	Transaction Obligors and Collateral Guarantors

 

		1.1	Documents
                                         of the kind specified at paragraph 1 in Part A of Schedule 2 of the Facility Agreement.

 

		1.2	A
                                         Certificate of Goodstanding in respect of each Transaction Obligor and each Collateral
                                         Guarantor.

 

		2	Finance Documents

 

		2.1	A
                                         duly executed original of this Deed.

 

		2.2	A
                                         duly executed original of the Fee Letter.

 

		2.3	Duly
                                         executed originals of the Intercreditor Agreement and the Collateral Intercreditor Agreement.

 

		2.4	A
                                         duly executed original of the Mortgage Assignment together with documentary evidence
                                         that the Mortgage Assignment has been duly recorded as a valid assignment of the Mortgage
                                         in respect of the Ship in accordance with the laws of the Approved Flag.

 

		2.5	A
                                         duly executed original of the Amendment and Accession to Account Pledge Agreement.

 

		2.6	Duly
                                         executed (where appropriate) originals of the New Shares Pledge Deliverables.

 

		3	Collateral Ships and other security

 

		3.1	A
                                         duly executed original of each Collateral Guarantee, each Collateral Security Document
                                         and of each document to be delivered under or pursuant to each of them together with
                                         documentary evidence that each Collateral Mortgage has been duly registered or, as the
                                         case may be, recorded as a valid second preferred ship mortgage in accordance with the
                                         laws and flag of the Republic of the Marshall Islands.

 

		3.2	Documentary
                                         evidence that each Collateral Ship:

 

		(a)	is
                                         definitively and permanently registered in the name of the relevant Collateral Guarantor
                                         under the flag of the Republic of the Marshall Islands;

 

		(b)	is
                                         in the absolute and unencumbered ownership of the relevant Collateral Guarantor save
                                         as contemplated by the Finance Documents;

 

		(c)	maintains
                                         the relevant Approved Classification with the relevant Approved Classification Society
                                         free of all overdue recommendations and conditions of the relevant Approved Classification
                                         Society; and

 

		(d)	is
                                         insured in accordance with the provisions of the Amended and Restated Facility Agreement
                                         and all requirements in the Amended and Restated Facility Agreement in respect of insurances
                                         have been complied with.

 

		3.3	Documents
                                         establishing that each Collateral Ship is managed commercially by the Approved Commercial
                                         Manager and technically by the Approved Technical Manager on terms acceptable to the
                                         Successor Facility Agent acting with the authorisation of all of the Lenders, together
                                         with:

 

    	 	16	 

     

    

 

		(a)	a Collateral Manager's Undertaking for each of the Approved Technical Manager and the Approved
Commercial Manager; and

 

		(b)	copies of the Approved Technical Manager's Document of Compliance and of each Collateral Ship's
Safety Management Certificate (together with any other details of the applicable Safety Management System which the Successor Facility
Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to each Collateral Ship including
without limitation an ISSC.

 

		4	Legal opinions

 

		4.1	A legal opinion of Watson Farley & Williams, legal advisers to the Successor Facility Agent
and the Successor Security Agent in England, substantially in the form distributed to the Original Lenders before signing this
Deed.

 

		4.2	A legal opinion of Watson Farley & Williams LLP, New
York, legal advisers to the Successor Facility Agent and the Successor Security Agent in the Marshall Islands and Liberia, substantially
in the form distributed to the Original Lenders before signing this Deed.

 

		5	Insurances

 

An acknowledgment or confirmatory
Letter of Undertaking from (i) the Approved Brokers and (ii) any protection and indemnity club or war risks association through
or with whom any Insurances in respect of the Ship are placed or effected in respect of the transfer of the assignment of the Insurances
from the Resigning Security Agent to the Successor Security Agent, in each case in form acceptable to the Successor Facility Agent.

 

		6	Other documents and evidence

 

		6.1	In respect of any Charter of the Ship in excess of 13 months, an acknowledgment from the relevant
charterer that the applicable Charter Assignment has been transferred from the Resigning Security Agent to the Successor Security
Agent, in form acceptable to the Successor Facility Agent.

 

		6.2	Evidence that any process agent referred to in Clause 15.2 (Service of process) has accepted
its appointment.

 

		6.3	A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent
considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance
of the transactions contemplated by any Transaction Document or for the validity and enforceability of any Transaction Document.

 

		6.4	Such evidence as the Successor Facility Agent may require for the Finance Parties to be able to
satisfy each of their "know your customer" or similar identification procedures in relation to the transactions contemplated
by the Finance Documents.

 

		6.5	Evidence that the fees, costs and expenses then due from the Borrower pursuant to (i) Clause 11
(Costs and expenses), (ii) the Fee Letter and (iii) clause 11.1 (agency fee) of the Facility Agreement and due to
the Resigning Facility Agent and Resigning Security Agent have been paid or will be paid by the Restatement Date.

 

		6.6	Evidence satisfactory to the Successor Facility Agent that the conditions precedent pursuant to
clauses 4.1 and 4.2 (conditions precedent) of the Collateral Facility Agreement have been satisfied.

 

    	 	17	 

     

    

 

EXECUTION PAGES

 

LENDERS

 

	EXECUTED as a DEED	)
	by Konstantinos Mexias  	) /s/ Konstantinos Mexias
	duly authorized	)
	for and on behalf of	)
	ENTRUSTGLOBAL ICAV	)
	for and on behalf of	)
	BLUE OCEAN FUND	)
	By: EnTrust Global Partners Offshore LP 	)
	as its Investment Advisor	)
	in the presence of:	)

 

	Witness' signature:	) 
	Witness' name: Maria Eleni Kossyfa	) /s/
    Maria Eleni Kossyfa
	Witness' address:  	) 
	WATSON FARLEY & WILLIAMS	 
	348 SYNGROU AVENUE 	 
	KALLITHEA 176 74 	 
	ATHENS - GREECE	 

 

	EXECUTED as a DEED	)
	by Konstantinos Mexias 	) /s/ Konstantinos Mexias
	duly authorised	)
	for and on behalf of	)
	BLUE OCEAN ONSHORE FUND LP	)
	By: Blue Ocean GP LLC 	)
	as its General Partner	)
	in the presence of:	)

 

	Witness' signature:	) /s/
    Maria Eleni Kossyfa
	Witness' name: Maria Eleni Kossyfa	) 
	Witness' address: 	) 
	WATSON FARLEY & WILLIAMS	 
	348 SYNGROU AVENUE 	 
	KALLITHEA 176 74 	 
	ATHENS - GREECE	 

 

	EXECUTED as a DEED	)
	by Konstantinos Mexias	) /s/ Konstantinos Mexias
	duly authorised	)
	for and on behalf of	)
	BLUE OCEAN INVESTMENTS SPC	)
	for and on behalf of	)
	SEGREGATED PORTFOLIO ONE	)
	By: EnTrust Global Partners Offshore LP	)
	as its Investment Advisor	)
	in the presence of:	)

 

	Witness' signature:	) /s/
    Maria Eleni Kossyfa
	Witness' name: Maria Eleni Kossyfa	) 
	Witness' address: 	) 
	WATSON FARLEY & WILLIAMS	 
	348 SYNGROU AVENUE 	 
	KALLITHEA 176 74 	 
	ATHENS - GREECE	 

 

    	 	18	 

     

    

 

RESIGNING FACILTY AGENT

 

	EXECUTED as a DEED	)
	by Annmarie Warren	) /s/ Annmarie Warren
	duly authorised	)
	for and on behalf of	)
	WILMINGTON TRUST,	)
	NATIONAL ASSOCIATION	)
	in the presence of:	)

 

	Witness' signature:	)
	Witness' name:  William Warren	) /s/ William Warren
	Witness' address: 10410 34th PINE	) 
	 St. Michael, MN 55376	 
	 USA	 

 

SUCCESSOR FACILITY AGENT

 

	EXECUTED as a DEED	)
	by Paul Barton	) /s/ Paul Barton
	duly authorised	) Director
	for and on behalf of	)
	LUCID AGENCY SERVICES LIMITED	)
	in the presence of:	)
	 	 
	Witness' signature:	)
	Witness' name: Sarah Barton	) /s/ Sarah Barton
	Witness' address: Little Kingshill, England	)

 

	RESIGNING SECURITY AGENT	 
	 	 
	EXECUTED as a DEED	)
	by Annmarie Warren	) /s/ Annmarie Warren
	duly authorised	)
	for and on behalf of	)
	WILMINGTON TRUST,	)
	NATIONAL ASSOCIATION	)
	in the presence of: 	) 
	 	 
	Witness' signature:	)
	Witness' name: William Warren	) /s/ William Warren
	Witness' address: 10410 34th PINE	)
	 St.
    Michael, MN 55376	 
	 USA	 

 

    	 	19	 

     

    

 

	SUCCESSOR SECURITY AGENT	 
	 	 
	EXECUTED as a DEED 	)
	by Paul Barton	) /s/ Paul Barton
	duly authorised 	) Director
	for and on behalf of 	)
	LUCID TRUSTEE 	)
	SERVICES LIMITED 	)
	in the presence of:	)
	 	 
	Witness' signature:	)
	Witness' name: Sarah Barton	) /s/ Sarah Barton
	Witness' address: Little Kingshill, England	)
	 	 
	BORROWER	 
	 	 
	EXECUTED as a DEED	)
	for and on behalf of	)
	LORD OCEAN NAVIGATION CO.	)
	by: Stamatios Tsantanis	) /s/ Stamatios Tsantanis
	its: Attorney-in-fact	)
	in the presence of:	)
	 	 
	Witness' signature:	)
	Witness' name: Maria Moschopoulou	) /s/ Maria Moschopoulou
	Witness' address:	)
	154 Vouliagmenis
    Avenue	 
	16674 Glyfada, Athens
    Greece	 

 

	GUARANTOR	 
	 	 
	EXECUTED as a DEED	)
	for and on behalf of	)
	SEANERGY MARITIME HOLDINGS CORP.	)
	by Stamatios Tsantanis	) /s/ Stamatios Tsantanis
	its: Attorney-in-fact	)
	in the presence of:	)
	 	 
	Witness' signature:	)
	Witness' name: Maria Moschopoulou	) /s/ Maria Moschopoulou
	Witness' address:	)
	154 Vouliagmenis
    Avenue	 
	16674 Glyfada, Athens
    Greece	 

 

    	 	20	 

     

    

 

	SHAREHOLDER	 
	 	 
	EXECUTED as a DEED	)
	for and on behalf of	)
	EMPEROR HOLDING LTD.	)
	by Stamatios Tsantanis	) /s/ Stamatios Tsantanis
	its: Attorney-in-fact	)
	in the presence of:	)
	 	 
	Witness' signature:	)
	Witness' name: Maria Moschopoulou	) /s/
    Maria Moschopoulou
	Witness' address:	)
	154 Vouliagmenis
    Avenue	 
	16674 Glyfada, Athens
    Greece	 

 

    	 	21	 

     

    

 

APPENDIX

 

FORM OF AMENDED
AND RESTATED FACILITY AGREEMENT (MARKED TO INDICATE AMENDMENTS)  

 

Amendments are indicated as follows:  

 

		1	additions are indicated by underlined text in blue; and

 

		2	deletions are shown by strike-through text in red.

 

    	 	22	 

     

    

 

Conformed copy

 

DatedJune
2018

 

 US$24,500,000

 

TERM
LOAN FACILITY

 

LORD OCEAN
NAVIGATION CO.

as Borrower

 

 and

 

SEANERGY MARITIME
HOLDINGS CORP,

as Guarantor

 

 and

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION

LUCID AGENCY SERVICES LIMITED

as Facility Agent

 

 and

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION

LUCID TRUSTEE SERVICES LIMITED

as Security Agent

 

FACILITY AGREEMENT
DATED 11 JUNE 2018 AS AMENDED AND RESTATED BY A RESIGNATION,

APPOINTMENT, AMENDMENT AND RESTATEMENT DEED DATED 15 JULY 2020

 

 

	 	WATSON FARLEY	WATSON FARLEY	 
	 	&	&	 
	 	WILLIAMS	WILLIAMS	 

 

relating to the
refinancing a term loan facility of (originally) up to $24,500,000

to refinance certain existing indebtedness

secured on m.v.
"LORDSHIP"

 

    	 	 	 

     

    

 

Index

 

	Clause	 	Page
	 	 	 
	Section
    1 Interpretation	2
	1	Definitions
    and Interpretation	2
	Section
    2 The Facility	2532
	2	The
    Facility	2532
	3	Purpose	2532
	4	Conditions
    of Utilisation	2633
	Section
    3 Utilisation	2734
	5	Utilisation	2734
	Section
    4 Repayment, Prepayment, Cancellation and Put Option	2936
	6	Repayment	2936
	7	Prepayment
    and Cancellation	2936
	8	Put
    Option	3438
	Section
    5 Costs of Utilisation	3542
	9	Interest	3542
	10	Interest
    Periods	3642
	11	Fees	3643
	Section
    6 Additional Payment Obligations	3744
	12	Tax
    Gross Up and Indemnities	3744
	13	Increased
    Costs	4448
	14	Other
    Indemnities	4350
	15	Mitigation
    by the Finance Parties	4653
	16	Costs
    and Expenses	4653
	Section
    7 Guarantee	4855
	17	Guarantee
    and Indemnity	4855
	Section
    8 Representations, Undertakings and Events of Default	5458
	18	Representations	5458
	19	Information
    Undertakings	5764
	20	General
    Undertakings	6469
	21	Insurance
    Undertakings	6875
	22	Ship
    Undertakings	7381
	23	Valuations	7986
	24	Earnings
    Account and Application of Earnings	7987
	25	Events
    of Default	8088
	Section
    9 Changes to Parties	8694
	26	Changes
    to the Lenders	8694
	27	Changes
    to the Transaction Obligors	9199
	Section
    10 The Finance Parties	92100
	28	The
    Facility Agent	92100
	29	The
    Security Agent	103111
	30	Conduct
    of Business by the Finance Parties	118127
	31	Sharing
    among the Finance Parties	119127
	Section
    11 Administration	121129
	32	Payment
    Mechanics	121129
	33	Set-Off	124132
	34	Bail-In	124132
	35	Notices	124132
	36	Calculations
    and Certificates	127135

 

    	 	 	 

     

    

 

	37	Partial Invalidity	127135
	38	Remedies and Waivers	127135
	39	Settlement or Discharge Conditional	127135
	40	Irrevocable Payment	127135
	41	Amendments and Waivers	128136
	42	Confidential Information	130139
	 	 	 
	43	Confidcntiality of Funding Rates	142
	 	 	 
	4443	Counterparts	135144
	Section 12 Governing Law and Enforcement	136145
	4544	Governing Law	136145
	4645	Enforcement	136145
	4746	Patriot Act Notice	136145

 

	Schedules	 
	 	 	 
	Schedule 1 The Parties	138147
	 	Part A The Obligors	138147
	 	Part B The Original Lenders	139148
	 	Part C The Servicing Parties	140150
	Schedule 2 Conditions Precedent	141151
	 	Part A Conditions precedent to Utilisation Request	141151
	 	Part B Conditions precedent to Utilisation	143153
	Schedule 3 Requests	145155
	 	Utilisation Request	145155
	Schedule 4 Form of Transfer Certificate	147157
	Schedule 5 Form of Assignment Agreement	149160
	Schedule 6 Repayment Schedule	152163
	Schedule 7 Timetables	153164
	 	 
	Execution	 
	 	 
	Execution Pages	154165

 

    	 	 	 

     

    

 

Conformed copy

 

THIS AGREEMENT
is made on 11 June 2018 as amended and restated on the Restatement Date by a Resignation, Appointment, Amendment
and Restatement Deed dated 15 July 2020

 

 PARTIES

 

		(1)	LORD OCEAN NAVIGATION CO., a corporation incorporated
in the Republic of Liberia whose Iregistered office address is at 80 Broad Street, Monrovia, Liberia
as borrower (the "Borrower")

 

		(2)	SEANERGY MARITIME HOLDINGS CORP., a corporation
incorporated in the Republic of the |Marshall Islands whose registered office address is at
Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as guarantor (the "Guarantor")

 

		(3)	THE FINANCIAL INSTITUTIONS listed in Part B of Schedule
1 (The Parties) as lenders (the "Original Lenders")

 

		(4)	WILMINGTON TRUST, NATIONAL
                                                                             ASSOCIATION LUCID AGENCY SERVICES LIMITED as agent of the other Finance
                                                                             Parties (the "Facility Agent")

 

		(5)	WILMINGTON
TRUST, NATIONAL ASSOCIATION LUCID TRUSTEE SERVICES LIMITED
as security agent for the Secured Parties (the "Security Agent")

 

 BACKGROUND

 

		(A)	The Lenders
                                         have agreed to make available to the Borrower a senior secured term
                                         loan facility of (originally) US$24,500,000 for the purpose of refinancing part
                                         of the Existing Indebtedness in respect of the Ship.

 

		(B)	The principal amount of the Loan outstanding as at the date of the Resignation, Appointment,
Amendment and Restatement Deed is US$22,900,000.

 

		(C)	By the Resignation, Appointment, Amendment and Restatement Deed, the Finance Parties agreed
to certain amendments to this Agreement and the other Finance Documents for the purposes of, amongst other things:

 

		(i)	the granting of certain security documentation and cross-guarantees
in favour of the Security Agent and the entry into certain security documentation by the Borrower, as required by the Lenders
to implement the cross-collateralisation of the Security under the Security Documents with certain Security executed or to be
executed in connection with the Collateral Facility Agreement; and

 

		(ii)	the resignation of Wilmington Trust, National Association
as facility agent and security agent and appointment of the Facility Agent and the Security Agent as facility agent and security
agent respectively.

 

		(D)	This Agreement sets out the terms and conditions of the continued availability of the Facility
by the Lenders to the Borrower as amended and restated by the Resignation, Appointment, Amendment and Restatement Deed.

 

OPERATIVE
PROVISIONS

 

    	 	 	 

     

    

SECTION 1

 

 INTERPRETATION

 

		1	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this Agreement:

 

"Account
Bank" means Alpha Bank S.A. acting through its office at Piraeus, Greece or any replacement bank or other financial institution
as may be approved by the Facility Agent acting with the authorisation of the Majority Lenders.

 

"Account
Security" means a document creating Security over the Earnings Account in agreed form.

 

"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.

 

"Approved
Brokers" means any firm or firms of insurance brokers approved in writing by the Facility Agent, acting with the authorisation
of the Majority Lenders.

 

		 	"Approved
                                         Classification" means I*
                                         Hull *Mach
                                         with the;

 

		(a)	in respect of the Ship, I* Hull *Mach;

 

		(b)	in respect of Collateral Ship A, Al, Bulk Carrier, BC-A
holds, 2, 4, 6&8 may be empty, ESP, AMS, ACCU; and

 

		(g)	in respect of Collateral Ship B, Al, Bulk Carrier,
BC-A holds, 2, 4, 6, 8 may be empty, (no MP), ESP, AMS, ACCU,

 

with an Approved Classification
Society or the equivalent classification with another Approved Classification Society.

 

"Approved
Classification Society" means Bureau Veritas;

 

		(a)	in respect of the Ship, Bureau Veritas; and

 

		(b)	in respect of a Collateral Ship, American Bureau
of Shipping,

 

or any other
classification society approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.

 

"Approved
Commercial Manager" means:

 

		(a)	Fidelity Marine;

 

		(b)	Seanergy Management;
                                         or

 

		(c)	a direct or indirect wholly owned subsidiary of
the Guarantor; or

  

    	 	2	 

     

    

 

		(d)	(c)any
                                         other person not being a wholly owned Subsidiary of the Guarantor approved in
                                         writing by the Facility Agent acting with the authorisation of the Majority Lenders as
                                         the commercial manager of the Ship, or as the case may be, a Collateral Ship.

 

		 	"Approved Flag" means
                                         the flag of the Republic
                                         of Liberia ;

 

		(a)	in respect of the Ship, the flag of the Republic
of Liberia; and

 

		(b)	in respect of a Collateral Ship, the flag of the
Republic of the Marshall Islands,

 

or such other
flag approved in writing by the Facility Agent acting with the authorisation of theMajority Lenders, such approval not
to be unreasonably withheld or delayed.

 

"Approved
Manager" means the Approved Commercial Manager or the Approved Technical Manager.

 

		 	"Approved Technical Manager" means V.Ships
                                         or any other person;

 

		(a)	V.Ships;

 

		(b)	a direct or indirect wholly owned subsidiary of
the Guarantor; or

 

		(c)	any other person not being a wholly owned Subsidiary
of the Guarantor approved in writing by the Facility Agent, acting with the authorisation of the Majority Lenders as the technical
manager of the Ship, or as the case may be, a Collateral Ship.

 

"Approved
Valuer" means Clarksons Valuations Limited, Braemar ACM Valuations Limited, Simpson Spence & Young Valuations Services
Ltd, Arrow Research Limited, Fearnleys Shipbrokers A/S (or any Affiliate of such person through which valuations are commonly issued)
and any other firm or firms of independent sale and purchase shipbrokers approved in writing by the Facility Agent, acting with
the authorisation of the Majority Lenders.

 

"Article
55 BRRD" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit
institutions and investment firms.

 

"Assignment
Agreement" means an agreement substantially in the form set out in Schedule 5 (Form of Assignment Agreement) or
any other form agreed between the relevant assignor and assignee and the Facility Agent (acting with the authorisation of the Majority
Lenders).

 

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

 

"Availability
Period" means the period from and including the date of this Agreement to and including 30 June 2018.

 

"Available Commitment"
means a Lender's Commitment minus:

 

		(a)	the amount of its participation in the outstanding Loan; and

 

		(b)	in relation to any proposed Utilisation, the amount of its participation in the Loan that is due
to be made on or before the proposed Utilisation Date.

 

"Available
Facility" means the aggregate for the time being of each Lender's Available Commitment.

 

    	 	3	 

     

    

 

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

 

"Bail-In
Legislation" means:

 

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

 

		(b)	in relation to any state other
                                         statethan such an EEA Member Country or the United Kingdom, any
                                         analogous law or regulation from time to time which requires contractual recognition
                                         of any Write-down and Conversion Powers contained in that law or regulation.

 

"Borrower
Collateral Guarantee" means a collateral guarantee to be granted by (i) the Borrower in favour of (ii) the Collateral
Security Agent in relation to the obligations of, amongst others, the Collateral Guarantors as joint and several borrowers under
the Collateral Facility Agreement.

 

"Business
Day" means a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York and
Athens.

 

"Buyer"
means an entity nominated by the Lenders as the purchaser of the Ship from the Borrower under the Sale Contract, which shall
be beneficially owned by each Lender in a proportion equal to the proportion borne by its participation in the Loan to the aggregate
principal amount of the Loan outstanding as at the date on which the Borrower validly exercises a Put Option and, in the case of
the Year-5 Put Option, the Extension Option is not exercised.

 

"Charter" means-,
in relation to the Ship or, as the case may be, a Collateral Ship any charter   relating to the Ship or that Collateral
Ship, or other contract for its employment, whether or not already in existence.

 

"Charter
Assignment" means the assignment creating Security over any Charter which is for a term which exceeds 13 months (including
any optional extensions and any redelivery allowance) and any Charter Guarantee in agreed form.

 

"Charter
Guarantee" means any guarantee, bond, letter of credit or other instrument (whether or not already issued) supporting
a Charter.

 

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

 

"Collateral
Account" means the Collateral Guarantor A Earnings Account, or the Collateral Guarantor B Earnings Account.

 

"Collateral
Account Security" means a document creating second priority Security over each Collateral Account in agreed form.

 

"Collateral
Charter" means any Charter which exceeds 13 months (including any optional extensions and any redelivery allowance).

 

    	 	4	 

     

    

 

"Collateral
Charter Assignment" means Collateral Charter Assignment A or Collateral Charter Assignment B.

 

"Collateral
Charter Assignment A" means any assignment creating second priority Security over any Collateral Charter and any
Collateral Charter Guarantee relating to Collateral Ship A between (i) Collateral Guarantor A and (ii) the Security Agent as security
for the obligations of Collateral Guarantor A under Collateral Guarantee A, in agreed form.

 

"Collateral
Charter Assignment B" means any assignment creating second priority Security over any Collateral Charter and any
Collateral Charter Guarantee relating to Collateral Ship B between (i) Collateral Guarantor B and (ii) the Security Agent as security
for the obligations of Collateral Guarantor A under Collateral Guarantee B, in agreed form.

 

"Collateral
Charter Guarantee" means any guarantee, bond, letter of credit or other instrument (whether or not already issued)
supporting a Collateral Charter.

 

"Collateral
Event of Default" has the meaning given to the term "Event of Default" in the Collateral Facility Agreement.

 

"Collateral
Facility Agent" means Lucid Agency Services Limited as agent of the Collateral Finance Parties.

 

"Collateral
Facility Agreement" means the facility agreement dated 15 July 2020 and made between, amongst others,
(i) the Collateral Guarantors as joint and several borrowers, (ii) the Guarantor as guarantor, (iii) certain financial institutions
listed therein as lenders, (iv) the Collateral Facility Agent and (v) the Collateral Security Agent.

 

"Collateral
Finance Parties" means the "Finance Parties" defined in the Collateral Facility Agreement.

 

"Collateral
General Assignment" means Collateral General Assignment A or Collateral General Assignment B.

 

"Collateral
General Assignment A" means a second priority general assignment in respect of the Earnings, Insurances and
Requisition Compensation relating to Collateral Ship A between (i) Collateral Guarantor A and (ii) the Security Agent as
security for the obligations of Collateral Guarantor A under Collateral Guarantee A, in agreed form.

 

"Collateral
General Assignment B" means a second priority general assignment in respect of the Earnings, Insurances and Requisition
Compensation relating to Collateral Ship B between (i) Collateral Guarantor B and (ii) the Security Agent as security for the
obligations of Collateral Guarantor B under Collateral Guarantee B, in agreed form.

 

"Collateral
Guarantee" means Collateral Guarantee A or Collateral Guarantee B.

 

"Collateral
Guarantee A" means a collateral guarantee granted by Collateral Guarantor A in favour of the Security Agent, in
relation to the obligations of, amongst others, the Borrower under the Facility Agreement, in agreed form.

 

"Collateral
Guarantee B" means a collateral guarantee granted by Collateral Guarantor B in favour of the Security Agent, in
relation to the obligations of, amongst others, the Borrower under the Facility Agreement, in agreed form.

 

"Collateral Guarantor" means Collateral Guarantor A or Collateral Guarantor B.

  

    	 	5	 

     

    

 

"Collateral
Guarantor A" means Sea Glorius Shipping Co., a corporation incorporated in the Republic of the Marshall Islands
whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands.

 

		 	"Collateral Guarantor A Earnings Account" means:

 

		(a)	an account in the name of Collateral Guarantor A with the Account Bank designated "Sea
Glorius Shipping Co. - USD Earnings Account"; or

 

		(b)	any other account in the name of Collateral Guarantor A with the Account Bank which may, with
the prior written consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a) above, irrespective
of the number or designation of such replacement account; or

 

		(c)	any sub-account of any account referred to in paragraphs
(a) or (b) above.

 

"Collateral
Guarantor B" means Sea Genius Shipping Co., a corporation incorporated in the Republic of the Marshall Islands
whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands.

 

		 	"Collateral Guarantor B Earnings Account" means:

 

		(a)	an account in the name of Collateral Guarantor B with the Account Bank designated "Sea
Genius Shipping Co. - USD Earnings Account"; or

 

		(b)	any other account in the name of Collateral Guarantor B with the Account Bank which may, with
the prior written consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a) above, irrespective
of the number or designation of such replacement account; or

 

		(c)	any sub-account of any account referred to in paragraphs
(a) or (b) above.

 

"Collateral
Intercreditor Agreement" means the intercreditor agreement entered or to be entered into between, amongst others,
(i) the Collateral Guarantors and the Guarantor as debtors, (ii) the Collateral Security Agent as senior security agent and (iii)
the Security Agent as junior security agent, in agreed form.

 

"Collateral
Manager's Undertaking" means, in relation to an Approved Manager, a second priority letter of undertaking from
that Approved Manager subordinating the rights of that Approved Manager against a Collateral Ship and the relevant Collateral Guarantor
to the rights of the Finance Parties in agreed form.

 

		 	"Collateral Mortgage" means Collateral Mortgage A or Collateral Mortgage B.

 

"Collateral
Mortgage A" means a second preferred Marshall Islands mortgage over Collateral Ship A to be granted by (i) Collateral
Guarantor A in favour of (ii) the Security Agent as security for the obligations of Collateral Guarantor A under Collateral Guarantee
A, in agreed form.

 

"Collateral
Mortgage B" means a second preferred Marshall Islands mortgage over Collateral Ship B to be granted by (i) Collateral
Guarantor B in favour of (ii) the Security Agent as security for the obligations of Collateral Guarantor B under Collateral Guarantee
B, in agreed form.

 

"Collateral
Security Agent" means Lucid Trustee Services Limited as security agent of the Collateral Secured Parties.

 

    	 	6	 

     

    

 

"Collateral
Security Documents" means each Collateral Account Security, each Collateral Charter Assignment, each Collateral
General Assignment, each Collateral Guarantee, each Collateral Manager's Undertaking, each Collateral Mortgage and each Collateral
Shares Security.

 

"Collateral
Secured Parties" means the "Secured Parties" defined in the Collateral Facility Agreement.

 

		 	"Collateral Shares Security" means Collateral Shares Security A or Collateral
Shares Security B.

 

"Collateral
Shares Security A" means a document to be executed by the Guarantor as shareholder creating second priority Security
over the shares in Collateral Guarantor A in agreed form.

 

"Collateral
Shares Security B" means a document to be executed by the Guarantor as shareholder creating second priority Security
over the shares in Collateral Guarantor B in agreed form.

 

		 	"Collateral Ship" means Collateral Ship A or Collateral Ship B.

 

"Collateral
Ship A" means the 2004-built Capesize bulk carrier, having IMO Number 9266944 and registered in the name of Collateral
Guarantor A under the Marshall Islands flag with the name "GLORIUSHIP".

 

"Collateral
Ship B" means the 2010-built Capesize bulk carrier, having IMO Number 9398759 and registered in the name of Collateral
Guarantor B under the Marshall Islands flag with the name "GENIUSHIP".

 

"Commercial
Management Agreement" means-, in relation to the Ship or, as the case may be a Collateral Ship, the agreement entered
into between the Borrower or relevant Collateral Guarantor which is the owner of the Ship or that Collateral Ship and the
Approved Commercial Manager regarding the commercial management of the Ship or, as the case may be, that Collateral Ship.

 

"Commitment" means:

 

		(a)	in relation to an Original Lender, the amount set opposite its name under the heading "Commitment"
in Part B of Schedule 1 (The Parties) 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.

 

"Confidential
Information" means all information relating to any Transaction Obligor, the Finance Documents or the Facility of which
a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance
Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:

 

		(a)	any Transaction Obligor or any of its advisers; or

 

    	 	7	 

     

    

 

		(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly
from any Transaction Obligor or any of its advisers,

 

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

 

		(i)	information that:

 

		(A)	is or becomes public information other than as a direct or indirect result of any breach by that
Finance Party of Clause 42 (Confidential Information); or

 

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

 

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

 

		(ii)	any
                                         Funding Rate.

 

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

 

"Corresponding
Debt" means any amount, other than any Parallel Debt, which an Obligor owes to a Secured Party under or in connection
with the Finance Documents.

 

"Deed
of Release" means a deed releasing the Existing Security and the undertakings, obligations and liabilities (including
any indemnities) of the Borrower in connection with the Existing Indebtedness in a form acceptable to the Facility Agent (acting
on the instructions of the Majority Lenders).

 

"Default"
means an Event of Default or a Potential Event of Default.

 

"Delegate"
means any delegate, agent, attorney or co-trustee appointed by the Security Agent.

 

		 	"Dispute" has the meaning given to it in
                                         Clause 46.1 45.1 (Jurisdiction).

 

"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 Facility (or otherwise in
order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond
the control of, any of the Parties or, if applicable, any Transaction Obligor; or

 

    	 	8	 

     

    

 

		(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 or, if applicable, any Transaction Obligor preventing that, or any other,
Party or, if applicable, any Transaction Obligor:

 

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

 

		(ii)	from communicating with other Parties or, if applicable, any Transaction Obligor in accordance
with the terms of the Finance Documents,

 

and which (in
either such case) is not caused by, and is beyond the control of, the Party or, if applicable, any Transaction Obligor whose operations
are disrupted.

 

"Document
of Compliance" has the meaning given to it in the ISM Code.

 

"dollarsDollars"
and "$" mean the lawful currency, for the time being, of the United States of America.

 

"Earnings" means-,
in relation to the Ship or, as the case may be, a Collateral Ship, all moneys whatsoever which are now, or later become,
payable (actually or contingently) to the Borrower or a Collateral Guarantor or the Security Agent and which arise out
of or in connection with or relate to the use or operation of the Ship or, as the case may be that Collateral Ship,
including (but not limited to):

 

		(a)	the following, save to the extent that any of them is,
with the prior written consent of the Facility Agent (acting on the instructions of the Majority Lenders), pooled or shared with
any other person:

 

		(i)	all freight, hire and passage moneys including, without limitation, all moneys payable under, arising
out of or in connection with a Charter or a Charter Guarantee;

 

		(ii)	the proceeds of the exercise of any lien on sub-freights;

 

		(iii)	compensation payable to the Borrower or, as the case may be a Collateral Guarantor or the
Security Agent in the event of requisition of the Ship or, as the case may be, that Collateral Ship for hire or use;

 

		(iv)	remuneration for salvage and towage services;

 

		(v)	demurrage and detention moneys;

 

		(vi)	without prejudice to the generality of sub-paragraph (i) above, damages for breach (or payments
for variation or termination) of any charterparty or other contract for the employment of the Ship or, as the case may be that
Collateral Ship:

 

		(vii)	all moneys which are at any time payable under any Insurances in relation to loss of hire;

 

		(viii)	all monies which are at any time payable to the Borrower or, as the case may be a Collateral
Guarantor in relation to general average contribution; and

  

    	 	9	 

     

    

 

		(b)	if and whenever the Ship or, as the case may be
that Collateral Shin is employed on terms whereby any moneys falling within sub-paragraphs (i) to (viii) of paragraph (a)
above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement
which is attributable to the Ship or, as the case may be that Collateral Ship.

 

"Earnings
Account" means:

 

		(a)	an account in the name of the Borrower with the Account Bank designated "Lord Ocean Navigation
Co. - USD Earnings Account"; or

 

		(b)	any other account in the name of the Borrower with the Account Bank which may, with the prior written
consent of the Facility Agent (acting on the instructions of the Majority Lenders), be opened in the place of the account
referred to in paragraph (a) above, irrespective of the number or designation of such replacement account; or

 

		(c)	any sub-account of any account referred to in paragraphs (a) or (b) above.

 

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

 

"Environmental
Approval" means any present or future permit, ruling, variance or other Authorisation required under Environmental Laws.

 

"Environmental
Claim" means any claim by any governmental, judicial or regulatory authority or any other person which arises out of an
Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, "claim"
includes a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind,
including in relation to clean-up and removal, 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, emission, spill or discharge of Environmentally Sensitive Material whether within
a Ship or, as the case may be, a Collateral Ship or from a Ship or, as the case may be, a Collateral Ship into any
other vessel or into or upon the air, sea, land or soils (including the seabed) or surface water; or

 

		(b)	any incident in which Environmentally Sensitive Material
is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including the seabed) or surface water from
a vessel other than the Ship or, as the case may be, a Collateral Ship and which involves a collision between the Ship
or, as the case may be, a Collateral Ship and such other vessel or some other incident of navigation or operation, in either
case, in connection with which the Ship or, as the case may be, a Collateral Ship is actually or potentially liable to
be arrested, attached, detained or injuncted and/or the Ship and/or any Collateral Ship and/or any Transaction Obligor
and/or any operator or manager of the Ship or, as the case may be, a Collateral Ship is at fault or allegedly at fault
or otherwise liable to any legal or administrative action; or

 

		(c)	any other incident in which Environmentally Sensitive Material is released, emitted, spilled or
discharged into or upon the air, sea, land or soils (including the seabed) or

  

    	 	10	 

     

    

 

surface
water otherwise than from the Ship or, as the case may be, a Collateral Ship  and in connection with which the Ship
or, as the case may be, a Collateral Ship is actually or potentially liable to be arrested and/or where any Transaction Obligor
and/or any operator or manager of the Ship or, as the case may be, a Collateral Ship is at fault or allegedly at fault
or otherwise liable to any legal or administrative action, other than in accordance with an Environmental Approval.

 

"Environmental
Law" means any present or future law relating to pollution or protection of human health or the environment, to conditions
in the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material
or to actual or threatened releases of Environmentally Sensitive Material.

 

"Environmentally
Sensitive Material" means and includes all contaminants, oil, oil products, toxic substances 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.

 

"ERISA"
means the Employee Retirement Income Security Act of 1974, as amended, and any successor thereto.

 

"ERISA
Affiliate" means each person (and defined in Section 3(9) of ERISA) which together with the Borrower would be deemed to
be a "single employer" within the meaning of Section 414(b), (c), (m) or (o) of the Code.

 

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

 

"Event
of Default" means any event or circumstance specified as such in Clause 25 (Events of Default).

 

"Executive
Order" means an executive order issued by the President of the United States of America.

 

"Existing
Facility Agreement" means the facility agreement dated 28 November 2016 and entered into between, amongst other, the Borrower
and another entity as joint and several borrowers and the "Facility Agent" as such term is defined therein, to finance,
among others, the acquisition of the Ship.

 

"Existing
Indebtedness" means, at any date, any outstanding Financial Indebtedness on that date under or in connection with the
Existing Facility Agreement.

 

"Existing
Lender" has the meaning given to it in Clause 26.1 (Assignments and transfers by the Lenders).

 

"Existing
Security" means any Security created to secure the Existing Indebtedness.

 

"Extended
Termination Date" means the date falling on the seventh anniversary of the Utilisation Date.

 

"Extension
Option" has the meaning given to it in Clause 8.2 (Extension Option).

 

"Facility"
means the term loan facility made available under this Agreement as described in Clause 2 (The Facility).

 

    	 	11	 

     

    

  

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

 

"FATCA"
means:

 

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

 

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

 

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

 

"FATCA
Application Date" means:

 

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

 

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

 

		(b)	(c)in relation
                                         to a "passthru payment" described in section 1471(d)(7) of the Code not falling
                                         within paragraphs (a) or (bparagraph (a) above, 1 January
                                         2019,the first date from which such payment may become subject to a deduction
                                         or withholding required by FATCA.

 

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

 

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

 

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

 

"FATCA
FFI" means a foreign financial institution as defined in section ld71(d)(d) of the Code which, if any Finance Party is
not a FATCA Exempt Party, could be required to make a FATCA Deduction.

 

"Fee Letter"
means any letter or letters dated on or about the date of this Agreement the Resignation, Appointment,
Amendment and Restatement Deed between any of the Facility Agent and the Security Agent and any Obligor setting out any of
the fees referred to in Clause 11.1-(Fees (Agency fee).

 

    	 	12	 

     

    

 

"Fidelity
Marine" means Fidelity Marine Inc., a corporation incorporated and existing under Ithe laws of the Republic of
the Marshall Islands whose registered office address is at the Trust Company Complex, Ajeltake Road,
Ajeltake Island, Majuro, MH96960 Marshall Islands.

 

"Finance
Document" means:

 

		(a)	this Agreement;

 

		(b)	the Resignation, Appointment, Amendment and Restatement Deed;

 

		(c)	(b)the Utilisation
                                         Request;

 

		(d)	the Intercreditor Agreement;

 

		(e)	the Collateral Intercreditor Agreement;

 

		(f)	any Collateral Guarantee;

 

		(g)	(c)any Security
                                         Document;

 

		(h)	any Collateral Security Documents;

 

		(i)	(d)any Fee Letter;

 

		(j)	(e)any other document which is executed
for the purpose of establishing any priority or subordination arrangement in relation to the Secured Liabilities; or

 

		(k)	(f)any other document designated as such by the Facility Agent (acting on the instructions of the
Majority Lenders) and the Borrower.

 

"Finance Party" means
the Facility Agent, the Security Agent or a Lender.

 

"Financial Indebtedness"
means any indebtedness for or in relation to:

 

		(a)	moneys borrowed;

 

		(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 relation to any lease or hire purchase contract which would, in
accordance with GAAP, be treated as a balance sheet liability;

 

		(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)
of a type not referred to in any other paragraph of this definition 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

  

    	 	13	 

     

    

 

derivative transaction,
only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative
transaction, that amount) shall be taken into account);

 

		(h)	any counter-indemnity obligation in relation to 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 relation to any guarantee or indemnity for any of the items referred
to in paragraphs (a) to (h) above.

 

"GAAP"
means generally accepted accounting principles in the US including IFRS.

 

"General
Assignment" means-, in relation to the Ship, the general assignment creating Security over the Earnings, the
Insurances and any Requisition Compensation in agreed form.

 

"Group"
means the Guarantor and its Subsidiaries for the time being.

 

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

 

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

 

"Indemnified
Person" means:

 

		(a)	for the purposes of Clause 14.2 (Other indemnities), each Finance Party, each Affiliate
of a Finance Party and each officer or employee of a Finance Party or its Affiliate;

 

		(b)	for the purposes of Clause 14.3 (Indemnity to the Facility Agent), the Facility Agent, each
Affiliate of the Facility Agent and each director, officer and employee; and

 

		(c)	for the purposes of Clause 14.4 (Indemnity to the Security Agent), the Security Agent and
every Receiver and Delegate, each Affiliate of the Security Agent, Receiver and Delegate and each director, officer and employee.

 

"Intercreditor
Agreement" means the intercreditor agreement between, amongst others, (i) the Borrower and the Guarantor as debtors,
(ii) the Security Agent as senior security agent and (iii) the Collateral Security Agent as junior security agent, in agreed form.

 

"Initial
Termination Date" means the date falling on the fifth anniversary of the Utilisation Date.

 

		 	"Insurances" means, in relation to the Ship or, as the case may be, a Collateral
Ship:

 

		(a)	all policies and contracts of insurance, including entries of the Ship or, as the case may be,
that Collateral Ship in any protection and indemnity or war risks association, effected in relation to the Ship or, as the
case may be, that Collateral Ship, the Earnings or otherwise in relation to the Ship or, as the case may be, that Collateral
Ship whether before, on or after the date of this Agreement; and

 

		(b)	all rights and other assets relating to, or derived from, any of such policies, contracts or entries,
including any rights to a return of premium and any rights in relation to any

  

    	 	14	 

     

    

 

claim whether
or not the relevant policy, contract of insurance or entry has expired on or before the date of this Agreement.

 

"Interest Payment Date"
has the meaning given to it in Clause 9.2 (Payment of interest).

 

"Interest
Rate" means, in relation to an Interest Period, the rate equal to the amount of interest payable in relation to that Interest
Period expressed as a percentage of the opening balance of the Loan as at the first date of that Interest Period, in each case
as specified in the Repayment Schedule.

 

"Interest
Period" means, in relation to the Loan or any part of the Loan, each period determined in accordance with Clause 10 {Interest
Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 9.3 (Default interest).

 

"ISM Code"
means the International Safety Management Code for the Safe Operation of Ship Ships and for Pollution
Prevention (including the guidelines on its implementation), adopted by the International Maritime Organisation, as the same may
be amended or supplemented from time to time.

 

"ISPS
Code" means the International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization's
(IMO) Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.

 

"ISSC" means an
International Ship Security Certificate issued under the ISPS Code.

 

"Lender"
means:

 

		(a)	any Original Lender; and

 

		(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance
with Clause 26 (Changes to the Lenders),

 

which in each case has not ceased
to be a Party in accordance with this Agreement.

 

"LIBOR"
means the applicable Screen Rate as of the Specified Time for dollars and for a period equal to one month.

 

"LMA" means the
Loan Market Association.

 

"Loan"
means the loan to be made available under the Facility or the aggregate principal amount outstanding for the time being of
the borrowings under the Facility and a "part of the Loan" means any part of the Loan as the context may require.

 

"Major Casualty" means
any casualty to the Ship or, as the case may be, a Collateral Ship in relation to which the claim or the aggregate of
the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $750,000 or the
equivalent in any other currency.

 

"Majority
Lenders" means:

 

		(a)	if the Loan has not yet been advanced, a Lender or Lenders
whose Commitments aggregate more than 66% per cent, of the Total Commitments; or

 

    	 	15	 

     

    

  

		(b)	at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66%
per cent, of the amount of the Loan then outstanding or, if the Loan has been repaid or prepaid in full, a Lender or Lenders whose
participations in the Loan immediately before repayment or prepayment in full aggregate more than 66% per cent, of the Loan immediately
before such repayment.

 

"Management
Agreement" means the Technical Management Agreement or the Commercial Management Agreement.

 

"Manager's
Undertaking" means, in relation to an Approved Manager, a letter of undertaking from that Approved Manager subordinating
the rights of that Approved Manager against the Ship and the Borrower to the rights of the Finance Parties in agreed form.

 

"Market
Value" means, in relation to the Ship or any other vessel, at any date, an amount equal to the market value of the Ship
or vessel shown by the average of two valuations at the cost of the Borrower each prepared:

 

		(a)	as at a date not more than 30 days previously;

 

		(b)	by an Approved Valuer (one of which is appointed by the Facility Agent (acting on the instructions
of the Majority Lenders) and the other which is appointed by the Borrower);

 

		(c)	with or without physical inspection of the hat Ship or vessel (as the
                                                               Facility Agent (acting on the instructions of the Majority Lenders) may require); and

 

		(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 Charter.

 

"Material
Adverse Effect" means in the reasonable opinion of the Majority Lenders a material adverse effect on:

 

		(a)	the business, operations, property, condition (financial or otherwise) or prospects of any Obligor
or Obligors as a whole; or

 

		(b)	the ability of any Obligor to perform its obligations under any Finance Document; or

 

		(c)	the validity or enforceability of, or the effectiveness or ranking of any Security granted pursuant
to any of, the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents.

 

"Month"
means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar
month, except that:

 

		(a)	(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that
period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is
not, on the immediately preceding Business Day;

 

		(b)	if there is no numerically corresponding day in the calendar month in which that period is to end,
that period shall end on the last Business Day in that calendar month; and

  

    	 	16	 

     

    

 

		(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period
shall end on the last Business Day in the calendar month in which that Interest Period is to end.

 

The above rules will only apply to
the last Month of any period.

 

"Mortgage"
means the first priority or preferred (as applicable) ship mortgage on the Ship (as assigned by the Mortgage Assignment)
and, if applicable, the deed of covenant collateral thereto, in agreed form.

 

"Mortgage
Assignment" means the assignment of the first preferred Liberian Mortgage on the Ship executed by Wilmington Trust,
National Association as retiring security agent in favour of the Security Agent.

 

"New
Lender" has the meaning given to it in Clause 26.1 (Assignments and transfers by the Lenders).

 

"Obligor" means
the Borrower or the Guarantor.

 

"OFAC" means the
Office of Foreign Assets Control of the US Department of Treasury.

 

  "Original Financial Statements" means:

 

		(a)	in relation to the Borrower, its unaudited financial statements for its financial year which
ended 31 December 2019; and

 

		(b)	in relation to the Guarantor, its audited consolidated financial statements for its financial
year which ended 31 December 2019.

 

"Original
Jurisdiction" means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the
date of this Agreement.

 

"Overseas
Regulations" means the Overseas Companies Regulations 2009 (SI 2009/1801).

 

"Parallel
Debt" means any amount which an Obligor owes to the Security Agent under Clause 29.2 (Parallel Debt (Covenant to
pay the Security Agent)) or under that clause as incorporated by reference or in full in any other Finance Document.

 

"Participating
Member State" means any member state of the European Union that has the euro as its lawful currency in accordance with
legislation of the European Union relating to Economic and Monetary Union.

 

"Party"
means a party to this Agreement.

 

"Perfection
Requirements" means the making or procuring of filings, stampings, registrations, notarisations, endorsements, translations
and/or notifications of any Finance Document (and/or any Security created under it) necessary for the validity, enforceability
(as against the relevant Obligor or any relevant third party) and/or perfection of that Finance Document.

 

"PATRIOT
Act" means the United States Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Improvement and Reauthorization Act of 2005 (H.R. 3199).

 

    	 	17	 

     

    

 

 "Permitted Charter" means-, in relation to a Ship or a Collateral Ship, a Charter:

 

		(a)	which is a time, voyage or consecutive voyage charter;

 

		(b)	the duration of which does not
                                         exceed and is not capable of exceeding, by virtue of 13 months (including
                                         any optional extensions, 12 months plus a and
                                         any redelivery allowance of not more than 30 days);

 

		(c)	which is entered into on bona fide arm's length terms at the time at which the Ship is fixed;
and

 

		(d)	in relation to which not more than two months' hire is payable in advance,

 

and any other
Charter which is approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.

 

"Permitted
Financial Indebtedness" means:

 

		(a)	any Financial Indebtedness incurred under the Finance Documents;

 

		(b)	until the Utilisation Date, the Existing
                                         Indebtedness; and

 

		(c)	any Financial Indebtedness incurred under the Borrower
Collateral Guarantee or any Second Priority Security Document; and

 

		(d)	(c)any Financial
                                         Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance
                                         Documents in a manner satisfactory to the Facility Agent (acting on the instructions
                                         of the Majority Lenders).

 

"Permitted Security"
means:

 

		(a)	Security created by the Finance Documents;

 

		(b)	until the Utilisation Date, the Existing Security;

 

		(c)	Security created in favour of the Collateral Security
Agent pursuant to the Second Priority Security Documents;

 

		(d)	(c)any netting or set-off arrangement entered into by
any Transaction Obligor in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances;

 

		(e)	(d)liens for unpaid master's and crew's wages in accordance
with first class ship ownership and management practice;

 

		(f)	(e)liens for salvage;

 

		(g)	(f)liens for master's
disbursements incurred in the ordinary course of trading;

 

		(h)	(g)any other lien arising by operation of law or otherwise
in the ordinary course of the operation, repair or maintenance of the Ship and not as a result of any default or omission by the
Borrower, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested in
good faith by

 

    	 	18	 

     

    

  

appropriate
steps) and subject, in the case of liens for repair or maintenance, to Clause 22.15 (Restrictions on chartering, appointment
of managers etc.);

 

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

 

		(j)	(i)any Security created in favour of a plaintiff or defendant
in any proceedings or arbitration as security for costs and expenses where the Borrower is actively prosecuting or defending such
proceedings or arbitration in good faith.

 

"Plan"
means any "employee benefit plan" as defined in Section 3(3) of ERISA that is subject to Title IV of ERISA which
is or was sponsored, maintained or contributed to by, or required to be contributed to by any Obligor or any of their respective
ERISA Affiliates.

 

"Potential
Event of Default" means any event or circumstance specified in Clause 25 (Events of Default) 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.

 

"Prohibited
Person" means any person (whether designated by name or by reason of being included in a class of persons) against whom
Sanctions are directed.

 

"Protected
Party" has the meaning given to it in Clause 12.1 (Definitions).

 

"Put
Option" means the Year-5 Put Option or the Year-7 Put Option.

 

"Purchase
Price" means:

 

		(a)	in relation to the exercise of the Year-5 Put Option, the Year-5 Purchase Price; and

 

		(b)	in relation to the exercise of the Year-7 Put Option, the Year-7 Purchase Price; and

 

"Quotation
Day" means, in relation to any period for which an interest rate is to be determined for the purposes of paragraph (d)
of Clause 8.4 (Sale and delivery terms), two Business Days before the first day of that period unless market practice differs
in the London interbank market in which case the Quotation Day will be determined by the Facility Agent in accordance with market
practice in the London interbank market (and if quotations would normally be given by leading banks in the London interbank market
on more than one day, the Quotation Day will be the last of those days).

 

"Receiver"
means a receiver or receiver and manager or administrative receiver of the whole or any part of the Security Assets.

 

"Related
Fund" in relation to a fund (the "first fund"), means a fund which is managed or advised by the same
investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment
adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser
of the first fund.

 

"Relevant
Jurisdiction" means, in relation to a Transaction Obligor:

 

		(a)	its Original Jurisdiction;

  

    	 	19	 

     

    

 

		(b)	any jurisdiction where any asset subject to, or intended to be subject to, any of the Transaction
Security created, or intended to be created, by it is situated;

 

		(c)	any jurisdiction where it conducts its business; and

 

		(d)	the jurisdiction whose laws govern the perfection of any of the Security Documents entered into
by it.

 

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

 

"Repayment
Date" means each date on which a Repayment Instalment is required to be paid under Clause 6.1 (Repayment of Loan).

 

"Repayment
Instalment" has the meaning given to it in Clause 6.1 (Repayment of Loan).

 

"Repayment
Schedule" means the loan amortisation schedule in respect of the Loan set out in Schedule 6 (Repayment Schedule).

 

"Repeating
Representation" means each of the representations set out in Clause 18 (Representations) except Clause 18.10 (Insolvency),
Clause 18.11 (No filing or stamp taxes), Clause 18.12 (Deduction of Tax), Clause 18.13 (No default), Clause
18.16 (Pari passu ranking), Clause 18.17 (No proceedings pending or threatened) and Clause 18.20 (No Charter)
and any representation of any Transaction Obligor made in any other Finance Document that is expressed to be a "Repeating
Representation" or is otherwise expressed to be repeated.

 

  "Replacement Benchmark" means a benchmark rate which is:

 

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

 

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

 

		(ii)	any Relevant Nominating Body,

 

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

 

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

 

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

 

"Representative"
means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

 

    	 	20	 

     

    

  

  "Requisition" means in relation to the Ship or, as the case may be, a Collateral Ship:

 

		(a)	any expropriation, confiscation, requisition (excluding a requisition for hire or use which does
not involve a requisition for title) or acquisition of the Ship or, as the case may be, that Collateral Ship whether for
full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is
effected (whether de jure or de facto) by any government or official authority or by any person or persons claiming
to be or to represent a government or official authority; and

 

		(b)	any capture or seizure of the Ship or, as the case
may be, that Collateral Ship (including any hijacking or theft) by any person whatsoever.

 

"Requisition
Compensation" includes all compensation or other moneys payable to the Borrower or, as the case may be, a Collateral
Guarantor by reason of any Requisition or any  arrest or detention of the Ship or, as the case may be a Collateral
Ship in the exercise or purported exercise of any lien or claim.

 

"Resignation,
Appointment, Amendment and Restatement Deed" means the resignation, appointment, amendment and restatement deed
dated 15 July 2020 between, (i) the Borrower, (ii) the Guarantor, (iii) the Shareholder, (iv) the Original Lenders, (v) Wilmington
Trust, National Association as resigning facility agent and resigning security agent, (vi) the Facility Agent as successor facility
agent and (vii) the Security Agent as successor security agent.

 

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

 

"Restatement
Date" has the meaning given to it in the Resignation, Appointment, Amendment and Restatement Deed.

 

"Safety
Management Certificate" has the meaning given to it in the ISM Code.

 

"Safety
Management System" has the meaning given to it in the ISM Code.

 

"Sale
Contract" means an agreement for the sale of the ship by the Borrower to the Buyer pursuant to the exercise of a Put Option
in a form acceptable to the Lenders, including without limitation the terms set out in Clause 8.4 (Sale and delivery terms).

 

"Sanctions"
means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business,
investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing):

 

		(a)	imposed by law or regulation of the United Kingdom, the Council of the European Union, the European
Union, the member states of the European Union, the United Nations or its Security Council or the United States of America regardless
of whether the same is or is not binding on any Transaction Obligor; or

 

		(b)	otherwise imposed by any law or regulation binding on a Transaction Obligor or to which a Transaction
Obligor is subject (which shall include without limitation, any extra-territorial sanctions imposed by law or regulation of the
United States of America).

  

    	 	21	 

     

    

 

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

 

 "Screen Rate Replacement Event" means, in relation to a Screen Rate:

 

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

 

(b)

 

(i)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Seanergy
Management" means Seanergy Management Corp., a corporation incorporated and existing under the laws of the Republic of
the Marshall Islands whose registered office address is at the Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, MH96960 Marshall Islands.

 

"Second
Account Security" means a document creating second priority Security over the Earnings Account to be executed by
the Borrower in favour of the Collateral Security Agent in relation to the obligations of the Borrower under the Borrower Collateral
Guarantee.

 

"Second
General Assignment" means the second priority general assignment creating Security over the Ship's Earnings, its
Insurances and any Requisition Compensation in relation to the

  

    	 	22	 

     

    

 

Ship, to
be entered into by the Borrower and the Collateral Security Agent in relation to the obligations of the Borrower under the Borrower
Collateral Guarantee.

 

"Second
Manager's Undertaking" means, in relation to an Approved Manager, a second priority letter of undertaking from
that Approved Manager subordinating the rights of that Approved Manager against the Ship and the Borrower to the rights of the
Collateral Finance Parties.

 

"Second
Mortgage" means the second priority or preferred (as applicable) ship mortgage on the Ship and, if applicable,
the deed of covenant collateral thereto to be executed by the Borrower in favour of the Collateral Security Agent in relation to
the obligations of the Borrower under the Borrower Collateral Guarantee.

 

"Second
Shares Security" means a document creating second priority Security over the shares in the Borrower to be executed
by the Shareholder in favour of the Collateral Security Agent in relation to the obligations of the Borrower under the Borrower
Collateral Guarantee.

 

"Second
Priority Security Documents" means the Borrower Collateral Guarantee, the Second Account Security, the Second Mortgage,
the Second General Assignment, each Second Manager's Undertaking and the Second Shares Security.

 

"Secured
Liabilities" means all present and future obligations and liabilities, (whether actual or contingent and whether owed
jointly or severally or in any other capacity whatsoever) of each Transaction Obligor to any Secured Party under or in connection
with each Finance Document.

 

"Secured
Party" means each Finance Party from time to time party to this Agreement, a Receiver or any Delegate.

 

"Security"
means a mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement
having the effect of conferring security.

 

"Security
Assets" means all of the assets of the Transaction Obligors which from time to time are, or are expressed to be, the subject
of the Transaction Security.

 

"Security
Document" means:

 

		(a)	the Shares Security;

 

		(b)	the Mortgage;

 

		(c)	the General Assignment;

 

		(d)	any Charter Assignment;

 

		(e)	the Account Security;

 

		(f)	any Manager's Undertaking;

 

		(g)	any Collateral Security Document;

 

		(h)	(g)any other document
                                         (whether or not it creates Security) which is executed as security for the Secured Liabilities;
                                         or

  

    	 	23	 

     

    

 

		(i)	(h)any other document designated as such
by the Facility Agent (acting on the instructions of the Majority Lenders) and the Borrower.

 

"Security
Period" means the period starting on the date of this Agreement and ending on the date on which the Facility Agent (acting
on the instructions of the Majority Lenders) is satisfied that there is no outstanding Commitment in force and that the Secured
Liabilities have been irrevocably and unconditionally paid and discharged in full.

 

"Security
Property" means:

 

		(a)	the Transaction Security expressed to be granted in favour of the Security Agent as trustee for
the Secured Parties and all proceeds of that Transaction Security;

 

		(b)	all obligations expressed to be undertaken by a Transaction Obligor to pay amounts in relation
to the Secured Liabilities to the Security Agent as trustee for the Secured Parties and secured by the Transaction Security together
with all representations and warranties expressed to be given by a Transaction Obligor or any other person in favour of the Security
Agent as trustee for the Secured Parties;

 

		(c)	the Security Agent's interest in any turnover trust created under the Finance Documents;

 

		(d)	any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual
or contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on trust for the Secured
Parties,

 

 except:

 

		(i)	rights intended for the sole benefit of the Security Agent; and

 

		(ii)	any moneys or other assets which the Security Agent has transferred to the Facility Agent (acting
on the instructions of the Majority Lenders) or (being entitled to do so) has retained in accordance with the provisions of this
Agreement.

 

"Servicing
Party" means the Facility Agent or the Security Agent.

 

"Shareholder"
means Emperor Holding Ltd., a corporation incorporated in the Republic of the Marshall Islands whose registered office
address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, the Republic of the Marshall
Islands;.

 

"Shares
Security" means a document to be executed by the Shareholder creating Security over the shares in the Borrower in agreed
form.

 

"Ship"
means the 2010-built Capesize bulk carrier type of vessel of approximately 179,000 deadweight, having IMO Number 9519066 and
registered in the name of the Borrower under the Approved Flag with the name "LORDSHIP".

 

"Specified
Time" means a day or time determined in accordance with Schedule 7 (Timetables).

 

"Subsidiary"
means a subsidiary within the meaning of section 1159 of the Companies Act 2006.

 

    	 	24	 

     

    

 

"Tax"
means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable
in connection with any failure to pay or any delay in paying any of the same).

 

"Tax
Credit" has the meaning given to it in Clause 12.1 (Definitions).

 

"Tax
Deduction" has the meaning given to it in Clause 12.1 (Definitions).

 

"Tax
Payment" has the meaning given to it in Clause 12.1 (Definitions).

 

"Technical
Management Agreement" means-, in relation to the Ship or, as the case may be, a Collateral Ship the agreement entered
into between the Borrower or the relevant Collateral Guarantor and the Approved Technical Manager regarding the technical
management of the Ship or, as the case may be, that Collateral Ship.

 

"Termination
Date" means:

 

		(a)	if the Extension Option is not exercised, the Initial Termination Date; and

 

		(b)	if the Extension Option is exercised, the Extended Termination Date.

 

"Third
Parties Act" has the meaning given to it in Clause 1.5 (Third party rights).

 

"Total
Commitments" means the aggregate of the Commitments, being $24,500,000 at the date of this Agreement.

 

"Total Loss" means,
in relation to the Ship or a Collateral Ship:

 

		(a)	actual, constructive, compromised, agreed or arranged total loss of the Ship or, as the case
may be that Collateral Ship: or

 

		(b)	any Requisition of the Ship or, as the case may be that Collateral Ship unless the Ship
or, as the case may be that Collateral Ship is returned to the full control of the Borrower or, as the case may be the relevant
Collateral Guarantor within 90 days of such Requisition (or such later period agreed by the Facility Agent acting on the instructions
of the Majority Lenders).

 

"Total Loss Date" means,
in relation to the Total Loss of the Ship or a Collateral Ship:

 

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

 

		(b)	in the case of a constructive, compromised, agreed or arranged
total loss of the Ship or, as the case may be, that Collateral Ship the earlier of:

 

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

 

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

  

    	 	25	 

     

    

 

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

 

"Transaction Document"
means:

 

		(a)	a Finance Document;

 

		(b)	any Charter; or

 

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

 

"Transaction
Obligor" means an Obligor, the Shareholder, each Collateral Guarantor, any Approved Manager (other than
Fidelity Marine (for so long it is not a member of the Group) and V.Ships) or any other person (except a Finance Party) who
executes a Transaction Document.

 

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

 

"Transfer
Certificate" means a certificate in the form set out in Schedule 4 (Form of Transfer Certificate) or any other
form agreed between the Facility Agent and the parties to such certificate.

 

"Transfer
Date" means, in relation to an assignment or a transfer, the later of:

 

		(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate;
and

 

		(b)	the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate.

 

"UK
Bail-In Legislation" means (to the extent that the United Kingdom is not an EEA Member Country which has implemented,
or implements Article 55 BRRD) Part 1 of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutes or their
affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

 

"UK
Establishment" means a UK establishment as defined in the Overseas Regulations.

 

"Unpaid
Sum" means any sum due and payable but unpaid by a Transaction Obligor under the Finance Documents.

 

"US"
means the United States of America.

 

"US
Tax Obligor" means:

 

		(a)	a person which is resident for tax purposes in the US; or

 

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

 

"Utilisation" means
the utilisation of the Facility.

 

    	 	26	 

     

    

 

"Utilisation
Date" means the date of the Utilisation, 13 June 2018 being the date on which the Loan is
to be was advanced.

 

"Utilisation
Request" means a notice substantially in the form set out in Schedule 3 (Requests).

 

"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.

 

"V.
Ships" means V. Ships Limited, a corporation incorporated and existing under the laws of Cyprus whose registered office
is at Zenas Gunther, 16-18, Agia Triada, 3035 Limassol, Cyprus.

 

"Write-down
and Conversion Powers" means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

  

    	 	27	 

     

    

 

"Year-5
Purchase Price" means $20,800,000.

 

"Year-5
Put Option" has the meaning given to it in Clause 8.1 (Year-5 Put Option).

 

"Year-7
Purchase Price" means $15,000,000.

 

"Year-7
Put Option" has the meaning given to it in Clause 8.3 (Year-7 Put Option).

 

"Year-7
Put Option Additional Conditions" means:

 

		(a)	the completion of the third special survey and dry docking of the Ship upon the Ship reaching
                                                           an age of 15 years;

 

		(b)	the installation of a ballast water treatment system provided that such condition will
                                                           not apply if (i) the laws and regulations providing for the installation of ballast water treatment systems on ocean-going
                                                           vessels have been repealed or (ii) the entry into force of such laws and regulation has been postponed at the time of
                                                           the exercise of the Year-7 Put Option until not earlier than the date falling 5 years after the Termination Date;
                                                           and

 

		(c)	the application of a minimum 60-months hull paint system on the Ship during such dry docking,

 

in each case
to the satisfaction of the Facility Agent (acting with the authorisation of the Majority Lenders).

 

		1.2	Construction

 

		(a)	Unless a contrary indication appears, a reference in this
Agreement to:

 

		(i)	the "Account Bank", any "Collateral
                                                               Guarantor", the "Facility Agent", any "Finance Party", any "Lender", any "Obligor", any "Party", any "Secured
                                                               Party", the "Security Agent", any "Transaction Obligor" or any other person
                                                               shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of,
                                                               its rights and/or obligations under the Finance Documents;

 

		(ii)	"assets" includes present and future properties, revenues and rights of
                                                                every description;

 

		(iii)	a liability which is "contingent" means a liability which is not certain to arise
and/or the amount of which remains unascertained;

 

		(iv)	"document" includes a deed and also a letter, fax email or telex;

 

		(v)	"expense" means any kind of cost, charge or expense (including all legal costs,
charges and expenses) and any applicable Tax including VAT;

 

		(vi)	a "Finance Document", a "Security Document" or "Transaction
                                                                Document" or any other agreement or instrument is a reference to that Finance Document, Security Document or
                                                                Transaction Document or other agreement or instrument as amended, novated, supplemented, extended or restated;

 

		(vii)	a "group of Lenders" includes all the Lenders;

  

    	 	28	 

     

    

 

		(viii)	"indebtedness" includes any obligation (whether incurred as principal or as surety)
for the payment or repayment of money, whether present or future, actual or contingent;

 

		(ix)	"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 States of America, the United Nations or its Security Council;

 

		(x)	"proceedings" means, in relation to any enforcement provision of a Finance Document,
proceedings of any kind, including an application for a provisional or protective measure;

 

		(xi)	a "person" includes any individual, firm, company, corporation, government, state
or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate
legal personality);

 

		(xii)	a "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;

 

		(xiii)	a provision of law is a reference to that provision as amended or re-enacted;

 

		(xiv)	a time of day is a reference to New York time unless specified to the contrary;

 

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

 

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

 

		(xvii)	"including" and "in particular"
(and other similar expressions) shall be construed as not limiting any general words or expressions in connection with which
they are used.

 

		(b)	The determination of the extent to which a rate is "for a period equal in length"
to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined
pursuant to the terms of this Agreement.

 

		(c)	Section, Clause and Schedule headings are for ease of reference only and are not to be used for
the purposes of construction or interpretation of the Finance Documents.

 

		(d)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice
given under, or in connection with, any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

 

		(e)	A Potential Event of Default is "continuing" if it has not been remedied or waived
and an Event of Default is "continuing" if it has not been waived.

 

		1.3	Construction of insurance terms

 

In this Agreement:

 

    	 	29	 

     

    

  

"approved"
means, for the purposes of Clause 21 [Insurance Undertakings), approved in writing by the Facility Agent (acting on
the instructions of the Majority Lenders).

 

"excess
risks" means the proportion of claims for general average, salvage and salvage charges not recoverable under the hull
and machinery policies in respect of the Ship or, as the case may be, a Collateral Ship in consequence of its insured value
being less than the value at which the Ship or, as the case may be, a Collateral Ship is assessed for the purpose of such
claims.

 

"obligatory
insurances" means-, in relation to the Ship or, as the case may be, a Collateral Ship all insurances effected,
or which the Borrower or, as the case may be a Collateral Guarantor is obliged to effect, under Clause 21 [Insurance
Undertakings) or any other provision of this Agreement or of another Finance Document.

 

"policy"
includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.

 

"protection
and indemnity risks" means the usual risks covered by a protection and indemnity association managed in London, including
pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not
recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull
Clauses (1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running
Down Clause (1/10/71) or any equivalent provision.

 

"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)(l/10/83).

 

		1.4	Agreed forms of Finance Documents

 

References in
Clause 1.1 [Definitions) to any Finance Document being in "agreed form" are to that Finance Document:

 

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

 

		(b)	in any other form agreed in writing between the Borrower and the Facility Agent acting with the
authorisation of the Majority Lenders or, where Clause 41.2 [All Lender matters) applies, all the Lenders.

 

		1.5	Third party rights

 

		(a)	Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has
no right under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to enjoy
the benefit of any term of this Agreement.

 

		(b)	Subject to Clause 41.3 (Other exceptions) but otherwise notwithstanding any term of any
Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.

 

		(c)	Any Receiver, Delegate, Affiliate or for the purpose of
Clause 14.2 (Other indemnities), Clause 14.3 (Indemnity to the Facility Agent) and Clause 14.4 (Indemnity to
the Security Agent), any Indemnified Person, or any other person described in paragraph (b) of Clause 28.10 (Exclusion

  

    	 	30	 

     

    

 

of liability),
or paragraph (b) of Clause 29.11 (Exclusion of liability) may, subject to this Clause 1.5 ([Third party rights) and
the Third Parties Act, rely on any Clause of this Agreement which expressly confers rights on it.

 

		1.6	Facility Agent and Security Agent

 

		(a)	Where there is any reference in this Agreement or any other Finance Document to the Facility
Agent or the Security Agent acting reasonably or properly, or doing an act or coming to a determination, opinion or belief that
is reasonable or proper, or any similar or analogous reference, the Facility Agent or, as applicable, the Security Agent shall,
where they have sought such instructions from the Majority Lenders, be deemed to be acting reasonably and properly or doing an
act or coming to a determination, opinion or belief that is reasonable if, as applicable, the Facility Agent or Security Agent
acts on the instructions of the Majority Lenders. Where there is in this Agreement or any other Finance Document a provision to
the effect that the Facility Agent or the Security Agent is not to unreasonably withhold or delay its consent or approval, it shall
be deemed not to have so withheld or delayed its consent or approval if the withholding or delay is caused by instructions being
sought from the Majority Lenders and it is not unreasonable for the Majority Lenders to withhold or delay giving their consent
or approval.

 

		(b)	Any corporation into which the Facility Agent or Security Agent may be merged or converted,
or any corporation with which the Facility Agent or Security Agent may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Facility Agent or Security Agent shall be a party, or any corporation, including affiliated
corporations, to which the Facility Agent or Security Agent shall sell or otherwise transfer:

 

		(i)	all or substantially all of its assets; or

 

		(ii)	all or substantially all of its corporate trust business,

 

shall, on
such date on which any such merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any
applicable laws and subject to any credit rating requirements set out in this Agreement become the successor Facility Agent or
Security Agent under this Agreement without the execution or filing of any paper or any further act on the part of the parties
to this Agreement, unless otherwise required by the Lenders (acting reasonably), and after the said effective date all references
in this Agreement to the Facility Agent or Security Agent shall be deemed to be references to such successor corporation. Written
notice of any such merger, conversion, consolidation or transfer shall promptly be given to the Borrower by the Facility Agent
or Security Agent.

 

    	 	31	 

     

    

 

SECTION 2

 

THE FACILITY

 

		2	THE FACILITY

 

		2.1	The Facility

 

Subject to the terms
of this Agreement, the Borrower acknowledges that the Lenders make available
advanced to the Borrower-, on 13 June 2018, a senior dollar term loan facility in one advance
in an aggregate the amount not exceeding the Total Commitmentsof US$24,500,000.

 

		2.2	Finance Parties' rights and obligations

 

		(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance
Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance
Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

 

		(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate
and independent rights and any debt arising under the Finance Documents to a Finance Party from a Transaction Obligor is a separate
and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c)
below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance
of doubt, any part of the Loan or any other amount owed by a Transaction Obligor which relates to a Finance Party's participation
in the Facility or its role under a Finance Document (including any such amount payable to the Facility Agent on its behalf) is
a debt owing to that Finance Party by that Transaction Obligor.

 

		(c)	A Finance Party may, except as specifically provided in the Finance Documents, separately enforce
its rights under or in connection with the Finance Documents.

 

		3	PURPOSE

 

		3.1	Purpose

 

The Borrower shall
apply has applied all amounts borrowed by it under the Facility only for the purpose stated in
the preamble (Background) to this Agreement.

 

		3.2	Monitoring

 

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

 

		3.3	Proceeds of Loan

 

No part of the
proceeds of the Loan will be used, directly or indirectly, for any payments to any governmental official or employee, political
party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to
obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices
Act of 1977, as may be amended from time to time.

 

    	 	32	 

     

    

 

		4	CONDITIONS OF UTILISATION

 

		4.1	Initial conditions precedent

 

The Borrower
may not deliver the Utilisation Request unless the Facility Agent has received all of the documents and other evidence listed in
Part A of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Facility Agent (acting on the instructions
of the Majority Lenders).

 

		4.2	Further conditions precedent

 

The Lenders will only be obliged
to comply with Clause 5.4 (Lenders' participation) if:

 

		(a)	on the date of the Utilisation Request and on the proposed Utilisation Date and before the Loan
is advanced:

 

		(i)	no Default is continuing or would result from the proposed Loan; and

 

		(ii)	the Repeating Representations to be made by each Transaction Obligor are true;

 

		(b)	the Facility Agent has received on or before the Utilisation Date, or the Majority Lenders are
satisfied they will receive when the Loan is made available, all of the documents and other evidence listed in Part B of Schedule
2 (Conditions Precedent) in form and substance satisfactory to the Facility Agent (acting on the instructions of the Majority
Lenders).

 

		4.3	Notification of satisfaction of conditions precedent

 

		(a)	The Facility Agent shall send to the Lenders all of the conditions precedent referred to in
                                                           Clause 4.1 (Initial conditions precedent) and Clause 4.2 (Further conditions
                                                        precedent) which it has received.

			

 

		(b)	Each Lender shall promptly confirm to the Facility Agent in writing that it is satisfied as to
the satisfaction of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent) and Clause 4.2 (Further
conditions precedent).

 

		(c)	The Facility Agent shall notify the Borrower and the Lenders promptly upon receipt of those confirmations
referred to in paragraph (b) above from all of the Lenders.

 

		(d)	Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the
contrary before the Facility Agent gives the notification described in paragraph (c) above, the Lenders authorise (but do not require)
the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever
as a result of giving any such notification.

 

		4.4	Waiver of conditions precedent

 

If the Majority
Lenders, at their discretion, permit the Loan to be borrowed before any of the conditions precedent referred to in Clause 4.1 (Initial
conditions precedent) or Clause 4.2 (Further conditions precedent) has been satisfied, the Borrower shall ensure that
that condition is satisfied within ten Business Days after the Utilisation Date or such later date as the Facility Agent, acting
with the authorisation of the Majority Lenders, may agree in writing with the Borrower.

 

    	 	33	 

     

    

 

SECTION 3

 

UTILISATION

 

		5	UTILISATION

 

		5.1	Delivery of Utilisation Request

 

		(a)	The Borrower may utilise the Facility by delivery to the Facility Agent of a duly completed Utilisation
Request not later than the Specified Time.

 

		(b)	The Borrower may not deliver more than one Utilisation Request.

 

		5.2	Completion of Utilisation Request

 

		(a)	The Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

 

		(i)	the proposed Utilisation Date is a Business Day within the Availability Period;

 

		(ii)	the currency and amount of the Utilisation comply with Clause 5.3 {Currency and amount);
and

 

		(iii)	the proposed Interest Period complies with Clause 10 {Interest Periods).

 

		(b)	Only one advance may be requested in the Utilisation Request.

 

		5.3	Currency and amount

 

		(a)	The currency specified in the Utilisation Request must be dollars.

 

		(b)	The amount of the Loan must
                                         be an amount which is not more utilised on 13 June 2018 was $24,500,000.

 

		(c)	The amount of the Loan must be an amount which is not more than the Available Facility.

 

		5.4	Lenders' participation

 

		(a)	If the conditions set out in this Agreement have been met, each Lender shall make its participation
in the Loan available by the Utilisation Date through its Facility Office.

 

		(b)	The amount of each Lender's participation in the Loan will be equal to the proportion borne by
its Available Commitment to the Available Facility immediately before advancing the Loan.

 

		(c)	Subject to receiving a Utilisation Request, the Facility Agent shall notify each Lender of the
amount of the Loan and the amount of its participation in the Loan by the Specified Time.

 

		5.5	Cancellation of Commitments

 

The Commitments
which are unutilised at the end of the Availability Period shall then be cancelled.

 

    	 	34	 

     

    

 

		5.6	Retentions and payment to third parties

 

The Borrower
irrevocably authorises the Facility Agent:

 

		(a)	to deduct from the proceeds of the Loan any fees then payable to the Finance Parties in accordance
with Clause 11 (Fees), any solicitors fees and disbursements together with any applicable VAT and any other items listed as deductible
items in the relevant Utilisation Request and to apply them in payment of the items to which they relate; and

 

		(b)	on the Utilisation Date, to pay to, or for the account of, the Borrower the amounts which the Facility
Agent receives from the Lenders in respect of the Loan. That payment shall be made:

 

		(i)	to the account which the Borrower specifies in the Utilisation Request; and

 

		(ii)	in like funds as the Facility Agent received from the Lenders in respect of the Loan.

 

		5.7	Disbursement of Loan to third party

 

Payment by the
Facility Agent under Clause 5.6 (Retentions and payment to third parties) to a person other than the Borrower shall constitute
the advance of the Loan and the Borrower shall at that time become indebted, as principal and direct obligor, to each Lender in
an amount equal to that Lender's participation in the Loan.

 

		5.8	Prepositioning of funds

 

If, in respect
of the Utilisation of the Loan, the Facility Agent (acting on the instructions of the Lenders), at the request of the Borrower
and on terms acceptable to all the Lenders and the Borrower, prepositions funds with any bank:

 

		(a)	the Lenders shall, prior to any such pre-positioning of funds, provide an instruction letter to
the Facility Agent in form and substance acceptable to the Facility Agent; and

 

		(b)	any such pre-positioning of funds shall constitute the advance of the Loan and the Borrower shall
at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender's participation
in the Loan; and

 

		(c)	shall, without duplication, indemnify each Finance Party against any costs, loss or liability it
may incur in connection with such arrangement.

  

    	 	35	 

     

    

 

SECTION 4

 

REPAYMENT,
PREPAYMENT, CANCELLATION AND PUT OPTION

 

		6	REPAYMENT

 

		6.1	Repayment of Loan

 

		(a)	The Borrower shall repay the Loanby:

 

		(i)	20 or, if the Extension Option is exercised, 28 consecutive quarterly instalments, each in the
amount specified in the Repayment Schedule (the "Instalments" and each an "Instalment"); and

 

		(ii)	a balloon instalment in an amount equal to any part of the Loan remaining outstanding on the Termination
Date (the "Balloon Instalment" and together with the Instalments, the "Repayment Instalments" and
each a "Repayment Instalment").

 

		(b)	Each Instalment shall be repaid on the date specified in respect of that Instalment in the Repayment
Schedule and the Balloon Instalment shall be paid on the applicable Termination Date.

 

		6.2	Termination Date

 

On the applicable
Termination Date, the Borrower shall additionally pay to the Facility Agent for the account of the Finance Parties all other sums
then accrued and owing under the Finance Documents.

 

		6.3	Reborrowing

 

The Borrowermay not re-borrow
any part of the Facility which is repaid.

 

		7	PREPAYMENTAND CANCELLATION

 

		7.1	Illegality

 

If it becomes
unlawful in any applicable jurisdiction for a Lender, or an Affiliate of a Lender, for that Lender to perform any of its obligations
as contemplated by this Agreement or to fund or maintain its participation in the Loan:

 

		(a)	that Lender shall promptly notify the Facility Agent upon becoming aware of that event;

 

		(b)	upon the Facility Agent notifying the Borrower, the Available Commitment of that Lender will be
immediately cancelled; and

 

		(c)	the Borrower shall prepay the Loan on the last day of the Interest Period for the Loan occurring
after the Facility Agent has notified the Borrower or, if earlier, the date specified by that Lender in the notice delivered to
the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender's corresponding
Commitment shall be cancelled in the amount of the participation prepaid.

  

    	 	36	 

     

    

 

		7.2	Voluntary and automatic cancellation

 

The Borrower
may, if it gives the Facility Agent not less than 10 Business Days' (or such shorter period as the Majority Lenders may agree)
prior notice, cancel the whole of the Available Facility.

 

		7.3	Voluntary prepayment of Loan

 

		(a)	Subject to paragraph (b) below, the Borrower may, if it gives the Facility Agent not less than
10 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole (but not part) of the
Loan.

 

		(b)	The Loan may only be prepaid after the second anniversary of the Utilisation Date.

 

		7.4	Mandatory prepayment on sale or Total Loss

 

If the Ship
is sold or becomes a Total Loss, the Borrower shall repay the Loan together with accrued interest, and all other amounts accrued
under the Finance Documents. Such repayment shall be made:

 

		(a)	in the case of a sale of the Ship, 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:

 

		(i)	the date falling 180 days after the Total Loss Date; and

 

		(ii)	the date of receipt by the Security Agent of the proceeds of insurance relating to such Total Loss.

 

		7.5	Restrictions

 

		(a)	Any notice of cancellation or prepayment given by any Party under this Clause 7 (Prepayment
and Cancellation) shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date
or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment and,
if relevant, the part of the Loan to be prepaid or cancelled.

 

		(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount
prepaid and without premium or penalty.

 

		(c)	The Borrower may not re-borrow any part of the Facility which is prepaid.

 

		(d)	The Borrower shall not repay or prepay all or any part of the Loan or cancel all or any part of
the Commitments except at the times and in the manner expressly provided for in this Agreement.

 

		(e)	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.

 

		(f)	If the Facility Agent receives a notice under this Clause 7 (Prepayment and Cancellation)
it shall promptly forward a copy of that notice to either the Borrower or the affected Lenders, as appropriate.

  

    	 	37	 

     

    

 

		(g)	If all or part of any Lender's participation in the Loan is repaid or prepaid, an amount of that
Lender's Commitment (equal to the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the
date of repayment or prepayment.

 

		8	PUT OPTION

 

		8.1	Year-5 Put Option

 

		(a)	If no Default has occurred which is continuing, the Borrower shall have the right (the "Year-5
Put Option") to sell the Ship to the Lenders on the Initial Termination Date for the Year-5 Purchase Price, exercisable
by giving written notice to the Facility Agent no later than the date falling four months prior to the Initial Termination Date.

 

		(b)	The Facility Agent shall provide a copy of the notice referred
to in paragraph (a) of this Clause 8.1 (Year-5 Put Option) to the Lenders within 1 Business Day after receipt of such notice.

 

		(c)	If the Borrower exercises the Year-5 Put Option then, subject to the exercise of the Extension
Option by the Lenders pursuant to Clause 8.2 (Extension Option), the Borrower shall sell, and the Lenders shall be obliged
to procure that the Buyer will purchase, the Ship for a purchase price equal to the Year-5 Purchase Price in accordance with Clause
8.4 (Sale and delivery terms).

 

		8.2	Extension Option

 

		(a)	If the Borrower exercises the Year-5 Put Option, the Lenders shall have the right (the "Extension
Option") to extend the Termination Date of the Loan to the Extended Termination Date, exercisable at their sole discretion
by giving written notice to the Facility Agent no later than the date falling 30 days after receipt of the notice given by the
Facility Agent to the Lenders under paragraph (b) of Clause 8.1 (Year-5 Put Option).

 

		(b)	The Facility Agent shall provide a copy of the notice referred
to in paragraph (a) of this Clause 8.2 (Extension Option) to the Borrower within 1 Business Day after receipt of such notice.

 

		(c)	If the Lenders exercise the Extension Option:

 

		(i)	the Termination Date shall be extended to the Extended Termination Date;

 

		(ii)	the exercise of the Year-5 Put Option by the Borrower shall be cancelled in its entirety and the
Lenders shall not have an obligation to purchase the Ship; and

 

		(iii)	the parties to this Agreement entering into such documentation amending and supplementing this
Agreement and any other Finance Documents as may be required in relation to the exercise of the Extension Option to be in a form
acceptable to the Facility Agent (acting at the instructions of the Majority Lenders) by no later than the Initial Termination
Date and any other document as may be required by the Facility Agent (acting at the instructions of the Majority Lenders) to effect
the same in a manner acceptable to the Facility Agent (acting at the instructions of the Majority Lenders).

 

		8.3	Year-7 Put Option

 

If no Default
has occurred which is continuing the Borrower shall have the right (the "Year-7 Put Option") to sell the Ship
to the Lenders on the Extended Termination Date for the Year-7

 

    	 	38	 

     

    

 

Purchase Price,
exercisable by the Borrower by giving written notice to the Facility Agent no later than the date falling four months prior to
the Extended Termination Date.

 

		(a)	The Facility Agent shall provide a copy of the notice referred
to in paragraph (a) of this Clause 8.3 (Year-7 Put Option) to the Lenders within 1 Business Day after receipt of such notice.

 

		(b)	If the Borrower exercises the Year-7 Put Option then the Borrower shall sell, and the Lenders shall
be obliged to procure that the Buyer will purchase, the Ship for a purchase price equal to the applicable Year-7 Purchase Price
in accordance with Clause 8.4 (Sale and delivery terms).

 

		8.4	Sale and delivery terms

 

		(a)	If the Borrower validly exercises a Put Option and, in the case of the Year-5 Put Option, the Extension
Option is not exercised, the Borrower and the Buyer shall enter (and the Lenders shall procure that the Buyer enters) into a Sale
Contract in the Norwegian Saleform 2012 for the sale by the Borrower, and the purchase by the Buyer, of the Ship for the applicable
Purchase Price.

 

		(b)	The Sale Contract shall include, without limitation, the following provisions:

 

		(i)	the delivery of the Ship shall take place at a safe and ice-free berth or port and on a date to
be specified by the Buyer (acting on the instructions of the Majority Lenders, each acting reasonably) provided that (A)
loading ports of cargo of the type transported by the Ship and (B) scrapping areas for vessels of the same type as the Ship, shall
be deemed an acceptable place of delivery of the Ship for the purpose of paragraph (b)(i) of this Clause 8.4 (Sale and delivery
terms);

 

		(ii)	the Ship shall be free of any class recommendations or conditions;

 

		(iii)	the value of any pumpable fuel and unbroached/bulk lube oils shall be paid by the Buyer to the
Borrower at the time of delivery on the basis of their invoiced cost;

 

		(iv)	the cargo holds of the Ship shall be clean;

 

		(v)	the condition of the Ship shall be established by a joint survey, the costs of which shall be borne
jointly by the Borrower and the Buyer;

 

		(vi)	all trading and class certificates shall be valid for a period of not less than 6 months after
the proposed delivery date;

 

		(vii)	the Borrower shall guarantee that the Ship, at the time of delivery, is free from all charters,
encumbrances, mortgages, maritime liens or other debts or liabilities whatsoever and if any claims have accrued prior to the time
of delivery, the Borrower shall indemnify the Buyer against all consequences of such claims;

 

		(viii)	any taxes, consular and other charges and expenses connected with the purchase of the Ship and
its registration under the Buyer's flag and the closing of the Ship's current flag, shall be for the Borrower's account;

 

		(ix)	all spares on board shall be included in the sale; and

 

		(x)	the Borrower shall furnish the Buyer with documentation reasonably requested by the Buyer including
but not limited to:

  

    	 	39	 

     

    

 

		(A)	evidence (in form and substance acceptable to the Buyer) of the authorisation and capacity for
the Borrower to sell the Ship and enter into all documentation in connection with such sale including but not limited to resolutions
of the shareholders of the Borrower, resolutions of the board of directors of the Borrower and any power of attorney under which
the Borrower's representatives sign any of the delivery documents (in each case notarised and apostilled or legalised) and certified
true copies of the certificate of incorporation and articles of association (or equivalent) of the Borrower;

 

		(B)	documentation validly transferring title to the Ship to the Buyer (including, without limitation,
two original bills of sale notarised and apostilled or legalised as necessary);

 

		(C)	any documentation required for the registration of the Ship on the Buyer's chosen flag under the
name of the Buyer;

 

		(D)	evidence that the Ship is free from all registered encumbrances in form and substance acceptable
to the Buyer;

 

		(E)	documentation usually provided by a seller to a buyer in a second hand vessel sale and purchase
transaction including but not limited to, undertakings to deliver a deletion certificate, copy of the closed CSR and commercial
invoices for the Ship, bunkers and lubes remaining on board and all other monies due to the Borrower under the Sales Contract by
the Buyer at delivery; and

 

		(F)	all copies classification, technical and other documents in the possession of the Borrower in relation
to the Ship.

 

		(xi)	if an Event of Default occurs the Buyer shall be entitled (acting on the instructions of the Majority
Lenders) to terminate the Sale Contract;

 

		(c)	The applicable Purchase Price shall be paid by the Buyer to the Borrower as follows:

 

		(i)	the obligation of the Borrower to pay to the Lenders the Balloon Instalment and all other sums
then accrued and owing by the Borrower under or in connection with the Finance Documents on the Termination Date shall be set off
on the date of delivery of the Ship to the Buyer against the obligation of the Lenders to pay a part of the applicable Purchase
Price in an equal amount; and

 

		(ii)	any balance of the Purchase Price shall be paid by the Buyer to the Borrower on the date falling
on the earlier of:

 

		(A)	60 days after the date on which the Buyer has taken delivery of the Ship in accordance with the
Sale Contract; and

 

		(B)	the date on which the Buyer (after having taken delivery of the Ship in accordance with the Sale
Contract) sells the Ship to any third party.

 

		(d)	If at the time of delivery of the Ship from the Borrower to the Buyer under the Sale Contract any
part of the applicable Purchase Price remains outstanding (the "Outstanding Balance"):

 

		(i)	the Buyer shall provide, or ensure that a third party provides,
Security in favour of the Borrower, which:

 

    	 	40	 

     

    

 

		(A)	has a net realisable value at least equal to the Outstanding
Balance; and

 

		(B)	is documented in such terms as the Borrower may reasonably
approve or require at the expense of the Borrower and the Buyer in equal shares,

 

provided
that a first priority or, as the case may be, preferred mortgage over the Ship for a secured amount at least equal to the Outstanding
Balance shall be considered acceptable Security.

 

		(ii)	a late payment fee shall accrue on the Outstanding Balance
at a rate equal to:

 

		(A)	1 month LIBOR; and

 

		(B)	4.00 per cent, per annum,

 

which shall
be payable by the Buyer to the Borrower together with the Outstanding Balance.

 

    	 	41	 

     

    

 

SECTION 5

 

COSTS OF UTILISATION

 

		9	INTEREST

 

		9.1	Calculation of interest

 

The rate of
interest on the Loan or any part of the Loan for each Interest Period is the Interest Rate for that Interest Period.

 

		9.2	Payment of interest

 

The Borrower
shall pay accrued interest on the Loan for each Interest Period on the last day of that Interest Period (each an "Interest
Payment Date") in the amount specified in the Repayment Schedule.

 

		9.3	Default interest

 

		(a)	If a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its
due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment)
at a rate which is 2 per cent, per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period
of nonpayment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each having a duration
as follows:

 

		(i)	the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion
of the current Interest Period relating to the Loan or the relevant part of the Loan; and

 

		(ii)	the rate of interest applying to that Unpaid Sum during that first Interest Period shall be 2 per
cent, per annum higher than the rate which would have applied if that Unpaid Sum had not become due.

 

Any interest
accruing under this Clause 9.3 (Default interest) shall be immediately payable by the Obligor on demand by the Facility
Agent (acting on the instructions of the Majority Lenders).

 

		(b)	Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at
the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.

 

		9.4	Notification of rates of interest

 

The Facility
Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement.

 

		10	INTEREST PERIODS

 

		10.1	Duration of Interest Periods

 

		(a)	The first Interest Period shall commence on the Utilisation
Date and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period.

 

    	 	42	 

     

    

 

		(b)	Each Interest Period shall be three Months.

 

		10.2	Non-Business Days

 

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

 

		11	FEES

 

		11.1	Agency fee

 

The Borrower
shall pay to the Facility Agent and the Security Agent (for its their own account)
non-refundable annual agency fee-fees at the times and in the amount specified in a the
Fee Letter.

 

    	 	43	 

     

    

 

SECTION 6

 

ADDITIONAL
PAYMENT OBLIGATIONS

 

		12	TAX GROSS UP AND INDEMNITIES

 

		12.1	Definitions

 

		(a)	In this Agreement:

 

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

 

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

 

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

 

"Tax
Payment" means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (Tax gross-up)
or a payment under Clause 12.3 (Tax indemnity).

 

		(b)	Unless a contrary indication appears, in this Clause 12 (Tax Gross Up and Indemnities) reference
to "determines" or "determined" means a determination made in the absolute discretion of the
person making the determination.

 

		12.2	Tax gross-up

 

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

 

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

 

		(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from
that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which
would have been due if no Tax Deduction had been required.

 

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

 

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

  

    	 	44	 

     

    

		12.3	Tax indemnity

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(A)	is compensated for by an increased payment under Clause 12.2 (Tax gross-up); or

 

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

 

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

 

		(d)	A Protected Party shall, on receiving a payment from an
Obligor under this Clause 12.3 (Tax indemnity), notify the Facility Agent.

 

		12.4	Tax Credit

 

If an Obligor
makes a Tax Payment and the relevant Finance Party determines that:

 

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

 

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

 

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

 

    	 	45	 

     

    

 

		12.5	Stamp taxes

 

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

 

		12.6	VAT

 

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

 

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

 

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

 

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

 

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

 

		(d)	Any reference in this Clause 12.6 (VAT) to any Party shall, at any time when that Party is treated
as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise
requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply,
under the grouping rules provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member
state of the European Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant group
or unity (or fiscal unity) of which that Party is a

  

    	 	46	 

     

    

 

member for VAT
purposes at the relevant time or the relevant representative member (or representative or head) of that group or unity at the relevant
time (as the case may be).

 

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

 

		12.7	FATCA Information

 

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

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party; and

 

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

 

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

 

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

 

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

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

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

 

		(e)	If the Borrower is a US Tax Obligor, or the Facility Agent reasonably believes that its obligations
under FATCA or any other applicable law or regulation require it, each Lender shall, within ten Business Days of:

  

    	 	47	 

     

    

 

		(i)	where the Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date
of this Agreement;

 

		(ii)	where the Borrower is a US Tax Obligor on a Transfer Date and the relevant Lender is a New Lender,
the relevant Transfer Date; or

 

		(iii)	where the Borrower is not a US Tax Obligor, the date of a request from the Facility Agent,

 

supply to the
Facility Agent:

 

		(iv)	a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

 

		(v)	any withholding statement or other document, authorisation or waiver as the Facility Agent may
require to certify or establish the status of such Lender under FATCA or that other law or regulation.

 

		(f)	The Facility Agent shall provide any withholding certificate, withholding statement, document,
authorisation or waiver it receives from a Lender pursuant to paragraph (e) above to the Borrower.

 

		(g)	If any withholding certificate, withholding statement, document, authorisation or waiver provided
to the Facility Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender
shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver
to the Facility Agent unless it is unlawful for that Lender to do so (in which case that Lender shall promptly notify the Facility
Agent). The Facility Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation
or waiver to the Borrower.

 

		(h)	The Facility Agent may rely on any withholding certificate, withholding statement, document, authorisation
or waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Facility Agent shall
not be liable for any action taken by it under or in connection with paragraphs (e), (f) or (g) above.

 

		12.8	FATCA Deduction

 

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

 

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

 

		13	INCREASED COSTS

 

		13.1	Increased costs

 

		(a)	Subject to Clause 13.3 (Exceptions), the Borrower
shall, within five Business Days of a demand by the Facility Agent (acting on the instructions of a Lender or claiming on its
own behalf), pay

  

    	 	48	 

     

    

 

for the account
of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:

 

		(i)	the introduction of or any change in (or in the interpretation, administration or application of)
any law or regulation; or

 

		(ii)	compliance with any law or regulation made,

 

in each case
after the date of this Agreement; or

 

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

 

		(b)	In this Agreement:

 

		(i)	"Basel III" means:

 

		(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".

 

		(ii)	"CRD IV" means:

 

		(A)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012, as amended by Regulation
(EU) 2019/876:

 

		(B)	Directive 2013/36/EU of the European
                                         Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions
                                         and the prudential supervision of credit institutions and investment firms, amending
                                         Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as amended
                                         by Regulation (EU) 2019/876: and

 

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

 

		(iii)	"Increased Costs" means:

 

		(A)	a reduction in the rate of return from the Facility or
on a Finance Party's (or its Affiliate's) overall capital;

 

    	 	49	 

     

    

  

		(B)	an additional or increased cost; or

 

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

 

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

 

Notwithstanding
anything above to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and all requests, rules, guidelines
and directives promulgated thereunder, are deemed to have been introduced or adopted after the date of this Agreement, regardless
of the date enacted or adopted.

 

		13.2	Increased cost claims

 

		(a)	A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall
notify the Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly notify the Borrower.

 

		(b)	Each Finance Party shall provide a certificate confirming the amount of its Increased Costs.

 

		13.3	Exceptions

 

Clause 13.1
(Increased costs) does not apply to the extent any Increased Cost is:

 

		(a)	attributable to a Tax Deduction required by law to be made by an Obligor;

 

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

 

		(c)	compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under
Clause 12.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 12.3
(Tax indemnity) applied); or

 

		(d)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or
regulation.

 

		14	OTHER INDEMNITIES

 

		14.1	Currency indemnity

 

		(a)	If any sum due from an Obligor under the 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:

 

		(i)	making or filing a claim or proof against that Obligor; or

 

		(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration
proceedings,

 

that Obligor
shall, as an independent obligation, on demand, indemnify each Secured Party to which 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

 

    	 	50	 

     

    

 

Sum from the
First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt
of that Sum.

 

		(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance
Documents in a currency or currency unit other than that in which it is expressed to be payable.

 

		14.2	Other indemnities

 

		(a)	Each Obligor shall, within 5 Business Days of demand, indemnify each Secured Party against any
cost, loss or liability incurred by it as a result of:

 

		(i)	the occurrence of any Event of Default;

 

		(ii)	a failure by a Transaction Obligor to pay any amount due under a Finance Document on its due date,
including without limitation, any cost, loss or liability arising as a result of Clause 31 (Sharing among the Finance Parties);

 

		(iii)	funding, or making arrangements to fund, its participation in the Loan requested by the Borrower
in the Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other
than by reason of default or negligence by that Secured Party alone); or

 

		(iv)	the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given
by the Borrower.

 

		(b)	Each Obligor shall, on demand, indemnify each Finance Party, each Indemnified Person, against any
cost, loss or liability incurred by that Indemnified Person pursuant to or in connection with any litigation, arbitration or administrative
proceedings or regulatory enquiry, in connection with or arising out of the entry into and the transactions contemplated by the
Finance Documents, having the benefit of any Security constituted by the Finance Documents or which relates to the condition or
operation of, or any incident occurring in relation to, the Ship or, as the case may be, a Collateral Ship unless such cost,
loss or liability is caused by the gross negligence or wilful misconduct of that Indemnified Person.

 

		(c)	Without limiting, but subject to any limitations set out in paragraph (b) above, the indemnity
in paragraph (b) above shall cover any cost, loss or liability incurred by each Indemnified Person in any jurisdiction:

 

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

 

		(ii)	in connection with any Environmental Claim.

 

		(d)	Any Affiliate or any officer or employee of a Finance Party or of any of its Affiliates may rely
on this Clause 14.2 (Other indemnities) subject to Clause 1.5 (Third party rights) and the provisions of the Third
Parties Act.

 

		14.3	Indemnity to the Facility Agent

 

Each Obligor
shall, within 5 Business Days of demand, indemnify each Indemnified Person against:

 

    	 	51	 

     

    

  

		(a)	any cost, loss or liability incurred by the Facility Agent as a result of:

 

		(i)	investigating (acting on the instructions of the Majority Lenders) any event which the Majority
Lenders reasonably believe is a Default; or

 

		(ii)	acting or relying on any notice, request or instruction which the Majority Lenders reasonably believe
to be genuine, correct and appropriately authorised; or

 

		(iii)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts
as permitted under the Finance Documents or as may be required by the Majority Lenders; and

 

		(b)	any cost, loss or liability incurred by any Indemnified Person (otherwise than by reason of that
Indemnified Person's gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant to Clause 32.11
(Disruption to Payment Systems etc.) notwithstanding that Indemnified Person's negligence, gross negligence or any other
category of liability whatsoever but not including any claim based on the fraud of the Facility Agent in acting as Facility Agent
under the Finance Documents.

 

		14.4	Indemnity to the Security Agent

 

		(a)	Each Obligor shall, within 5 Business Days of demand, indemnify
each Indemnified Person against any cost, loss or liability incurred by any of them:

 

		(i)	in relation to or as a result of:

 

		(A)	any failure by the Borrower to comply with its obligations under Clause 16 (Costs and Expenses);

 

		(B)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine,
correct and appropriately authorised;

 

		(C)	the taking, holding, protection or enforcement of the Finance Documents and the Transaction Security;

 

		(D)	the exercise of any of the rights, powers, discretions, authorities and remedies vested in that
Indemnified Person by the Finance Documents or by law;

 

		(E)	any default by any Transaction Obligor in the performance of any of the obligations expressed to
be assumed by it in the Finance Documents;

 

		(F)	any action by any Transaction Obligor which vitiates, reduces the value of, or is otherwise prejudicial
to, the Transaction Security; and

 

		(G)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts
as permitted under the Finance Documents,

 

		(ii)	acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates
to any of the Security Property or the performance of the terms of this Agreement or the other Finance Documents (otherwise, in
each case, than by reason of the relevant Indemnified Person's gross negligence or wilful misconduct).

  

    	 	52	 

     

    

 

		(b)	The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured
Parties, indemnify itself out of the Security Assets in respect of, and pay and retain, all sums necessary to give effect to the
indemnity in this Clause 14.4 (Indemnity to the Security Agent) and shall have a lien on the Transaction Security and the
proceeds of the enforcement of the Transaction Security for all monies payable to it.

 

		15	MITIGATION BY THE FINANCE PARTIES

 

		15.1	Mitigation

 

		(a)	Each Finance Party shall, in consultation with the Borrower, take all reasonable but commercially
prudent steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant
to, or cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax Gross Up and Indemnities) or Clause 13 (Increased
                                                        Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another
                                                        Affiliate or Facility Office.

			

 

		(b)	Paragraph (a) above does not in anyway limit the obligations of any Transaction Obligor under the
Finance Documents.

 

		15.2	Limitation of liability

 

		(a)	Each Obligor shall, within 5 Business Days of demand, indemnify each Finance Party for all costs
and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1 (Mitigation).

 

		(b)	A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if either:

 

		(i)	a Default has occurred and is continuing; or

 

		(ii)	in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

 

		16	COSTS AND EXPENSES

 

		16.1	Transaction expenses

 

The Obligors
shall, within 5 Business Days of demand, pay the Facility Agent and the Security Agent the amount of all documented costs and expenses
(including legal fees) reasonably incurred by any Secured Party in connection with the negotiation, preparation, printing, execution,
administration syndication and perfection of:

 

		(a)	this Agreement and any other documents referred to in this Agreement or in a Security Document
provided that any legal fees incurred in connection therewith by the Finance Parties until the Utilisation Date:

 

		(i)	up to an aggregate amount equal to $100,000, shall be paid by the Lenders;

 

		(ii)	in excess of an aggregate amount of $100,000, shall be split between the Borrower and the Lenders
in equal share; and

 

		(b)	any other Finance Documents executed after the date of this Agreement.

  

    	 	53	 

     

    

 

		16.2	Amendment costs

 

 If:

 

		(a)	a Transaction Obligor requests an amendment, waiver or consent; or

 

		(b)	an amendment is required pursuant to Clause 32.9 (Change of currency); or

 

		(c)	a Transaction Obligor requests, and the Security Agent agrees to (acting on the instructions of
the Majority Lenders), the release of all or any part of the Security Assets from the Transaction Security,

 

the Obligors
shall, within 5 Business Days of demand, reimburse each of the Facility Agent and the Security Agent for the amount of all documented
costs and expenses (including legal fees) reasonably incurred by each Secured Party in responding to, evaluating, negotiating or
complying with that request or requirement.

 

		16.3	Enforcement and preservation costs

 

The Obligors
shall, on demand, pay to each Secured Party the amount of all costs and expenses (including legal fees) incurred by that Secured
Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document or the Transaction Security
and with any proceedings instituted by or against that Secured Party as a consequence of it entering into a Finance Document, taking
or holding the Transaction Security, or enforcing those rights.

 

    	 	54	 

     

    

 

SECTION 7

 

GUARANTEE 

 

		17	GUARANTEE AND INDEMNITY

 

		17.1	Guarantee and indemnity

 

The Guarantor irrevocably and unconditionally:

 

		(a)	guarantees to each Finance Party punctual performance by each Transaction Obligor other than the
Guarantor of all such other Transaction Obligor's obligations under the Finance Documents;

 

		(b)	undertakes with each Finance Party that whenever a Transaction Obligor other than the Guarantor
does not pay any amount when due under or in connection with any Finance Document, the Guarantor shall immediately on demand pay
that amount as if it were the principal obligor; and

 

		(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable,
invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against
any cost, loss or liability it incurs as a result of a Transaction Obligor other than the Guarantor not paying any amount which
would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date
when it would have been due. The amount payable by the Guarantor under this indemnity will not exceed the amount it would have
had to pay under this Clause 17 (Guarantee and Indemnity) if the amount claimed had been recoverable on the basis of a guarantee.

 

		17.2	Continuing guarantee

 

This guarantee
is a continuing guarantee and will extend to the ultimate balance of sums payable by any Transaction Obligor under the Finance
Documents, regardless of any intermediate payment or discharge in whole or in part.

 

		17.3	Reinstatement

 

If any discharge,
release or arrangement (whether in respect of the obligations of any Transaction Obligor or any security for those obligations
or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is
avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of
the Guarantor under this Clause 17 (Guarantee and Indemnity) will continue or be reinstated as if the discharge, release
or arrangement had not occurred.

 

		17.4	Waiver of defences

 

The obligations
of the Guarantor under this Clause 17 (Guarantee and Indemnity) and in respect of any Transaction Security will not be affected
or discharged by an act, omission, matter or thing which, but for this Clause 17.4 (Waiver of defences), would reduce, release
or prejudice any of its obligations under this Clause 17 (Guarantee and Indemnity) or in respect of any Transaction Security
(without limitation and whether or not known to it or any Secured Party) including:

 

    	 	55	 

     

    

 

		(a)	any time, waiver or consent granted to, or composition with, any Transaction Obligor or other person;

 

		(b)	the release of any other Transaction Obligor or any other person under the terms of any composition
or arrangement with any creditor of Transaction Obligor;

 

		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect
or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security
over assets of, any Transaction Obligor or other person or any non-presentation or non-observance of any formality or other requirement
in respect of any instrument or any failure to realise the full value of any security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of a Transaction Obligor or any other person;

 

		(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or
not more onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change
in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document
or other document or security;

 

		(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance
Document or any other document or security; or

 

		(g)	any insolvency or similar proceedings.

 

		17.5	Immediate recourse

 

The Guarantor
waives any right it may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or
enforce any other rights or security or claim payment from any person (including without limitation to commence any proceedings
under any Finance Document or to enforce any Transaction Security) before claiming or commencing proceedings under this Clause
17 (Guarantee and Indemnity). This waiver applies irrespective of any law or any provision of a Finance Document to the
contrary.

 

		17.6	Appropriations

 

Until all amounts
which may be or become payable by the Transaction Obligors under or in connection with the Finance Documents have been irrevocably
paid in full, each Secured Party (or any trustee or agent on its behalf) may:

 

		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that
Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner
and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of
the same; and

 

		(b)	hold any moneys received from the Guarantor or on account of the Guarantor's liability under this
Clause 17 (Guarantee and Indemnity) in a suspense account bearing interest at a rate equal to the rate on which interest
is accruing on the relevant Unpaid Sum under this Agreement.

  

    	 	56	 

     

    

 

		17.7	Deferral of Guarantor's rights

 

All rights which
the Guarantor at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against the Borrower,
any other Transaction Obligor or their respective assets shall be fully subordinated to the rights of the Secured Parties under
the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise directs (acting on the instructions
of the Majority Lenders), the Guarantor will not exercise any rights which it may have (whether in respect of any Finance Document
to which it is a Party or any other transaction) by reason of performance by it of its obligations under the Finance Documents
or by reason of any amount being payable, or liability arising, under this Clause 17 (Guarantee and Indemnity):

 

		(a)	to be indemnified by a Transaction Obligor;

 

		(b)	to claim any contribution from any third party providing security for, or any other guarantor of,
any Transaction Obligor's obligations under the Finance Documents;

 

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

 

		(d)	to bring legal or other proceedings for an order requiring any Transaction Obligor to make any
payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause
17.1 (Guarantee and indemnity);

 

		(e)	to exercise any right of set-off against any Transaction Obligor; and/or

 

		(f)	to claim or prove as a creditor of any Transaction Obligor in competition with any Secured Party.

 

If the Guarantor
receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to
the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the Transaction Obligors under
or in connection with the Finance Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer
the same to the Facility Agent or as the Facility Agent may direct (acting on the instructions of the Majority Lenders) for application
in accordance with Clause 32 (Payment Mechanics).

 

		17.8	Additional security

 

This guarantee
and any other Security given by the Guarantor is in addition to and is not in any way prejudiced by, and shall not prejudice, any
other guarantee or Security or any other right of recourse now or subsequently held by any Secured Party or any right of set-off
or netting or right to combine accounts in connection with the Finance Documents.

 

		17.9	Applicability of provisions of Guarantee to other Security

 

Clauses 17.2
(Continuing guarantee), 17.3 (Reinstatement), 17.4 (Waiver of defences), 17.5 (Immediate recourse),
17.6 (Appropriations), 17.7 (Deferral of Guarantor's rights) and 17.8 (Additional security) shall apply, with
any necessary modifications, to any Security which the Guarantor creates (whether at the time at which it signs this Agreement
or at any later time) to secure the Secured Liabilities or any part of them.

 

    	 	57	 

     

    

 

SECTION 8

 

REPRESENTATIONS,
UNDERTAKINGS AND EVENTS OF DEFAULT

 

		18	REPRESENTATIONS

 

		18.1	General

 

Each Obligor
makes the representations and warranties set out in this Clause 18 (Representations) to each Finance Party on the date of
this Agreement.

 

		18.2	Status

 

		(a)	It is a corporation
                                         with limited liability,
                                         duly incorporated and validly existing in good standing under the law of its Original
                                         Jurisdiction.

 

		(b)	It and each Transaction Obligor has the power to own its assets and carry on its business as it
is being conducted.

 

		18.3	Share capital and ownership

 

		(a)	The Borrower is authorised to issue 500 registered shares with no par value, all of which shares
have been issued and the direct legal title and beneficial ownership of all those shares is held, free of any Security or other
claim, by the Shareholder.

 

		(b)	The Guarantor is
                                         authorised to issue 525,000,000 registered shares consisting of 500,000,000
                                         common registered shares of common stock with a par value of US$0.0001
                                         each and 25,000,000 registered shares of preferred stock with a par value of US$0.0001
                                         each, out of which 38,239,346 30,018,577 registered shares of common
                                         stock and no registered shares of preferred stock have been issued fully paid
                                         and 11,500,002 22,522,281 warrants are outstanding to purchase
                                         an aggregate of 12,065,000 commons 860.213 registered shares of common
                                         stock.

 

		(c)	The legal title to
                                         and beneficial interest in the share capital shares
                                         in the Borrower is held free of any Security or any other claim by the Guarantor.

 

		(d)	None of the shares in the Borrower is subject to any option to purchase, pre-emption rights or
similar rights.

 

		18.4	Binding obligations

 

The obligations
expressed to be assumed by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable obligations.

 

		18.5	Validity, effectiveness and ranking of Security

 

		(a)	Each Finance Document to which it is a party does now or, as the case may be, will upon execution
and delivery create, subject to the Perfection Requirements, the Security it purports to create over any assets to which such Security,
by its terms, relates, and such Security will, when created or intended to be created, be valid and effective.

 

		(b)	No third party has or will have any Security (except for Permitted Security) over any assets that
are the subject of any Transaction Security granted by it.

 

    	 	58	 

     

    

 

		(c)	Subject to the Perfection Requirements, the Transaction Security granted by it to the Security
Agent or any other Secured Party has or will when created or intended to be created have first ranking priority and is not subject
to any prior ranking or pari passu ranking security.

 

		(d)	No concurrence, consent or authorisation of any person is required for the creation of or otherwise
in connection with any Transaction Security.

 

		18.6	Non-conflict with other obligations

 

The entry into
and performance by it of, and the transactions contemplated by, each Transaction Document to which it is a party do not and will
not conflict with:

 

		(a)	any law or regulation applicable to it;

 

		(b)	the constitutional documents of any Transaction Obligor; or

 

		(c)	any agreement or instrument binding upon it or constitute a default or termination event (however
described) under any such agreement or instrument.

 

		18.7	Power and authority

 

		(a)	It has the power to enter into, perform and deliver, and has taken all necessary action to authorise:

 

		(i)	its entry into, performance and delivery of, each Transaction Document to which it is or will be
a party and the transactions contemplated by those Transaction Documents; and

 

		(ii)	in the case of the Borrower, its continuing registration of the Ship under the Approved Flag.

 

		(b)	No limit on its powers will be exceeded as a result of the borrowing, granting of security or giving
of guarantees or indemnities contemplated by the Transaction Documents to which it is a party.

 

		18.8	Validity and admissibility in evidence

 

All Authorisations
required or desirable:

 

		(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the
Transaction Documents to which it is a party; and

 

		(b)	to make the Transaction Documents to which it is a party admissible in evidence in its Relevant
Jurisdictions,

 

have been obtained
or effected and are in full force and effect.

 

		18.9	Governing law and enforcement

 

		(a)	The choice of governing law of each Transaction Document
to which it is a party will be recognised and enforced in its Relevant Jurisdictions.

 

    	 	59	 

     

    

 

		(b)	Any judgment obtained in relation to a Transaction Document to which it is a party in the
                                                                             jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant
                                                                             Jurisdictions.

 

		18.10	Insolvency

 

 No:

 

		(a)	corporate action, legal proceeding or other procedure or step described in paragraph (a) of Clause
25.8 (Insolvency proceedings); or

 

		(b)	creditors' process described in Clause 25.9 (Creditors' process),

 

has been taken
or, to its knowledge, threatened in relation to any Transaction; and none of the circumstances described in Clause 25.7 (Insolvency)
applies to any Transaction Obligor.

 

		18.11	No filing or stamp taxes

 

Under the laws
of its Relevant Jurisdictions it is not necessary that the Finance Documents to which it is a party be registered, filed, recorded,
notarised or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar
Taxes or fees be paid on or in relation to the Finance Documents to which it is a party or the transactions contemplated by those
Finance Documents except any filing, recording or enrolling or any tax or fee payable in relation to the Mortgage which is referred
to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) and which will be made or paid promptly
after the date of the relevant Finance Document.

 

		18.12	Deduction of Tax

 

It is not required
to make any Tax Deduction from any payment it may make under any Finance Document to which it is a party.

 

		18.13	No default

 

		(a)	No Event of Default and, on the date of this Agreement and on the Utilisation Date, no Default
is continuing or might reasonably be expected to result from the making of the Utilisation or the entry into, the performance of,
or any transaction contemplated by, any Transaction Document.

 

		(b)	No other event or circumstance is outstanding which constitutes a default or a termination event
(however described) under any other agreement or instrument which is binding on it (or any other Transaction Obligor) or to which
its (or any Transaction Obligor's) assets are subject which might have a Material Adverse Effect.

 

		18.14	No misleading information

 

		(a)	Any factual information provided by any Transaction Obligor for the purposes of this Agreement
was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.

 

		(b)	The financial projections contained in any such information have been prepared on the basis of
recent historical information and on the basis of reasonable assumptions.

  

    	 	60	 

     

    

 

		(c)	Nothing has occurred or been omitted from any such information and no information has been given
or withheld that results in any such information being untrue or misleading in any material respect.

 

		18.15	Financial Statements

 

		(a)	Its Original Financial Statements were prepared in accordance with GAAP consistently applied.

 

		(b)	Its Original Financial Statements give a true and fair view of its financial condition as at the
end of the relevant financial year and results of operations during the relevant financial year (consolidated in the case of the
Guarantor).

 

		(c)	There has been no material adverse change in its assets, business or financial condition (or the
assets, business or consolidated financial condition of the Group, in the case of the Guarantor) since 8 May 2018.

 

		(d)	Since the date of the most recent financial statements delivered pursuant to Clause 19.2 [Financial
statements) there has been no material adverse change in its business, assets or financial condition (or the business or consolidated
financial condition of the Group, in the case of the Guarantor).

 

		18.16	Par/passu ranking

 

Its payment
obligations under the Finance Documents to which it is a party 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.

 

		18.17	No proceedings pending or threatened

 

		(a)	No litigation, arbitration or administrative proceedings or investigations (including proceedings
or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or before any court, arbitral
body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best
of its knowledge and belief (having made due and careful enquiry)) been started or threatened against it or any other Transaction
Obligor.

 

		(b)	No judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of
any governmental or other regulatory body which might reasonably be expected to have a Material Adverse Effect has (to the best
of its knowledge and belief (having made due and careful enquiry)) been made against it or any other Transaction Obligor.

 

		18.18	Valuations

 

		(a)	All information supplied by it or on its behalf to an Approved Valuer for the purposes of a valuation
delivered to the Facility Agent in accordance with this Agreement was true and accurate as at the date it was supplied or (if appropriate)
as at the date (if any) at which it is stated to be given.

 

		(b)	It has not omitted to supply any information to an Approved Valuer which, if disclosed, would adversely
affect any valuation prepared by such Approved Valuer.

 

		(c)	There has been no change to the factual information provided pursuant to paragraph (a) above in
relation to any valuation between the date such information was provided and the date of

  

    	 	61	 

     

    

 

that valuation
which, in either case, renders that information untrue or misleading in any material respect.

 

		18.19	No breach of laws

 

		(a)	It has not breached any law or regulation which breach has or is reasonably likely to have a Material
Adverse Effect.

 

		(b)	No Transaction Obligor or any Affiliate thereof is in violation
                                         of and nor shall it violate any of the country or list based economic and trade sanctions
                                         administered and enforced by OFAC that are described or referenced at http://ustreas.gov/offices/enforcement/ofac
                                         or as otherwise published from time to time.

 

		18.20	No Charter

 

Except as disclosed
by the Borrower to the Facility Agent in writing on or before the date of this Agreement, the Ship is not subject to any Charter
other than a Permitted Charter.

 

		18.21	Compliance with Environmental Laws

 

All Environmental
Laws relating to the ownership, operation and management of the Ship and the business of each Transaction Obligor (as now conducted
and as reasonably anticipated to be conducted in the future) and the terms of all Environmental Approvals have been complied with.

 

		18.22	No Environmental Claim

 

No Environmental
Claim has been made or threatened against any Transaction Obligor or the Ship.

 

		18.23	No Environmental Incident

 

No Environmental
Incident has occurred and no person has claimed that an Environmental Incident has occurred.

 

		18.24	ISM and ISPS Code compliance

 

All requirements
of the ISM Code and the ISPS Code as they relate to the Borrower, the Approved Technical Manager and the Ship have been complied
with.

 

		18.25	Taxes paid

 

		(a)	It is not materially overdue in the filing of any Tax returns and it is not overdue in the payment
of any amount in respect of Tax.

 

		(b)	No claims or investigations are being, or are reasonably likely to be, made or conducted against
it with respect to Taxes.

 

		18.26	Financial Indebtedness

 

The Borrower
has no any Financial Indebtedness outstanding other than Permitted Financial Indebtedness.

 

    	 	62	 

     

    

 

		18.27	Overseas companies

 

No Obligor has
delivered particulars, whether in its name stated in the Finance Documents or any other name, of any UK Establishment to the Registrar
of Companies as required under the Overseas Regulations or, if it has so registered, it has provided to the Facility Agent sufficient
details to enable an accurate search against it to be undertaken by the Lenders at the Companies Registry.

 

		18.28	Good title to assets

 

It has good,
valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary
to carry on its business as presently conducted.

 

		18.29	Ownership

 

		(a)	The Borrower is the sole legal and beneficial owner of all rights and interests which any charter
creates in favour of the Borrower.

 

		(b)	The Borrower is the sole legal and beneficial owner of the Ship, the Earnings and the Insurances.

 

		(c)	With effect on and from the date of its creation or intended creation, each Transaction Obligor
will be the sole legal and beneficial owner of any asset that is the subject of any Transaction Security created or intended to
be created by such Transaction Obligor.

 

		(d)	The constitutional documents of each Transaction Obligor do not and could not restrict or inhibit
any transfer of the shares of the Borrower on creation or enforcement of the security conferred by the Security Documents.

 

		18.30	Centre of main interests and establishments

 

For the purposes
of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the "Regulation"), its
centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in Greece and it has no "establishment"
(as that term is used in Article 2(h) of the Regulation) in any other jurisdiction.

 

		18.31	Place of business

 

No Obligor has
a place of business in any country other than and its executive office functions are carried out, in the case of the Borrower and
the Guarantor, at c/o 154 Vouliagmenis Avenue, 166 74 Glyfada, Athens, Greece.

 

		18.32	No employee or pension arrangements

 

The Borrower does not have any employees
or any liabilities under any pension scheme.

 

		18.33	Sanctions

 

		(a)	No Transaction Obligor:

 

		(i)	is a Prohibited Person;

 

		(ii)	is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of,
a Prohibited Person;

  

    	 	63	 

     

    

 

		(iii)	owns or controls a Prohibited Person; or

 

		(iv)	has a Prohibited Person serving as a director, officer or, to the best of its knowledge, employee.

 

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

 

		18.34	US Tax Obligor

 

No Obligor is a US Tax Obligor.

 

		18.35	Margin Regulations; Investment Company Act

 

		(a)	The Borrower is not engaged, nor will it engage, principally or as one of its important activities,
in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of
the Federal Reserve System of the United States.

 

		(b)	The Borrower is not, nor is it required to be, registered as an "investment company"
under the United States of America Investment Company Act of 1940

 

		18.36	Patriot Act

 

To the extent
applicable the Borrower is in compliance with (i) the Trading with the Enemy Act, and each of the foreign assets control regulations
of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V) and any other enabling legislation or executive order
relating thereto and (ii) the PATRIOT Act. No part of the proceeds of the Loan will be used, directly or indirectly, for any payments
to any government official or employee, political party, official of a political party, candidate for political office, or anyone
else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation
of the United States Foreign Corrupt Practices Act of 1977, as amended.

 

		18.37	Repetition

 

The Repeating
Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of
the Utilisation Request and the first day of each Interest Period.

 

		19	INFORMATION UNDERTAKINGS

 

		19.1	General

 

The undertakings
in this Clause 19 {Information Undertakings) remain in force throughout the Security Period unless the Facility Agent, acting
with the authorisation of the Majority Lenders (or, where specified, all the Lenders), may otherwise permit.

 

		19.2	Financial statements

 

The Obligors shall supply to the
Facility Agent in sufficient copies for all the Lenders:

 

		(a)	if at any time the shares (or any part thereof) of the Guarantor cease to be quoted on the Nasdaq
Stock Exchange or any other internationally recognised stock exchange acceptable to

  

    	 	64	 

     

    

 

the Facility
Agent (acting on the instructions of all Lenders), as soon as they become available, but in any event within 180 days after the
end of each financial year of the Guarantor the audited consolidated financial statements of the Guarantor for that financial year;

 

		(b)	as soon as the same become available, but in any event within 90 days after the end of each three-month
period ending on 31 March, 30 June, 30 September and 31 December of each of the financial years of the Guarantor, the unaudited
consolidated financial statements of the Group for that three-month period;

 

		(c)	as soon as the same become available, but in any event within 180 days after the end of each financial
year of the Borrower the unaudited financial statements of the Borrower for that financial year;

 

		(d)	as soon as the same become available, but in any event within 90 days after the end of each three-month
period ending on 31 March, 30 June, 30 September and 31 December of each of the financial years of the Borrower:

 

		(i)	the unaudited financial statements of the Borrower for that three-month period; and

 

		(ii)	management accounts of the Borrower in a format approved by the Facility Agent which show the results
of the operation of the Ship during the preceding that three- month period.

 

		19.3	Requirements as to financial statements

 

		(a)	Each set of financial
                                         statements delivered by the Borrower an Obligor pursuant
                                         to Clause 19.2 (Financial statements) shall be certified by an officer of that
                                         company as giving a true and fair view (if audited) or fairly representing (if unaudited)
                                         its financial condition and operations as at the date as at which those financial statements
                                         were drawn up.

 

		(b)	The Borrower
                                         Each Obligor shall procure that each set of financial statements of a
                                         Transaction an Obligor delivered pursuant to Clause 19.2 (Financial
                                         statements) is prepared using GAAP, accounting practices and financial reference
                                         periods consistent with those applied in the preparation of the Original Financial Statements
                                         for that Obligor unless, in relation to any set of financial statements, it notifies
                                         the Facility Agent that there has been a change in GAAP, the accounting practices or
                                         reference periods and its auditors (or, if appropriate, the auditors of the Obligor)
                                         deliver to the Facility Agent:

 

		(i)	a description of any change necessary for those financial statements to reflect the GAAP, accounting
practices and reference periods upon which that Obligor's Original Financial Statements were prepared; and

 

		(ii)	sufficient information, in form and substance as may be reasonably required by the Facility Agent
acting on the instructions of the Majority Lenders, to make an accurate comparison between the financial position indicated in
those financial statements and that Obligor's Original Financial Statements.

 

Any reference
in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to
reflect the basis upon which the Original Financial Statements were prepared.

 

    	 	65	 

     

    

 

		19.4	DAC6

 

		(a)	In this Clause 19.4 {DAC6}, "DAC6"
means the Council Directive of 25 May 2018 (2018/822/EU)

 

  amending Directive 2011/16/EU.

 

		(b)	The Borrower shall supply to the Facility Agent (in sufficient copies for all the Lenders, if
the Facility Agent so requests):

 

		(i)	promptly upon the making of such analysis or the obtaining
of such advice, any analysis made or advice obtained on whether any transaction contemplated by the Transaction Documents or any
transaction carried out (or to be carried out) in connection with any transaction contemplated by the Transaction Documents contains
a hallmark as set out in Annex IV of DAC6; and

 

		(ii)	promptly upon the making of such reporting and to the
extent permitted by applicable law and regulation, any reporting made to any governmental or taxation authority by or on behalf
of any member of the Group or by any adviser to such member of the Group in relation to DAC6 or any law or regulation which implements
DAC6 and any unique identification number issued by any governmental or taxation authority to which any such report has been made
(if available).

 

		19.5	19.4lnformation:
miscellaneous

 

Each Obligor
shall supply to the Facility Agent (acting on the instructions of the Majority Lenders) (in sufficient copies for all the Lenders,
if the Facility Agent so requests):

 

		(a)	all documents dispatched by it to its shareholders (or any class of them) or its creditors generally
at the same time as they are dispatched;

 

		(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative
proceedings or investigations (including proceedings or investigations relating to any alleged or actual breach of the ISM Code
or of the ISPS Code) which are current, threatened or pending against any Transaction Obligor, and which might, if adversely determined,
have a Material Adverse Effect;

 

		(c)	promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral
tribunal or other tribunal or any order or sanction of any governmental or other regulatory body which is made against any member
of the Group and which might have a Material Adverse Effect;

 

		(d)	promptly, its constitutional documents where these have been amended or varied;

 

		(e)	promptly, such further information and/or documents regarding:

 

		(i)	the Ship, each Collateral Ship, goods transported
on the Ship and/or each Collateral Ship, the Earnings or the Insurances;

 

		(ii)	the Security Assets;

 

		(iii)	compliance of the Obligors with the terms of the Finance Documents;

 

		(iv)	the financial condition, business and operations of any Transaction Obligor,

 

    	 	66	 

     

    

 

as any Finance Party (through the
Facility Agent) may reasonably request; and

 

		(f)	promptly, such further information and/or documents as any Finance Party (through the Facility
Agent) may reasonably request so as to enable such Finance Party to comply with any laws applicable to it or as may be required
by any regulatory authority.

 

		19.6	19.5Notification
                                         of Default

 

		(a)	Each Obligor shall notify the Facility Agent of any Default (and the steps, if any, being taken
to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been
provided by another Obligor).

 

		(b)	Promptly upon a request by the Facility Agent (acting on the instructions of the Majority Lenders),
the Borrower shall supply to the Facility Agent a certificate signed by a senior officer on its behalf certifying that no Default
is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).

 

		19.7	19.6Use of
                                         websites

 

		(a)	Each Obligor may satisfy its obligation under the Finance Documents to which it is a party to deliver
any information in relation to those Lenders (the "Website Lenders") which accept this method of communication
by posting this information onto an electronic website designated by the Borrower and the Facility Agent (the "Designated
Website") if:

 

		(i)	the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will
accept communication of the information by this method;

 

		(ii)	both the relevant Obligor and the Facility Agent are aware of the address of and any relevant password
specifications for the Designated Website; and

 

		(iii)	the information is in a format previously agreed between the relevant Obligor and the Facility
Agent (acting on the instructions of the Majority Lenders.

 

If any Lender
(a "Paper Form Lender") does not agree to the delivery of information electronically then that Lender shall notify
the Facility Agent and the Facility Agent shall notify the Obligors accordingly and each Obligor shall supply the information to
the Facility Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event each Obligor shall supply the
Facility Agent with at least one copy in paper form of any information required to be provided by it.

 

		(b)	The Facility Agent shall supply each Website Lender with the address of and any relevant password
specifications for the Designated Website following designation of that website by the Obligors or any of them and the Facility
Agent.

 

		(c)	An Obligor shall promptly upon becoming aware of its occurrence notify the Facility Agent if:

 

		(i)	the Designated Website cannot be accessed due to technical failure;

 

		(ii)	the password specifications for the Designated Website change;

 

		(iii)	any new information which is required to be provided under this Agreement is posted onto the Designated
Website;

 

    	 	67	 

     

    

 

		(iv)	any existing information which has been provided under this Agreement and posted onto the Designated
Website is amended; or

 

		(v)	if that Obligor becomes aware that the Designated Website or any information posted onto the Designated
Website is or has been infected by any electronic virus or similar software.

 

If an Obligor
notifies the Facility Agent under sub-paragraph (i) or (v) of paragraph (c) above, all information to be provided by the Obligors
under this Agreement after the date of that notice shall be supplied in paper form unless and until the Facility Agent and each
Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.

 

		(d)	Any Website Lender may request, through the Facility Agent, one paper copy of any information required
to be provided under this Agreement which is posted onto the Designated Website. The Obligors shall comply with any such request
within 10 Business Days.

 

		19.8	19.7"Know
                                         your customer" checks

 

		(a)	If:

 

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

 

		(ii)	any change in the status of a Transaction Obligor (including, without limitation, a change of ownership
of a Transaction Obligor) after the date of this Agreement; or

 

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

 

obliges a Finance
Party (or, in the case of sub-paragraph (iii) above, any prospective new Lender) to comply with "know your customer"
or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor
shall promptly upon the request of any Finance Party supply, or procure the supply of, such documentation and other evidence as
is reasonably requested by a Servicing Party (for itself or on behalf of any other Finance Party) or any Lender (for itself or,
in the case of the event described in sub-paragraph (iii) above, on behalf of any prospective new Lender) in order for such Finance
Party or, in the case of the event described in sub-paragraph (iii) above, any prospective new Lender to carry out and be satisfied
it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations,
including Sanctions, pursuant to the transactions contemplated in the Finance Documents including without limitation obtaining,
verifying and recording certain information and documentation that will allow the Facility Agent and each of the Lenders to identify
each Transaction Obligor in accordance with the requirements of the PATRIOT Act.

 

		(b)	Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing
Party to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

 

    	 	68	 

     

    

 

		19.9	19.8Anti-money
                                         laundering

 

(a)The
Borrower shall promptly upon the request of a Servicing Party supply, or procure the supply of, such documentation and other evidence
as is reasonably requested by a Servicing Party (for itself) in order for that Servicing Party to be satisfied it has complied
with all necessary anti-money laundering laws.

 

		20	GENERAL UNDERTAKINGS

 

		20.1	General

 

The undertakings
in this Clause 20 (General Undertakings) remain in force on and from the date of this Agreement and throughout the Security
Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders)
may otherwise permit.

 

		20.2	Authorisations

 

Each Obligor shall, and shall procure
that each other Transaction Obligor will, promptly:

 

		(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and

 

		(b)	supply certified copies to the Facility Agent of,

 

any Authorisation
required under any law or regulation of a Relevant Jurisdiction or the state of the Approved Flag at any time of the Ship
or, as the case may be, a Collateral Ship to enable

it to:

 

		(i)	perform its obligations under the Transaction Documents to which it is a party;

 

		(ii)	ensure the legality, validity, enforceability or admissibility in evidence in any Relevant Jurisdiction
or in the state of the Approved Flag at anytime of the Ship or, as they case may be, a Collateral Ship of any Transaction
Document to which it is a party; and

 

		(iii)	own and operate the Ship (in the case of the Borrower) and the Collateral Ships (in the case
of the Collateral Guarantors).

 

		20.3	Corporate Existence

 

Each Obligor
shall, and shall procure that each other Transaction Obligor will maintain its separate corporate existence, remain in goodstanding
under the law of its jurisdiction of incorporation and duly observe and conform to all requirements of any governmental authorities
relating to the conduct of its business or to its properties or assets.

 

		20.4	Compliance with laws

 

Each Obligor
shall, and shall procure that each other Transaction Obligor will, comply in all respects with all laws and regulations to which
it may be subject if failure so to comply has or is reasonably likely to have a Material Adverse Effect, including without limitation
(i) the Trading with the Enemy Act and each of the foreign assets control regulations of the United States Treasury Department
(31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order thereto and (ii) the PATRIOT Act.

 

    	 	69	 

     

    

 

		20.5	Environmental compliance

 

Each Obligor shall, and shall procure
that each other Transaction Obligor will:

 

		(a)	comply with all Environmental Laws;

 

		(b)	obtain, maintain and ensure compliance with all requisite Environmental Approvals;

 

		(c)	implement procedures to monitor compliance with and to prevent liability under any Environmental
Law,

 

where failure to do so has or is
reasonably likely to have a Material Adverse Effect.

 

		20.6	Environmental Claims

 

Each Obligor
shall, and shall procure that each other Transaction Obligor will, promptly upon becoming aware of the same, inform the Facility
Agent in writing of:

 

		(a)	any Environmental Claim against any Transaction Obligor which is current, pending or threatened;
and

 

		(b)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being
commenced or threatened against any Transaction Obligor,

 

where the claim,
if determined against that Transaction Obligor, has or is reasonably likely to have a Material Adverse Effect.

 

		20.7	Taxation

 

		(a)	Each Obligor shall, and shall procure that each other Transaction Obligor will pay and discharge
all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent
that:

 

		(i)	such payment is being contested in good faith;

 

		(ii)	adequate reserves are maintained for those Taxes and the costs required to contest them and both
have been disclosed in its latest financial statements delivered to the Facility Agent under Clause 19.2 (Financial statements);
and

 

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

 

		(b)	No Obligor shall change its residence for Tax purposes.

 

		20.8	Overseas companies

 

Each Obligor
shall, and shall procure that each other Transaction Obligor will, promptly inform the Facility Agent if it delivers to the Registrar
particulars required under the Overseas Regulations of any UK Establishment and it shall comply with any directions given to it
by the Facility Agent regarding the recording of any Transaction Security on the register which it is required to maintain under
The Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009.

 

    	 	70	 

     

    

 

		20.9	No change to centre of main interests

 

No Obligor shall-, and shall
procure that no Obligor will, change the location of its centre of main interest (as that term is used in Article 3(1) of
the Regulation) from that stated in relation to it in Clause 18.30 (Centre of main interests and establishments) and
it will create no "establishment" (as that term is used in Article 2(h) of the Regulation) in any other
jurisdiction.

 

		20.10	Pari passu ranking

 

Each Obligor
shall, and shall procure that each other Transaction Obligor will, ensure that at all times any unsecured and unsubordinated claims
of a Finance Party against it under the Finance Documents rank at least pari passu with the claims of all its other unsecured
and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.

 

		20.11	Title

 

		(a)	The Borrower shall hold the legal title to, and own the entire beneficial interest in:

 

		(i)	the Ship, the Earnings and the Insurances; and

 

		(ii)	with effect
                                         on and from its creation or intended creation, any other assets the subject of any Transaction
                                         Security created or intended to be created by the Borrower.

 

		(b)	The Guarantor shall hold the legal title to, and own the entire beneficial interest in with effect
on and from its creation or intended creation, any assets the subject of any Transaction Security created or intended to be created
by the Guarantor.

 

		20.12	Negative pledge

 

		(a)	No Obligor shall, and the Obligors shall procure that no other Transaction Obligor will, create
or permit to subsist any Security over any of its assets which are, in the case of members of Transaction Obligors other than the
Borrower, the subject of the Security created or intended to be created by the Finance Documents.

 

		(b)	The Borrower shall not:

 

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased
to or re-acquired by a Transaction Obligor or any other member of the Group;

 

		(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

		(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

 

		(iv)	enter into any other preferential arrangement having a similar effect,

 

in circumstances
where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the
acquisition of an asset.

 

		(c)	Paragraphs (a) and (b) above do not apply to any Permitted Security.

 

    	 	71	 

     

    

 

		20.13	Disposals

 

		(a)	No Obligor shall, enter into a single transaction or a series of transactions (whether related
or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of:

 

		(i)	in the case of the Borrower, any asset (including without limitation the Ship, the Earnings or
the Insurances); and

 

		(ii)	in the case of the Guarantor, all or substantially all of its assets.

 

		(b)	Paragraph (a) above does not apply to:

 

		(i)	any Charter as all Charters are subject to Clause 22.15 (Restrictions on chartering, appointment
of managers etc.); and

 

		(ii)	a sale of the Ship after the second anniversary of the Utilisation Date provided that the Borrower
complies with the prepayment obligations in Clause 7 (Prepayment and Cancellation).

 

		20.14	Merger

 

No Obligor shall,
and the Obligors shall procure that no other Transaction Obligor will, enter into any amalgamation, demerger, merger, consolidation
or corporate reconstruction other than an amalgamation, demerger, merger, consolidation or corporate reconstruction of the Guarantor
under which the Guarantor is the surviving entity.

 

		20.15	Change of business

 

		(a)	The Guarantor shall procure that no substantial change is made to the general nature of the business
of the Guarantor from that carried on at the date of this Agreement of the holding of single purpose ship owning subsidiaries and
arrangement of acquisition, financing and the operation of vessels on behalf of these single purpose ship owning subsidiaries.

 

		(b)	The Borrower shall not engage in any business other than the ownership and operation of the Ship.

 

		20.16	Financial Indebtedness

 

The Borrower
shall not incur or permit to be outstanding any Financial Indebtedness except Permitted Financial Indebtedness.

 

		20.17	Expenditure

 

The Borrower
shall not incur any expenditure, except for expenditure reasonably incurred in the ordinary course of owning, operating, maintaining
and repairing the Ship.

 

		20.18	Share capital

 

The Borrower shall not:

 

		(a)	purchase, cancel or redeem any of its share
                                         capitalissued shares:

 

		(b)	increase or reduce the number of its authorised
                                         share capitalshares, change the par value of such shares or create
                                         any new class of shares:

 

    	 	72	 

     

    

 

		(c)	issue any further shares except to the Guarantor and provided such new shares are made subject
to the terms of the Shares Security immediately upon the issue of such new shares in a manner satisfactory to the Facility Agent
(acting on the instructions of the Majority Lenders) and the terms of the Shares Security are complied with;

 

		(d)	appoint any further director or officer of
                                         the Borrower (unless the provisions of the Shares Security are complied with).

 

		20.19	Dividends and other distributions

 

No Obligor shall, following the occurrence
of:

 

		(a)	in the case of the Borrower, any Event of Default; and

 

		(b)	in the case of the Guarantor, an Event of Default under Clause 25.2 (Non-payment), 25.6
(Cross Default), 25.7 (Insolvency), 25.8 (Insolvency Proceedings) or 25.10 (Ownership of the Obligors),

 

and whilst the
same is continuing or where any of the following would result in the occurrence of an Event of Default:

 

		(i)	declare, make
                                         or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend
                                         or other distribution) (whether in cash or in kind) on or in respect of its share
                                         capital shares (or any class of its share capitalshares):

 

		(ii)	repay or distribute any dividend or share premium reserve; or

 

		(iii)	redeem, repurchase, defease, retire or
                                         repay any of its share capital shares or resolve to do so.

 

		20.20	Other transactions

 

The Borrower shall not:

 

		(a)	be the creditor in respect of any loan or any form of credit to any person other than another Transaction
Obligor and where such loan or form of credit is Permitted Financial Indebtedness;

 

		(b)	give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person
in respect of any obligation of any other person or enter into any document under which the Borrower assumes any liability of any
other person other than any guarantee or indemnity given

 

		(i)	under the Finance Documents; or

 

		(ii)	in the ordinary course of its business;

 

		(c)	enter into any material agreement other than:

 

		(i)	the Transaction Documents;

 

		(ii)	any other agreement expressly allowed under any other term of this Agreement;

 

		(d)	enter into any transaction on terms which are, in any respect, less favourable to the Borrower
than those which it could obtain in a bargain made at arms' length; or

 

    	 	73	 

     

    

 

		(e)	acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit
issued by major North American or European banks.

 

		20.21	Unlawfulness, invalidity and ranking; Security imperilled

 

No Obligor shall,
and the Obligors shall procure that no other Transaction Obligor will, do (or fail to do) anything which is likely to:

 

		(a)	make it unlawful for a Transaction Obligor to perform any of its obligations under the Transaction
Documents to which it is party;

 

		(b)	cause any obligation of a Transaction Obligor under the Transaction Documents to which it is
a party to cease to be legal, valid, binding or enforceable;

 

		(c)	cause any Transaction Document to cease to be in full force and effect;

 

		(d)	cause any Transaction Security to rank after, or lose its priority to, any other Security; and

 

		(e)	imperil or jeopardise the Transaction Security.

 

		20.22	No Subsidiaries

 

The Borrower shall not form or acquire
any Subsidiaries.

 

		20.23	Employees and ERISA Compliance

 

The Borrower
shall not employ any individual nor sponsor, maintain or become obligated to contribute to any Plan. However, without prejudice
to the foregoing, the Borrower shall provide prompt written notice to the Facility Agent in the event that the Borrower becomes
aware that it has incurred or is reasonably likely to incur any liability with respect to any Plan, that, individually or in the
aggregate with any other such liability, would be reasonably expected to have a Material Adverse Effect.

 

		20.24	Books and records

 

The Borrower
will keep proper books of record and account which will be accurate in all material respects and in which full, true and correct
entries in accordance with GAAP will be made of all dealings or transactions in relation to its business and activities.

 

		20.25	Further assurance

 

		(a)	Each Obligor shall, and shall procure that each other Transaction
Obligor will, promptly, and in any event within the time period specified by the Security Agent (acting on the instructions of
the Facility Agent which is acting on the instructions of the Majority Lenders) do all such acts (including procuring or arranging
any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents
(including assignments, transfers, mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney),
as the Security Agent may specify acting reasonably (and in such form as the Security Agent (acting on the instructions of the
Facility Agent which is acting on the instructions of the Majority Lenders) may require in favour of the Security Agent or its
nominee(s)):

 

		(i)	to create, perfect, vest in favour of the Security Agent or protect the priority of the Security
or any right of any kind created or intended to be created under or evidenced

 

    	 	74	 

     

    

 

by the Finance
Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which
are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of
any of the Secured Parties provided by or pursuant to the Finance Documents or by law;

 

		(ii)	to confer on the Security Agent or confer on the Secured Parties Security over any property and
assets of that Transaction Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by
or pursuant to the Finance Documents;

 

		(iii)	to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant
of, any interest in or right relating to the assets which are, or are intended to be, the subject of the Transaction Security or
to exercise any power specified in any Finance Document in respect of which the Security has become enforceable; and/or

 

		(iv)	to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct
any proceedings and/or to take any other action relating to any item of the Security Property.

 

		(b)	Each Obligor shall, and shall procure that each other Transaction Obligor will, take all such action
as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection,
protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Secured Parties by
or pursuant to the Finance Documents.

 

		(c)	At the same time as an Obligor delivers to the Security Agent any document executed by itself or
another Transaction Obligor pursuant to this Clause 20.25 (Further assurance), that Obligor shall deliver, or shall procure
that such other Transaction Obligor will deliver, to the Security Agent reasonable evidence that that Obligor's or Transaction
Obligor's execution of such document has been duly authorised by it.

 

		21	INSURANCE UNDERTAKINGS

 

		21.1	General

 

The undertakings
in this Clause 21 (Insurance Undertakings) remain in force on and from the Utilisation Date and throughout the rest of the
Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the
Lenders) may otherwise permit.

 

		21.2	Maintenance of obligatory insurances

 

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

 

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

 

		(a)	war risks (including the London Blocking and Trapping addendum or its equivalent);

 

		(b)	protection and indemnity risks (including liability for oil pollution for an amount of no less
than $1,000,000,000 and excess war risk P&l cover) on standard Club Rules, covered by a Protection and Indemnity association
which is a member of the International Group of Protection and Indemnity Associations (or, if the International Group ceases to
exist, any other leading

 

    	 	75	 

     

    

 

protection and
indemnity association or other leading provider of protection and indemnity insurance) (including, without limitation, the proportion
(if any) of any collision liability not covered under the terms of the hull cover); and

 

		(c)	any other risks against which the Facility Agent acting on the instructions of the Majority Lenders
considers, having regard to practices and other circumstances prevailing at the relevant time, it would be reasonable for the Borrower
to insure and which are specified by the Facility Agent (acting on the instructions of the Majority Lenders) by notice to the Borrower.

 

		21.3	Terms of obligatory insurances

 

The Borrower
shall effect such insurances:

 

		(a)	in dollars;

 

		(b)	in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis
at least the greater of:

 

		(i)	120 per cent, of the Loan; and

 

		(ii)	the Market Value of the Ship;

 

		(c)	in the case of oil pollution liability risks, for an aggregate amount equal to the highest level
of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance
market (such amount currently being $1,000,000,000);

 

		(d)	in the case of protection and indemnity risks, in respect of the full tonnage of the Ship;

 

		(e)	on approved terms; and

 

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

 

		21.4	Further protections for the Finance Parties

 

In addition
to the terms set out in Clause 21.3 (Terms of obligatory insurances), the Borrower shall procure that the obligatory insurances
shall:

 

		(a)	subject always to paragraph (b), name the Borrower as the sole named insured unless the interest
of every other named insured is limited:

 

		(i)	in respect of any obligatory insurances for hull and machinery
and war risks;

 

		(A)	to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable
claim on underwriters; and

 

		(B)	to any third party liability claims where cover for such claims is provided by the policy (and
then only in respect of discharge of any claims made against it); and

 

    	 	76	 

     

    

 

		(ii)	in respect of any obligatory insurances for protection
and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following discharge of any third party liability
claims made specifically against it;

 

and every other
named insured has undertaken in writing to the Security Agent (in such form as it requires acting on the instructions of the Facility
Agent acting on the instructions of the Majority Lenders) that any deductible shall be apportioned between the Borrower and every
other named insured in proportion to the gross claims made or paid by each of them and that it shall do all things necessary and
provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time
become payable in respect of the obligatory insurances;

 

		(b)	whenever the Facility Agent requires (acting on the instructions of the Majority Lenders), name
(or be amended to name) the Security Agent as additional named insured for its rights and interests, warranted no operational interest
and with full waiver of rights of subrogation against the Security Agent, but without the Security Agent being liable to pay (but
having the right to pay) premiums, calls or other assessments in respect of such insurance;

 

		(c)	name the Security Agent as loss payee with such directions for payment as the Facility Agent may
specify (acting on the instructions of the Majority Lenders);

 

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

 

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

 

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

 

		21.5	Renewal of obligatory insurances

 

The Borrower
shall:

 

		(a)	at least 21 days before the expiry of any obligatory insurance:

 

		(i)	notify the Facility Agent of the Approved Brokers (or other insurers) and any protection and indemnity
or war risks association through or with which the Borrower proposes to renew that obligatory insurance and of the proposed terms
of renewal; and

 

		(ii)	obtain the Facility Agents' approval (acting on the instructions of the Majority Lenders) to the
matters referred to in sub-paragraph (i) above;

 

		(b)	at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance
in accordance with the Facility Agent's approval pursuant to paragraph (a) above; and

 

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

 

		21.6	Copies of policies; letters of undertaking

 

The Borrower shall ensure that the
Approved Brokers provide the Security Agent with:

 

    	 	77	 

     

    

 

		(a)	proforma copies of all policies relating to the obligatory insurances which they are to
effect or renew; and

 

		(b)	a letter or letters or undertaking in a form required by the Facility Agent (acting on the instructions
of the Majority Lenders) and including undertakings by the Approved Brokers that:

 

		(i)	they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice
of assignment complying with the provisions of Clause 21.4 (Further protections for the Finance Parties);

 

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

 

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

 

		(iv)	they will, if they have not received notice of renewal instructions from the Borrower or its agents,
notify the Security Agent not less than 14 days before the expiry of the obligatory insurances;

 

		(v)	if they receive instructions to renew the obligatory insurances, they will promptly notify the
Facility Agent of the terms of the instructions;

 

		(vi)	they will not set off against any sum recoverable in respect of a claim relating to the Ship under
such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of the Ship or otherwise,
they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other
amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; and

 

		(vii)	they will arrange for a separate policy to be issued in respect of the Ship forthwith upon being
so requested by the Facility Agent.

 

		21.7	Copies of certificates of entry

 

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

 

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

 

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

 

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

 

		21.8	Deposit of original policies

 

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

 

    	 	78	 

     

    

 

		21.9	Payment of premiums

 

The Borrower
shall punctually pay all premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts
when so required by the Facility Agent (acting on the instructions of the Majority Lenders) or the Security Agent (acting on the
instructions of the Facility Agent acting on the instructions of the Majority Lenders).

 

		21.10	Guarantees

 

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

 

		21.11	Compliance with terms of insurances

 

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

 

		(b)	Without limiting paragraph (a) above, the Borrower shall:

 

		(i)	take all necessary action and comply with all requirements which may from time to time be applicable
to the obligatory insurances, and (without limiting the obligation contained in sub-paragraph (iii) of paragraph (b) of Clause
21.6 (Copies of policies; letters of undertaking)) ensure that the obligatory insurances are not made subject to any exclusions
or qualifications to which the Facility Agent has not given its prior approval (acting on the instructions of the Majority Lenders);

 

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

 

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

 

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

 

		21.12	Alteration to terms of insurances

 

The Borrower
shall not make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory
insurance.

 

		21.13	Settlement of claims

 

The Borrower shall:

 

		(a)	not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for
a Major Casualty; and

 

    	 	79	 

     

    

 

		(b)	do all things necessary and provide all documents, evidence and information to enable the Security
Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.

 

		21.14	Provision of copies of communications

 

The Borrower
shall provide the Security Agent, at the time of each such communication, with copies of all written communications other than
(unless specifically required by the Security Agent (acting on the instructions of the Facility Agent which is acting on the instructions
of the Majority Lenders)) communications of an entirely routine nature between the Borrower and:

 

		(a)	the Approved Brokers;

 

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

 

		(c)	the approved insurance companies and/or underwriters,

 

which relate
directly or indirectly to:

 

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

 

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

 

		21.15	Provision of information

 

The Borrower
shall promptly provide the Facility Agent (or any persons which it may designate) with any information which the Facility Agent
(or any such designated person) requests (acting on the instructions of the Majority Lenders) for the purpose of:

 

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

 

		(b)	effecting, maintaining or renewing any such insurances as are referred to in Clause 21.16 (Mortgagee's
interest and additional perils insurances) or dealing with or considering any matters relating to any such insurances,

 

and the Borrower
shall, forthwith upon demand, indemnify the Facility Agent in respect of all fees and other expenses incurred by or for the account
of the Facility Agent in connection with any such report as is referred to in paragraph (a) above once in each 12-months period
(starting on the Utilisation Date) and at any time when an Event of Default has occurred.

 

		21.16	Mortgagee's interest and additional perils insurances

 

		(a)	The Security Agent shall be entitled from time to time to effect, maintain and renew a mortgagee's
interest marine insurance and a mortgagee's interest additional perils insurance each in an amount of up to 120 per cent, of the
Loan, on such terms, through such insurers and generally in such manner as the Security Agent acting on the instructions of the
Majority Lenders may from time to time consider appropriate.

 

    	 	80	 

     

    

 

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

 

		22	SHIP UNDERTAKINGS

 

		22.1	General

 

The undertakings
in this Clause 22 (Ship Undertakings) remain in force on and from the Utilisation Date and throughout the rest of the Security
Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders)
may otherwise permit (which authorisation no Lender shall unreasonably withhold in relation to paragraphs (b), (c), (d) and (e)
of 22.15 (Restrictions on chartering, appointment of managers etc.)).

 

		22.2	Ship's names and registration

 

The Borrower shall:

 

		(a)	keep the Ship registered in its name under the Approved Flag from time to time at its port of registration;

 

		(b)	not do or allow to be done anything as a result of which such registration might be suspended,
cancelled or imperilled;

 

		(c)	not enter into any dual flagging arrangement in respect of the Ship;

 

		(d)	not change the name of the Ship,

 

provided that any change of
flag of the Ship shall be subject to:

 

		(i)	the Ship remaining subject to Security securing the Secured Liabilities created by a first priority
or preferred ship mortgage on the Ship and, if appropriate, a first priority deed of covenant collateral to that mortgage (or equivalent
first priority Security) on substantially the same terms as the Mortgage and on such other terms and in such other form as the
Facility Agent, acting on the instructions of the Majority Lenders, shall approve or require; and

 

		(ii)	the execution of such other documentation amending and supplementing the Finance Documents as the
Facility Agent, acting on the instructions of the Majority Lenders, shall approve or require.

 

		22.3	Repair and classification

 

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

 

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

 

		(b)	so as to maintain the Approved Classification free of overdue recommendations and conditions with
the Approved Classification Society.

 

    	 	81	 

     

    

 

		22.4	Modifications

 

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

 

		22.5	Removal and installation of parts

 

		(a)	Subject to paragraph (b) below, the Borrower shall not remove any material part of the Ship, or
any item of equipment installed on the Ship unless:

 

		(i)	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;

 

		(ii)	the replacement part or item is free from any Security in favour of any person other than the Security
Agent; and

 

		(iii)	the replacement part or item becomes, on installation on the Ship, the property of the Borrower
and subject to the security constituted by the Mortgage.

 

		(b)	The Borrower may install equipment owned by a third party if the equipment can be removed without
any risk of damage to the Ship.

 

		22.6	Surveys

 

The Borrower
shall submit the Ship regularly to all periodic or other surveys which may be required for classification purposes and, if so required
by the Facility Agent acting on the instructions of the Majority Lenders, provide the Facility Agent, with copies of all survey
reports.

 

		22.7	Inspection

 

The Borrower
shall permit the Security Agent (acting on the instructions of the Facility Agent which is acting on the instructions of the Majority
Lenders) (acting through surveyors or other persons appointed by it for that purpose) to board the Ship at all reasonable times
and upon reasonable notice and without interfering with that the Ship's normal course of trading to inspect
its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections.
The Borrower will be liable for the costs of the inspection for the Ship owned by it once in each 12-month period (starting on
the Utilisation Date) and at any time when an Event of Default has occurred.

 

		22.8	Prevention of and release from arrest

 

		(a)	The Borrower shall promptly discharge:

 

		(i)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable
against the Ship, the Earnings or the Insurances;

 

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

 

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

 

    	 	82	 

     

    

 

		(b)	The Borrower shall immediately upon receiving notice of the arrest of the Ship or of its detention
in exercise or purported exercise of any lien or claim, take all steps necessary to procure its release by providing bail or otherwise
as the circumstances may require.

 

		22.9	Compliance with laws etc.

 

The Borrower shall:

 

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

 

		(i)	relating to its business generally; and

 

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

 

including, but
not limited to, the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;

 

		(b)	obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental
Approvals; and

 

		(c)	without limiting paragraph (a) above, not employ the Ship nor allow its employment, operation or
management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental
Laws and all Sanctions (or which would be contrary to Sanctions if Sanctions were binding on each Transaction Obligor).

 

		22.10	ISPS Code

 

Without limiting
paragraph (a) of Clause 22.9 (Compliance with laws etc.), the Borrower shall:

 

		(a)	procure that the Ship and the company responsible for the Ship's compliance with the ISPS Code
comply with the ISPS Code; and

 

		(b)	maintain an ISSC for the Ship; and

 

		(c)	notify the Facility Agent immediately in writing of any actual or threatened withdrawal, suspension,
cancellation or modification of the ISSC.

 

		22.11	Sanctions and Ship trading

 

Without limiting Clause 22.9 (Compliance
with laws etc.), the Borrower shall procure:

 

		(a)	that the Ship shall not be used by or for the benefit of a Prohibited Person;

 

		(b)	that the Ship shall not be used in trading in any manner contrary to Sanctions (or which could
be contrary to Sanctions if Sanctions were binding on each Obligor);

 

		(c)	that the Ship shall not be traded in any manner which would trigger the operation of any sanctions
limitation or exclusion clause (or similar) in the Insurances; and

 

		(d)	that each charterparty in respect of the Ship shall contain, for the benefit of the Borrower, language
which gives effect to the provisions of paragraph (c) of Clause 22.9 (Compliance with laws etc.) as regards Sanctions and
of this Clause 22.11 (Sanctions and Ship trading) and which permits refusal of employment or voyage orders if compliance
would result in a breach of

 

    	 	83	 

     

    

 

Sanctions (or
which would result in a breach of Sanctions if Sanctions were binding on each Obligor).

 

		22.12	Trading in war zones

 

		(a)	In the event of hostilities in any part of the world (whether war is declared or not), the Borrower
shall not cause or permit the Ship to enter or trade to any zone which is declared a war zone by any government or by the Ship's
war risks insurers unless:

 

		(b)	the prior written consent of the Security Agent acting on the instructions of the Facility Agent
which is acting on the instructions of the Majority Lenders has been given; and

 

		(c)	the Borrower has (at its expense) effected any special, additional or modified insurance cover
which the Security Agent acting on the instructions of the Facility Agent which is acting on the instructions of the Majority Lenders
may require.

 

		22.13	Provision of information

 

Without
prejudice to Clause 19.4 19.5 (Information: miscellaneous)
the Borrower shall promptly provide the Facility Agent with any information which it requests (acting on the instructions
of the Majority Lenders) regarding:

 

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

 

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

 

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

 

		(d)	any towages and salvages; and

 

		(e)	its compliance, the Approved Manager's compliance and the compliance of the Ship with the ISM Code
and the ISPS Code,

 

and, upon the
Facility Agent's request (acting on the instructions of the Majority Lenders), promptly provide copies of any current Charter relating
to the Ship, of any current guarantee of any such Charter, the Ship's Safety Management Certificate and any relevant Document of
Compliance.

 

		22.14	Notification of certain events

 

The Borrower
shall immediately notify the Facility Agent by fax or, subject to Clause 35.5 {Electronic communication), by electronic
mail, confirmed forthwith by letter, of:

 

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

 

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

 

		(c)	any requisition of the Ship for hire;

 

		(d)	any requirement or recommendation made in relation to the Ship by any insurer or classification
society or by any competent authority which is not immediately complied with;

 

    	 	84	 

     

    

 

		(e)	any arrest or detention of the Ship or any exercise or purported exercise of any lien on the Ship
or the Earnings;

 

		(f)	any intended dry docking of the Ship;

 

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

 

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

 

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

 

and the Borrower
shall keep the Facility Agent advised in writing on a regular basis and in such detail as the Facility Agent (acting on the instructions
of the Majority Lenders) shall require as to the Borrower's, any such Approved Manager's or any other person's response to any
of those events or matters.

 

		22.15	Restrictions on chartering, appointment of managers etc.

 

The Borrower
shall not:

 

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

 

		(b)	enter into any time, voyage or consecutive voyage charter in respect of the Ship other than a Permitted
Charter;

 

		(c)	terminate or material amend or supplement a Management Agreement unless, in the case of termination,
such Management Agreement is immediately replaced by another Management Agreement acceptable to the Facility Agent with an Approved
Manager and such Approved Manager provides a Manager's Undertaking;

 

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

 

		(e)	deactivate or lay up the Ship; or

 

		(f)	put the Ship into the possession of any person for the purpose of work being done upon it in an
amount exceeding or likely to exceed $1,500,000 (or the equivalent in any other currency) unless that person has first given to
the Security Agent (acting on the instructions of the Facility Agent acting on the instructions of the Majority Lenders) and in
terms satisfactory to it (acting on the instructions of the Facility Agent which is acting on the instructions of the Majority
Lenders) a written undertaking not to exercise any lien on the Ship or the Earnings for the cost of such work or for any other
reason provided that this paragraph (f) of Clause 22.15 (Restrictions on chartering, appointment of managers, etc.)
will not apply in connection with the retrofitting of the Ship for the purpose of installing scrubbers or any other exhaust gas
cleaning system subject to the Borrower providing to the Facility Agent no less than 5 Business Days prior notice.

 

    	 	85	 

     

    

 

		22.16	Notice of Mortgage

 

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

 

		22.17	Sharing of Earnings

 

The Borrower
shall not enter into any agreement or arrangement for the sharing of any Earnings other than for the purposes of this Agreement.

 

		22.18	Charter assignment

 

Provided that
all approvals necessary under Clause 22.15 (Restrictions on chartering, appointment of managers etc.) have been previously
obtained, the Borrower shall:

 

		(a)	provide promptly to the Facility Agent
                                         a true and complete copy of any Charter exceeding 6 months (including all amendments)
                                         and all other documents related thereto for a term which exceeds, or which by
                                         virtue of any optional extensions may exceed 12 months; and(including any
                                         optional extensions and any redelivery allowance) exceeds 13 months; and

 

		(b)	in respect of any Charter for
                                         a term which (excluding any optional extensions and any redelivery allowance) exceeds,
                                         or in respect of any Charter for a term which by virtue of (including
                                         any optional extensions may exceed 12 and any
                                         redelivery allowance) exceeds 13 months, execute and deliver to the Facility Agent
                                         a Charter Assignment together with each of the documents required to be delivered pursuant
                                         to such Charter Assignment (each in the agreed form).

 

		22.19	Notification of compliance

 

The Borrower
shall promptly provide the Facility Agent from time to time with evidence (in such form as the Facility Agent requires) (acting
on the instructions of the Majority Lenders) that it is complying with this Clause 22 (Ship Undertakings).

 

		23	VALUATIONS

 

		23.1	Valuations binding

 

Any valuation
under this Clause 23 (Valuations) shall be binding and conclusive as regards the Borrower.

 

		23.2	Provision of information

 

		(a)	The Borrower shall promptly provide the Facility Agent and any shipbroker acting under this Clause
23 (Valuation) with any information which the Facility Agent (acting on the instructions of the Majority Lenders) or the
shipbroker may request for the purposes of the valuation.

 

		(b)	If the Borrower fails to provide the information referred to in paragraph (a) above by the date
specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility Agent (acting
on the instructions of the Majority Lenders) considers prudent.

 

    	 	86	 

     

    

 

		23.3	Provision of valuations

 

		(a)	The Facility Agent shall, acting on the instructions of the Majority Lenders, obtain two valuations
of the Ship, each from an Approved Valuer selected by the Facility Agent (acting on the instructions of the Majority Lenders),
to enable the Lenders to determine the Market Value of the Ship for the purposes of paragraph (b) of Clause 21.3 (Terms of obligatory
insurances).

 

		(b)	The Facility Agent shall obtain at the Borrower's expense the valuations referred to in paragraph
(a) of this Clause 23.3 (Provision of valuations):

 

		(i)	once in each 12-month period (starting on the Utilisation Date); and

 

		(ii)	at any time whilst an Event of Default has occurred which is continuing.

 

		24	EARNINGS ACCOUNT AND APPLICATION OF EARNINGS

 

		24.1	Earnings Account

 

The Borrower
may not, without the prior consent of the Facility Agent (acting on the instructions of the Majority Lenders), maintain any bank
account other than the Earnings Account.

 

		24.2	Payment of Earnings

 

The Borrower
shall ensure that, subject only to the provisions of the General Assignment, all the Earnings are paid in to the Earnings Account.

 

		24.3	Application of Earnings

 

The Borrower shall transfer from
the Earnings Account to the Facility Agent:

 

		(a)	on each Repayment Date, the amount of the Repayment Instalment then due on that Repayment Date;
and

 

		(b)	on the last day of each Interest Period, the amount of interest then due on that date; and

 

		(c)	on any day on which an amount is otherwise due from the Borrower under a Finance Document, an amount
necessary to meet that due amount,

 

and the Borrower
irrevocably authorizes the Facility Agent to apply the transferred amounts in payment of the relevant Repayment Instalment, interest
amount or other amount due.

 

Any balance
on the Earnings Account after the application of the transferred amounts shall be available to the Borrower, unless there is an
Event of Default which is continuing or unless an Event of Default would result from the withdrawal of any such balance (or any
part thereof) from the Earnings Account.

 

		24.4	Shortfall in Earnings

 

If the credit
balance on the Earnings Accounts is insufficient for the required amount to be transferred under Clause 24.3 (Application of
Earnings), the Borrower shall make up the amount of the insufficiency.

 

    	 	87	 

     

    

 

		24.5	Application of funds

 

Until an Event
of Default occurs, the Facility Agent shall on each Repayment Date and on each Interest Payment Date distribute to the Finance
Parties in accordance with Clause 32.2 (Distributions by the Facility Agent) so much of the then balance on the Earnings
Account as equals:

 

		(a)	the Repayment Instalment due on that Repayment Date;

 

		(b)	the amount of interest payable on that Interest Payment Date; and

 

		(c)	the amount of any fee specified in a Fee Letter on its relevant due date,

 

in discharge
of the Borrower's liability for that Repayment Instalment, that interest or that fee.

 

		24.6	Location of Earnings Account

 

The Borrower shall promptly:

 

		(a)	comply with any requirement of the Facility Agent (acting on the instructions of the Majority Lenders)
as to the location or relocation of the Earnings Account; and

 

		(b)	execute any documents which the Facility Agent (acting on the instructions of the Majority Lenders)
specifies to create or maintain in favour of the Security Agent, Security over (and/or rights of set-off, consolidation or other
rights in relation to) the Earnings Account.

 

		25	EVENTS OF DEFAULT

 

		25.1	General

 

Each of the events
or circumstances set out in this Clause 25 (Events of Default) is an Event of IDefault except for Clause 25.19
25.20 (Acceleration) and Clause 25.20 25.21 (Enforcement of security).

 

		25.2	Non-payment

 

A Transaction
Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which
it is expressed to be payable unless:

 

		(a)	its failure to pay is caused by:

 

		(i)	administrative or technical error; or

 

		(ii)	a Disruption Event; and

 

		(b)	payment is made within 3 Business Days of its due date.

 

		25.3	Specific obligations

 

A breach occurs
of Clause 4.3(b) (Waiver of conditions precedent), Clause 20.11 (Title), Clause 20.12 (Negative pledge),
Clause 20.21 (Unlawfulness, invalidity and ranking; Security imperilled), Clause 21.2 (Maintenance of obligatory insurances),
Clause 21.3 (Terms of obligatory insurances), Clause 22.3 (Repair and classification) Clause 21.5 (Renewal
of obligatory insurances) or Clause 22.11 (Sanctions and Ship Trading).

 

    	 	88	 

     

    

 

		25.4	Other obligations

 

		(a)	A Transaction Obligor does not comply with any provision of the Finance Documents (other than those
referred to in Clause 25.2 (Non-payment) and Clause 25.3 (Specific obligations)).

 

		(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of
remedy and is remedied within 10 Business Days of the Facility Agent giving notice to the Borrower or (if earlier) any Transaction
Obligor becoming aware of the failure to comply.

 

		25.5	Misrepresentation

 

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

 

		25.6	Cross default

 

		(a)	Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable
grace period.

 

		(b)	Any Financial Indebtedness of any 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).

 

		(c)	Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor
of any Obligor as a result of an event of default (however described).

 

		(d)	Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor
due and payable prior to its specified maturity as a result of an event of default (however described).

 

		(e)	No Event of Default will occur under this Clause 25.6 (Cross default) in respect of the
Guarantor if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs
(a) to (d) above is less than $5,000,000 (or its equivalent in any other currency) in aggregate.

 

		25.7	Insolvency

 

		(a)	A Transaction Obligor:

 

		(i)	is unable or admits inability to pay its debts as they fall due;

 

		(ii)	is deemed to, or is declared to, be unable to pay its debts under applicable law;

 

		(iii)	suspends or threatens to suspend making payments on any of its debts; or

 

		(iv)	obtains or receives a deferral or suspension of payments, a rescheduling or reorganisation of debt
(or certain debt) or an arrangement with all or a substantial proportion (by number or value) of creditors or of any class of them
in respect of such deferral, suspension, rescheduling or re-organisation, strictly by court order or by the filing of documents
with a court.

 

		(b)	A moratorium is officially declared in respect of any indebtedness of any Transaction Obligor.

 

    	 	89	 

     

    

 

Provided
however that:

 

		(A)	should a Transaction Obligor, by any reason, including without limitation, any actual or anticipated
financial difficulties, commences negotiations with one or more of its creditors (including any Finance Party in its capacity as
such) with a view to rescheduling, deferring, re-organising or suspending, any of its indebtedness, the existence of such negotiations
or the entry, as a result of such negotiations, into any agreement or contract with one or more creditors (including any Finance
Party in its capacity as such) setting out the terms of any such rescheduling, deferral, reorganisation or suspension of its indebtedness,
shall not in itself constitute an Event of Default; and

 

		(B)	no Event of Default will occur under this Clause 25.7 (Insolvency)
if any of the events described in paragraphs (a)-(b) above occurs in respect of an Approved Manager which is a member of the
Group and the Borrower replaces such Approved Manager by another Approved Manager and delivers to the Facility Agent (in form
and substance satisfactory to the Majority Lenders) the documents referred to at paragraph 4.3 of Part B (Conditions Precedent
to Utilisation) of Schedule 2 (Conditions Precedent) within 7 Business Days from the date of such occurrence.

 

		25.8	Insolvency proceedings

 

		(a)	Any corporate action, legal proceedings or other procedure or step is taken in relation to:

 

		(i)	the suspension of payments, winding-up, dissolution, administration or reorganisation (by way of
voluntary arrangement, scheme of arrangement or otherwise) of any Transaction Obligor;

 

		(ii)	a composition, compromise, assignment or arrangement with any creditor of any Transaction Obligor;

 

		(iii)	the appointment of a liquidator (other than in respect of a solvent liquidation of a member of
the Group which is not a Transaction Obligor), receiver, administrator, administrative receiver, compulsory manager or other similar
officer in respect of any Transaction Obligor or any of its assets; or

 

		(iv)	enforcement of any Security over any assets of any Transaction Obligor,

 

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

 

		(b)	Paragraph (a) above shall not apply to any winding-up petition which is frivolous or vexatious
and is discharged, stayed or dismissed within 14 days of commencement.

 

		(c)	No Event of Default will occur under this Clause 25.8 (Insolvency
proceedings) if any of the events described in paragraph (a) above occurs in respect of an Approved Manager which is a member
of the Group and the Borrower replaces such Approved Manager by another Approved Manager and delivers to the Facility Agent (in
form and substance satisfactory to the Majority Lenders) the documents referred to at paragraph 3.3 of Part B (Conditions Precedent
to Utilisation) of Schedule 2 (Conditions Precedent) within 7 Business Days from the date of such occurrence.

 

    	 	90	 

     

    

 

		25.9	Creditors' process

 

Any expropriation,
attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of
a Transaction Obligor (other than an arrest or detention of the Ship referred to in Clause 25.14 (Arrest)) and is not discharged
within 20 days (or such later period agreed by the Facility Agent acting with the authorisation of the Majority Lenders in their
absolute discretion).

 

		25.10	Ownership of the Obligors

 

		(a)	The Borrower is not or ceases to be a 100 per cent, directly or indirectly owned Subsidiary of
the Guarantor.

 

		(b)	Any person or group of persons acting in concert (other than those disclosed to the Facility Agent
as part of the "Know your customer" checks) gains control of the Guarantor.

 

		(c)	For the purpose of paragraph (b) above "control" means:

 

		(i)	the power (whether by way of ownership of shares, partnership units, proxy, contract, agency or
otherwise) to:

 

		(A)	cast, or control the casting of, more than 50 per cent,
of the maximum number of votes that might be cast at a general meeting of the Corporate Guarantor; or

 

		(B)	appoint or remove all, or the majority, of the directors
or other equivalent officers of the Corporate Guarantor; or

 

		(C)	give directions with respect to the operating and financial
policies of the Corporate Guarantor with which the directors or other equivalent officers of the Corporate
Guarantor are obliged to comply; and/or

 

		(ii)	the holding beneficially of more than 50 percent, of the
issued shares of the Corporate Guarantor (excluding any part of that issued shares that carries no right to participate
beyond a specified amount in a distribution of either profits or capital).

 

		(d)	For the purpose of paragraph (b) above "acting in concert" means a group of persons who,
pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or
indirectly of shares in the Guarantor by any of them, either directly or indirectly, to obtain or consolidate control of the Guarantor.

 

		25.11	Unlawfulness, invalidity and ranking

 

		(a)	It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the
Finance Documents.

 

		(b)	Any obligation of a Transaction Obligor under the Finance Documents is not or ceases to be legal,
valid, binding or enforceable if that cessation individually or together with any other cessations materially or adversely affects
the interests of the Secured Parties under the Finance Documents.

 

		(c)	Any Finance Document ceases to be in full force and effect or to be continuing or is or purports
to be determined or any Transaction Security is alleged by a party to it (other than a Finance Party) to be ineffective.

 

    	 	91	 

     

    

 

		(d)	Any Transaction Security proves to have ranked after, or loses its priority to, any other Security.

 

		25.12	Security imperilled

 

Any Security
created or intended to be created by a Finance Document is in any way imperilled or in jeopardy the Security Agent (acting on the
instructions of the Facility Agent acting on the instructions of the Majority Lenders) has notified the relevant Transaction Obligor
in writing of such matter and the relevant matter has not been remedied within 4 Business Days of the relevant Transaction Obligor
being so notified.

 

		25.13	Cessation of business

 

Any Obligor
suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.

 

		25.14	Arrest

 

Any
arrest of the Ship or, as the case may be, a Collateral Ship or its detention in the exercise or the purported exercise
of any lien or claim unless it is redelivered to the full control of the Borrower or, as the case may be, the relevant Collateral
Guarantor within 25 days of such arrest or detention.

 

		25.15	Expropriation

 

The
authority or ability of a an Obligor to conduct its business is limited or wholly or substantially
curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any
governmental, regulatory or other authority or other person in relation to any Obligor or any of its assets, unless such Transaction Obligor
upon receiving notice of such event procures the release of the relevant assets and such assets are redelivered to the full
control of that Transaction Obligor within 21 days of such event, other than:

 

		(a)	an arrest or detention of the Ship or, as the case may
be, a Collateral Ship referred to in Clause 25.14 (Arrest); or

 

		(b)	any Requisition.

 

		25.16	Repudiation and rescission of agreements

 

A Transaction
Obligor (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document
or any of the Transaction Security or evidences an intention to rescind or repudiate a Transaction Document or any Transaction
Security.

 

		25.17	Litigation

 

Any litigation,
arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency are started or threatened,
or any judgment or order of a court, arbitral body or agency is made, in relation to any of the Transaction Documents or the transactions
contemplated in any of the Transaction Documents or against any Transaction Obligor or its assets which has or is reasonably likely
to have a Material Adverse Effect. No Event of Default will occur under this clause in respect of the Guarantor if the monetary
value of the subject matter of such litigation, arbitration or administrative proceedings or

 

    	 	92	 

     

    

 

investigations
is assessable and the combined value thereof does not exceed $5,000,000 (or its equivalent in any other currency) in aggregate.

 

		25.18	Material adverse change

 

Any event or
circumstance occurs which has or is reasonably likely to have a Material Adverse Effect.

 

		25.19	Collateral Events of Default

 

  The occurrence of a Collateral Event of Default.

 

		25.20	25.l9Acceleration

 

On and at any
time after the occurrence of an Event of Default the Facility Agent may, and shall if so directed by the Majority Lenders, by notice
to the Borrower:

 

		(a)	cancel the Total Commitments, whereupon they shall immediately be cancelled;

 

		(b)	declare that all or part of the Loan, together with accrued interest, and all other amounts accrued
or outstanding under the Finance Documents be immediately due and payable, whereupon it shall become immediately due and payable;

 

		(c)	declare that all or part of the Loan be payable on demand, whereupon it shall immediately become
payable on demand by the Facility Agent acting on the instructions of the Majority Lenders; and/or

 

		(d)	exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or
discretions under the Finance Documents,

 

and the Facility
Agent may serve notices under paragraphs (a), (b) and (c) above simultaneously or on different dates and the Security Agent may
take any action referred to in Clause 25.20 25.21 {Enforcement of security) if no such notice is
served or simultaneously with or at any time after the service of any of such notice, Provided that if no direction is
given by the Majority Lenders the Facility Agent shall not be obliged to take any action.

 

		25.21	25.20GEnforcement
                                         of security

 

On and at any time
after the occurrence of an Event of Default the Security Agent may, and shall if so directed by the Majority Lenders, take any
action which, as a result of the Event of Default or any notice served under Clause 25.19-25.20 {Acceleration),
the Security Agent is entitled to take under any Finance Document or any applicable law or regulation, Provided that
if no direction is given by the Majority Lenders the Facility Agent shall not be obliged to take any action.

 

    	 	93	 

     

    

 

SECTION 9

 

CHANGES TO
PARTIES

 

		26	CHANGES TO THE LENDERS

 

		26.1	Assignments and transfers by the Lenders

 

Subject to this
Clause 26 (Changes to the Lenders), a Lender (the "Existing Lender") may without the consent of any Obligor:

 

		(a)	assign any of its rights; or

 

		(b)	transfer by novation any of its rights and obligations,

 

under the Finance
Documents to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established
for the purpose of making, purchasing or investing in loans, securities or other financial assets or person (the "New
Lender").

 

		26.2	Conditions of assignment or transfer

 

		(a)	An Existing Lender shall give to the Obligors no less than 30-days' notice prior to effecting an
assignment or transfer unless the assignment or transfer is made at a time when an Event of Default has occurred and is continuing.

 

		(b)	An assignment will only be effective on:

 

		(i)	receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation
from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations
to the other Secured Parties as it would have been under if it were an Original Lender; and

 

		(ii)	performance by the Facility Agent of all necessary "know your customer" or other similar
checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Facility
Agent shall promptly notify to the Existing Lender and the New Lender.

 

		(c)	Each Obligor on behalf of itself and each Transaction Obligor agrees that all rights and interests
(present, future or contingent) which the Existing Lender has under or by virtue of the Finance Documents are assigned to the New
Lender absolutely, free of any defects in the Existing Lender's title and of any rights or equities which the Borrower or any other
Transaction Obligor had against the Existing Lender.

 

		(d)	A transfer will only be effective if the procedure set out in Clause 26.5 (Procedure for transfer)
is complied with.

 

		(e)	If:

 

		(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes
its Facility Office; and

 

		(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, a
Transaction Obligor would be obliged to make a payment to the New Lender

 

    	 	94	 

     

    

 

or Lender acting
through its new Facility Office under Clause 12 [Tax Gross Up and Indemnities) or under that clause as incorporated by reference
or in full in any other Finance Document or Clause 13 (Increased Costs),

 

then the New
Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent
as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change
had not occurred. This paragraph (e) shall not apply in respect of an assignment or transfer made in the ordinary course of the
primary syndication of the Facility.

 

		(f)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms,
for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been
approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which
the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same
extent as the Existing Lender would have been had it remained a Lender.

 

		26.3	Assignment or transfer fee

 

The New Lender
shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of
$3,500.

 

		26.4	Limitation of responsibility of Existing Lenders

 

		(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty
and assumes no responsibility to a New Lender for:

 

		(i)	the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents,
the Transaction Security or any other documents;

 

		(ii)	the financial condition of any Transaction Obligor;

 

		(iii)	the performance and observance by any Transaction Obligor of its obligations under the Transaction
Documents or any other documents; or

 

		(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Transaction
Document or any other document,

 

and any representations
or warranties implied by law are excluded.

 

		(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties and the Secured Parties
that it:

 

		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Transaction Obligor and its related entities in connection with its participation in this Agreement
and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection
with any Transaction Document or the Transaction Security; and

 

		(ii)	will continue to make its own independent appraisal of the creditworthiness of each Transaction
Obligor and its related entities throughout the Security Period.

 

    	 	95	 

     

    

 

		(c)	Nothing in any Finance Document obliges an Existing Lender to:

 

		(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 26 (Changes to the Lenders); or

 

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Transaction Obligor of its obligations under the Transaction Documents or otherwise.

 

		26.5	Procedure for transfer

 

		(a)	Subject to the conditions set out in Clause 26.2 (Conditions of assignment or transfer),
a transfer is effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Transfer
Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below
as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply
with this Agreement and delivered in accordance with this Agreement, execute that Transfer Certificate.

 

		(b)	The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the
Existing Lender and the New Lender once it is satisfied in its sole discretion that it has complied with all necessary "know
your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.

 

		(c)	Subject to Clause 26.9 (Pro rata interest settlement), on the Transfer Date:

 

		(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation
its rights and obligations under the Finance Documents and in respect of the Transaction Security, each of the Transaction Obligors
and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect
of the Transaction Security and their respective rights against one another under the Finance Documents and in respect of the Transaction
Security shall be cancelled (being the "Discharged Rights and Obligations");

 

		(ii)	each of the Transaction Obligors and the New Lender shall assume obligations towards one another
and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Transaction
Obligor and the New Lender have assumed and/or acquired the same in place of that Transaction Obligor and the Existing Lender;

 

		(iii)	the Facility Agent, the Security Agent, the New Lender and other Lenders shall acquire the same
rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired
and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result
of the transfer and to that extent the Facility Agent, the Security Agent and the Existing Lenders shall each be released from
further obligations to each other under the Finance Documents; and

 

		(iv)	the New Lender shall become a Party as a "Lender".

 

    	 	96	 

     

    

 

		26.6	Procedure for assignment

 

		(a)	Subject to the conditions set out in Clause 26.2 (Conditions of assignment or transfer)
an assignment may be effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed
Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph
(b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face
to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment
Agreement.

 

		(b)	The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by
the Existing Lender and the New Lender once it is satisfied in its sole discretion it has complied with all necessary "know
your customer" or other similar checks under all applicable laws and regulations in relation to the assignment to such New
Lender.

 

		(c)	Subject to Clause 26.9 (Pro rata interest settlement), on the Transfer Date:

 

		(i)	the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents
and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

 

		(ii)	the Existing Lender will be released from the obligations (the "Relevant Obligations")
expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound
in respect of the Transaction Security); and

 

		(iii)	the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent
to the Relevant Obligations.

 

		(d)	Lenders may utilise procedures other than those set out in this Clause 26.6 (Procedure for assignment)
to assign their rights under the Finance Documents (but not, without the consent of the relevant Transaction Obligor or unless
in accordance with Clause 26.5 (Procedure for transfer), to obtain a release by that Transaction Obligor from the obligations
owed to that Transaction Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that
they comply with the conditions set out in Clause 26.2 (Conditions of assignment or transfer).

 

		26.7	Copy of Transfer Certificate or Assignment Agreement to Borrower

 

The Facility
Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to
the Borrower a copy of that Transfer Certificate or Assignment Agreement.

 

		26.8	Security over Lenders' rights

 

In addition
to the other rights provided to Lenders under this Clause 26 (Changes to the Lenders), each Lender may without consulting
with or obtaining consent from any Transaction Obligor, at any time charge, assign or otherwise create Security 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 to secure obligations
to a federal reserve or central bank; and

 

    	 	97	 

     

    

 

		(b)	any charge, assignment or other Security 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 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 for a Lender as a party to any of the Finance Documents; or

 

		(ii)	require any payments to be made by a Transaction Obligor other than or in excess of, or grant to
any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

 

		26.9	Pro rata interest settlement

 

		(a)	If the Facility Agent has notified the Lenders that it
is able to distribute interest payments on a "pro rata basis" to Existing Lenders and New Lenders then (in respect
of any transfer pursuant to Clause 26.5 (Procedure for transfer) or any assignment pursuant to Clause 26.6 (Procedure
for assignment) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day
of an Interest Period):

 

		(i)	any interest or fees in respect of the relevant participation which are expressed to accrue by
reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date
("Accrued Amounts") and shall become due and payable to the Existing Lender (without further interest accruing
on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the
dates which falls at six Monthly intervals after the first day of that Interest Period); and

 

		(ii)	The rights assigned or transferred by the Existing Lender will not include the right to the Accrued
Amounts, so that, for the avoidance of doubt:

 

		(A)	when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing
Lender; and

 

		(B)	the amount payable to the New Lender on that date will be the amount which would, but for the application
of this Clause 26.9 (Pro rata interest settlement), have been payable to it on that date, but after deduction of the Accrued
Amounts.

 

		(b)	In this Clause 26.9 (Pro rata interest settlement) references to "Interest Period" shall be construed to include a reference to any other period for accrual of fees.

 

		(c)	An Existing Lender which retains the right to the Accrued
Amounts pursuant to this Clause 26.9 (Pro rata interest settlement) but which does not have a Commitment shall be deemed
not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained
to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents.

 

    	 	98	 

     

    

 

		27	CHANGES TO THE TRANSACTION OBLIGORS

 

		27.1	Assignment or transfer by Transaction Obligors

 

No Transaction
Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

 

		27.2	Release of security

 

		(a)	If a disposal of any asset subject to security created by a Security Document is made in the following
circumstances:

 

		(i)	the disposal is permitted by the terms of any Finance Document;

 

		(ii)	the Majority Lenders agree to the disposal;

 

		(iii)	the disposal is being made at the request of the Security Agent in circumstances where any security
created by the Security Documents has become enforceable; or

 

		(iv)	the disposal is being effected by enforcement of a Security Document,

 

the Security
Agent (acting on the instructions of the Facility Agent acting on the instructions of the Majority Lenders) shall release the asset(s)
being disposed of from any security over those assets created by a Security Document. However, the proceeds of any disposal (or
an amount corresponding to them) must be applied in accordance with the requirements of the Finance Documents (if any).

 

		(b)	Without prejudice to paragraph (a) of this Clause 27.2 (Release of security), at the end
of the Security Period (or upon the Total Loss or sale of the Ship and payment of all amounts due by the Borrower under Clause
7.4 (Mandatory prepayment on sale or Total Loss)), the Security Agent shall release the Transaction Security.

 

		(c)	If the Security Agent (acting on the instructions of the Facility Agent acting on the instructions
of the Majority Lenders) is satisfied that a release is allowed under this Clause 27.2 (Release of security) (at the request
and expense of the Borrower) each Finance Party must enter into any document and do all such other things which are reasonably
required to achieve that release. Each other Finance Party irrevocably authorises the Security Agent to enter into any such document.
Any release will not affect the obligations of any other Transaction Obligor under the Finance Documents.

 

    	 	99	 

     

    

 

SECTION 10

 

THE FINANCE
PARTIES

 

		28	THE FACILITY AGENT

 

		28.1	Appointment of the Facility Agent

 

		(a)	Each of the Lenders appoints the Facility Agent to act as its agent under and in connection with
the Finance Documents.

 

		(b)	Each of the Lenders authorises the Facility Agent to perform the duties, obligations and responsibilities
and to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under, or in connection
with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.

 

		28.2	Instructions

 

		(a)	The Facility Agent shall:

 

		(i)	unless a contrary indication
                                         appears in a Finance Document, exercise or refrain from exercising any right,
                                         power, authority or discretion vested in it as Facility Agent (including, without
                                         limitation, make any designation, determination, specification or demand, approve an
                                         evidence or the form of a document, serve a notice, grant an approval or a consent or
                                         refrain from taking any such action), upon receipt of and in accordance with any
                                         instructions given to it by:

 

		(A)	all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

 

		(B)	in all other cases, the Majority Lenders; and

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) (A) in accordance
with sub-paragraph (i) above (or, if this Agreement stipulates the matter is a decision for any other Finance Party or group of
Finance Parties, in accordance with instructions given to it by that Finance Party or group of Finance Parties) or (B) in its capacity
as Facility Agent under the Transaction Documents.

 

		(b)	The Facility Agent shall be entitled to request instructions, or clarification of any instruction,
from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Finance Party
or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should
exercise or refrain from exercising any right, power, authority or discretion and the Facility Agent may refrain from acting unless
and until it receives any such instructions or clarification that it has requested.

 

		(c)	Save in the case of decisions stipulated to be a matter for any other Finance Party or group of
Finance Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions
given to the Facility Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and
will be binding on all Finance Parties.

 

		(d)	Without prejudice to paragraph (a)(ii) above, paragraph (a)(i) above shall not apply:

 

    	 	100	 

     

    

 

		(i)	where a contrary indication appears in a Finance Document;

 

		(ii)	where a Finance Document requires the Facility Agent to act in a specified manner or to take a
specified action;

 

		(iii)	in respect of any provision which protects the Facility Agent's own position in its personal capacity
as opposed to its role of Facility Agent for the relevant Finance Parties.

 

		(e)	If giving effect to instructions given by the Majority Lenders would in the Facility Agent's opinion
have an effect equivalent to an amendment or waiver referred to in Clause 41 (Amendments and Waivers), the Facility Agent
shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the
Facility Agent) whose consent would have been required in respect of that amendment or waiver.

 

		(f)	In exercising
                                         any discretion to exercise a right, power or authority under the Finance Documents where
                                         it has not received any instructions as to the exercise of that discretion the Facility
                                         Agent shall do so having regard to the interests of all the Finance Parties.

 

		(f)	(g)The Facility Agent may refrain from acting in accordance
with any instructions of any Finance Party or group of Finance Parties until it has received any indemnification and/or security
that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may
include payment in advance) for any cost, loss or liability (together with any applicable VAT) which it may incur in complying
with those instructions.

 

		(g)	(h)Without
                                         prejudice to the remainder of this Clause 28.2 (Instructions), in the absence
                                         of instructions, the Facility Agent shall not be obliged to take any action (or refrain
                                         from taking action) even if it considers acting or not acting to be in the best interests
                                         of the Finance Parties.The Facility Agent may act (or refrain from acting) as
                                         it considers to be in the best interest of the Finance Parties.

 

		(h)	(i)The
                                         Facility Agent is not authorised to act on behalf of a Finance Party (without first obtaining
                                         that Finance Party's consent) in any legal or arbitration proceedings relating to any
                                         Finance Document. This paragraph (ih) shall not apply to any legal or
                                         arbitration proceeding relating to the perfection, preservation or protection of rights
                                         under the Security Documents or enforcement of the Transaction Security or Security Documents.

 

		28.3	Duties of the Facility Agent

 

		(a)	The Facility Agent's duties under the Finance Documents are solely mechanical and administrative
in nature.

 

		(b)	Subject to paragraph (c) below, the Facility Agent shall promptly forward to a Party the original
or a copy of any document or notice which is delivered to the Facility Agent for that Party by any other Party.

 

		(c)	Without prejudice to Clause 26.7 (Copy of Transfer Certificate or Assignment Agreement to Borrower),
paragraph (b) above shall not apply to any Transfer Certificate or any Assignment Agreement.

 

		(d)	Notwithstanding anything set out in a Transaction Document, the Facility Agent is not obliged to
review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

    	 	101	 

     

    

 

		(e)	If the Facility Agent receives notice from a Party referring to any Finance Document, describing
a circumstance and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties but
shall not have any duty to verify whether the circumstance described has actually occurred or whether it constitutes a Default.

 

		(f)	If the Facility Agent is aware of the non-payment of any principal, interest or any fee payable
to a Finance Party under this Agreement, it shall promptly notify the other Finance Parties.

 

		(g)	The Facility Agent shall provide to the Borrower within 5 Business Days of a request by the Borrower
(but no more frequently than once per calendar quarter), a list (which may be in electronic form) setting out the names of the
Lenders as at that Business Day, their respective Commitments, the address and fax number (and the department or officer, if any,
for whose attention any communication is to be made) of each Lender for any communication to be made or document to be delivered
under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable
the sending and receipt of information by electronic mail or other electronic means to and by each Lender to whom any communication
under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment
to be distributed by the Facility Agent to that Lender under the Finance Documents.

 

		(h)	The Facility Agent shall have only those duties, obligations and responsibilities expressly specified
in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

 

		28.4	No fiduciary duties

 

		(a)	Nothing in any Finance Document constitutes the Facility Agent as a trustee or fiduciary of any
other person.

 

		(b)	The Facility Agent shall not be bound to account to other Finance Party for any sum or the profit
element of any sum received by it for its own account.

 

		28.5	Application of receipts

 

Except as expressly
stated to the contrary in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility
Agent shall be applied by the Facility Agent in accordance with Clause 32.5 {Application of receipts; partial payments).

 

		28.6	Business with the Group

 

The Facility
Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of
the Group.

 

		28.7	Rights and discretions

 

		(a)	The Facility Agent may:

 

		(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct
and appropriately authorised;

 

		(ii)	assume that:

 

    	 	102	 

     

    

 

		(A)	any instructions received by it from the Majority Lenders, any Finance Parties or any group of
Finance Parties are duly given in accordance with the terms of the Finance Documents; and

 

		(B)	unless it has received notice of revocation, that those instructions have not been revoked; and

 

		(iii)	rely on a certificate from any person:

 

		(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or

 

		(B)	to the effect that such person approves of any particular dealing, transaction, step, action or
thing,

 

as sufficient
evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

 

		(b)	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as
agent for the Finance Parties) that:

 

		(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 25.2
(Non-payment));

 

		(ii)	any right, power, authority or discretion vested in any Party or any group of Finance Parties has
not been exercised; and

 

		(iii)	any notice or request made by the Borrower (other than the Utilisation Request) is made on behalf
of and with the consent and knowledge of all the Transaction Obligors.

 

		(c)	The Facility Agent may engage and pay for
(at the Borrower's expense) the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional
advisers or experts.

 

		(d)	Without prejudice to the generality of paragraph (c) above
or paragraph (e) below, the Facility Agent may at any time engage and pay for (at the Borrower's expense) the
services of any lawyers to act as independent counsel to the Facility Agent (and so separate from any lawyers instructed by the
Lenders) if the Facility Agent in its reasonable opinion deems this to be desirable.

 

		(e)	The Facility Agent may rely on the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts (whether obtained by the Facility Agent or by any other Party) and shall not
be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result
of its so relying.

 

		(f)	The Facility Agent may act in relation to the Finance Documents and the Security Property through
its officers, employees and agents and shall not:

 

		(i)	be liable for any error of judgment made by any such person; or

 

		(ii)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct,
omission or default on the part of any such person,

 

    	 	103	 

     

    

 

unless such
error or such loss was directly caused by the Facility Agent's gross negligence or wilful misconduct.

 

		(g)	Unless a Finance Document expressly provides otherwise the Facility Agent may disclose to any other
Party any information it reasonably believes it has received as agent under the Finance Documents.

 

		(h)	Without prejudice to Clause
                                         28.4 (No fiduciary duties)Notwithstanding any provision of any Finance
                                         Document to the contrary, the Facility Agent is not obliged to do or omit to do anything
                                         if it would or might, in its reasonable opinion, constitute a breach of any law or regulation
                                         or a breach of a fiduciary duty or duty of confidentiality.

 

		(i)	Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not
obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations
or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment
of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

 

		28.8	Responsibility for documentation

 

The Facility
Agent is not responsible or liable for:

 

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by
the Facility Agent, the Security Agent, a Transaction Obligor or any other person in, or in connection with, any Transaction Document
or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made
or executed in anticipation of, under or in connection with any Transaction Document; or

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or
the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with, any Transaction Document or the Security Property; or

 

		(c)	any determination as to whether any information provided or to be provided to any Finance Party
or Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating
to insider dealing or otherwise.

 

		28.9	No duty to monitor

 

The Facility Agent shall not be bound
to enquire:

 

		(a)	whether or not any Default has occurred;

 

		(b)	as to the performance, default or any breach by any Transaction Obligor of its obligations under
any Transaction Document; or

 

		(c)	whether any other event specified in any Transaction Document has occurred.

 

    	 	104	 

     

    

 

		28.10	Exclusion of liability

 

		(a)	Without limiting paragraph (b) below (and without prejudice to paragraph (e) of Clause 32.11 (Disruption
to Payment Systems etc.) or any other provision of any Finance Document excluding or limiting the liability of the Facility
Agent), the Facility Agent will not be liable for:

 

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of taking or not taking any action under or in connection with any Transaction Document or the Security Property,
unless directly caused by its gross negligence or wilful misconduct;

 

		(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in
connection with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered into,
made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or

 

		(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or

 

		(iv)	without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or losses
to any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence or any other
category of liability whatsoever) arising as a result of:

 

		(A)	any act, event or circumstance not reasonably within its control; or

 

		(B)	the general risks of investment in, or the holding of assets
in, any jurisdiction,

 

including (in each case and without limitation)
such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation or other governmental
actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement
of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party
transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or
revolution; or strikes or industrial action.

 

		(b)	No Party other than the Facility Agent may take any proceedings against any officer, employee or
agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission
of any kind by that officer, employee or agent in relation to any Transaction Document or any Security Property and any officer,
employee or agent of the Facility Agent may rely on this Clause subject to Clause 1.5 (Third party rights) and the provisions
of the Third Parties Act.

 

		(c)	The Facility Agent will not be liable for any delay (or any related consequences) in crediting
an account with an amount required under the Finance Documents to be paid by the Facility Agent if the Facility Agent has taken
all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised
clearing or settlement system used by the Facility Agent for that purpose.

 

		(d)	Nothing in this Agreement shall oblige the Facility Agent to carry out:

 

    	 	105	 

     

    

 

		(i)	any "know your customer" or other checks in relation to any person; or

 

		(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful
for any Finance Party,

 

on behalf of
any Finance Party and each Finance Party confirms to the Facility Agent that it is solely responsible for any such checks it is
required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent.

 

		(e)	Without prejudice to any provision of any Finance Document excluding or limiting the Facility Agent's
liability, any liability of the Facility Agent arising under or in connection with any Transaction Document or the Security Property
shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined
by reference to the date of default of the Facility Agent or, if later, the date on which the loss arises as a result of such default)
but without reference to any special conditions or circumstances known to the Facility Agent at any time which increase the amount
of that loss. In no event shall the Facility Agent be liable for any loss of profits, goodwill, reputation, business opportunity
or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Facility Agent has been
advised of the possibility of such loss or damages.

 

		28.11	Lenders' indemnity to the Facility Agent

 

		(a)	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments
are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Facility Agent,
within three Business Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by reason
of the Facility Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause
32.11 (Disruption to Payment Systems etc.) notwithstanding the Facility Agent's negligence, gross negligence or any other
category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) in acting as Facility Agent
under the Finance Documents (unless the Facility Agent has been reimbursed by a Transaction Obligor pursuant to a Finance Document).

 

		(b)	Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for
any payment that Lender makes to the Facility Agent pursuant to paragraph (a) above.

 

		(c)	Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which
a Lender claims reimbursement relates to a liability of the Facility Agent to an Obligor.

 

		28.12	Resignation of the Facility Agent

 

		(a)	The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to
the other Finance Parties and the Borrower.

 

		(b)	Alternatively, the Facility Agent may resign by giving 30 days' notice to the other Finance Parties
and the Borrower, in which case the Majority Lenders may appoint a successor Facility Agent.

 

		(c)	If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph
(b) above within 20 days after notice of resignation was given (or such earlier day as may be agreed by the Majority Lenders),
the retiring Facility Agent may (but shall not be obliged to), appoint a successor Facility Agent.

 

    	 	106	 

     

    

 

		(d)	The retiring Facility Agent shall, at the Borrower's cost, make available to the successor Facility
Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes
of performing its functions as Facility Agent under the Finance Documents. The Borrower shall indemnify the retiring Facility Agent
prior to it being required to undertake any actions referred to in this sub-paragraph for the amount of all costs and expenses
(including legal fees) to be properly incurred by it in making available such documents and records and providing such assistance.

 

		(e)	All Parties shall consult,
                                         co-operate and use commercially reasonable endeavours to appoint a successor Facility
                                         Agent and the The retiring Facility Agent's resignation notice shall
                                         only take effect upon the appointment of a successor.

 

		(f)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further
obligation in respect of the Finance Documents (other than its obligations under paragraph (d) above) but shall remain entitled
to the benefit of Clause 14.3 (Indemnity to the Facility Agent) and this Clause 28 (The Facility Agent) and any other
provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Facility
Agent. Any fees for the account of the retiring Facility Agent shall cease to accrue from (and shall be payable on) that date).
Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had
if such successor had been an original Party.

 

		(g)	The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with
paragraph (b) above. In this event, the Facility Agent shall resign in accordance with paragraph (b) above but the cost referred
to in paragraph (d) above shall be for the account of the Borrower.

 

		(h)	The consent of the Borrower (or any other Transaction Obligor) is not required for an assignment
or transfer of rights and/or obligations by the Facility Agent in accordance with this Agreement.

 

		(i)	The Facility Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable,
shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph (c) above) if on or after the date
which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under the Finance
Documents, either:

 

		(i)	the Facility Agent fails to respond to a request under Clause 12.7 (FATCA Information) and
a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that
FATCA Application Date;

 

		(ii)	the information supplied by the Facility Agent pursuant to Clause 12.7 (FATCA Information)
indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date; or

 

		(iii)	the Facility Agent notifies the Borrower and the Lenders that the Facility Agent will not be (or
will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

and (in each
case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility
Agent were a FATCA Exempt Party, and that Lender, by notice to the Facility Agent, requires it to resign.

 

    	 	107	 

     

    

 

		28.13	Confidentiality

 

		(a)	In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting
through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

 

		(b)	If information is received by a division or department of the Facility Agent other than the division
or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be
treated as confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall
it be obliged to disclose such information to any Party.

 

		(c)	Without prejudice to Clause 28.4 (No fiduciary duties), the Facility Agent is not obliged
to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might
in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.

 

		28.14	Relationship with the other Finance Parties

 

		(a)	Subject to Clause 26.9 (Pro rata interest settlement), the Facility Agent may treat a person
shown in its records as Lender at the opening of business (in the place of the Facility Agent's principal office as notified to
the Finance Parties from time to time) as a Lender acting through its Facility Office.

 

		(i)	entitled to or liable for any payment due under any Finance Document on that day; and

 

		(ii)	entitled to receive and act upon any notice, request, document or communication or make any decision
or determination under any Finance Document made or delivered on that day,

 

unless it has
received not less than five Business Days' prior written notice from that Lender to the contrary in accordance with the terms of
this Agreement.

 

		(b)	Each Finance Party shall supply the Facility Agent with any information that the Security Agent
may reasonably specify (through the Facility Agent) as being necessary or desirable to enable the Security Agent to perform its
functions as Security Agent. Each Finance Party shall deal with the Security Agent exclusively through the Facility Agent and shall
not deal directly with the Security Agent and any reference to any instructions being given by or sought from any Finance Party
or group of Finance Parties to or by the Security Agent in this Agreement must be given or sought through the Facility Agent.

 

		(c)	Any Lender may by notice to the Facility Agent appoint
a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender
under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or
other electronic means is permitted under Clause 35.5 (Electronic communication)) electronic mail address and/or any other
information required to enable the transmission of information by that means (and, in each case, the department or officer, if
any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic
mail address (or such other information), department and officer by that Lender for the purposes of Clause 35.2 (Addresses)
and sub-paragraph (ii) of paragraph (a) of Clause 35.5 (Electronic communication) and the Facility Agent shall be entitled
to treat such person as the person entitled to receive

 

    	 	108	 

     

    

 

all such notices,
communications, information and documents as though that person were that Lender.

 

		28.15	Credit appraisal by the Finance Parties

 

Without affecting
the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Transaction
Document, each Finance Party confirms to the Facility Agent that it has been, and will continue to be, solely responsible for making
its own independent appraisal and investigation of all risks arising under, or in connection with, any Transaction Document including
but not limited to:

 

		(a)	the financial condition, status and nature of each Transaction Obligor;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document,
the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Transaction Document or the Security Property;

 

		(c)	whether that Finance Party has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under, or in connection with, any Transaction Document, the Security Property, the transactions
contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Transaction Document or the Security Property;

 

		(d)	the adequacy, accuracy or completeness of any information provided by the Facility Agent, any Party
or by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction
Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Transaction Document; and

 

		(e)	the right or title of any person in or to or the value or sufficiency of any part of the Security
Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.

 

		28.16	Facility Agent's management time

 

If a Potential
Event of Default or an Event of Default has occurred and is continuing, any Any
amount payable to the Facility Agent under Clause 14.3 (Indemnity to the Facility Agent), Clause 16 (Costs and Expenses)
and Clause 28.11 (Lenders' indemnity to the Facility Agent) shall include the cost of utilising the Facility Agent's
management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Facility
Agent may notify to the Borrower and the other Finance Parties, and is in addition to any fee paid or payable to the Facility
Agent under Clause 11 (Fees). The Facility Agent shall as soon as reasonably practicable notify the Borrower in writing
of any extraordinary management time which the Facility Agent is envisaging to spend and will deliver a budget to the
Borrower in respect of such extraordinary management time.

 

		28.17	Deduction from amounts payable by the Facility Agent

 

If any Party
owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party, deduct
an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make

 

    	 	109	 

     

    

 

under the Finance
Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents
that Party shall be regarded as having received any amount so deducted.

 

		28.18	Reliance and engagement letters

 

Each Secured
Party confirms that the Facility Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any
letters or reports already accepted by the Facility Agent) the terms of any reliance letter or engagement letters or any reports
or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or
the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such
letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

 

		28.19	Full freedom to enter into transactions

 

Without prejudice
to Clause 28.6 (Business with the Group) or any other provision of a Finance Document and notwithstanding any rule of law
or equity to the contrary, the Facility Agent shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but
not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate
agent and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party
to, or referred to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by any Transaction Obligor or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular,
the Facility Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions
and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing
legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from
disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its
sole benefit all profits and benefits derived from the dealings transactions or other matters.

 

		28.20	Majority Lenders' Instructions

 

		(a)	Notwithstanding anything to the contrary contained in the
Transaction Documents, the Parties acknowledge that where any provision in a Transaction Document refers to the Facility Agent
being obliged to or entitled to take any specified action, exercise any discretion, make any determination, give any consent or
waiver, or act in a certain way in connection with the transactions contemplated by the Transaction Documents, it shall or may
(as the case may be) take such specified action, exercise such discretion, make such determination, give any

 

    	 	110	 

     

    

 

consent in accordance
with the instructions or directions of the Majority Lenders or all Lenders, as the case may be) and in doing so shall be deemed
to have acted reasonably.

 

		(b)	Any instructions given by the Majority Lenders or the Lenders shall be in writing and any instructions
by the Majority Lenders on matters which do not require the consent or instructions of all the Lenders as specified in this Agreement
shall be binding on all the Lenders.

 

		(c)	The Facility Agent may refrain from acting in accordance with the instructions of the Majority
Lenders or the Lenders (as the case may be) until it has received such security as it may require for any cost, loss or liability
(together with any associated VAT) which it may incur in complying with the instructions.

 

		(d)	In the absence of instructions from the Majority Lenders the Facility Agent shall not be obliged
to take action.

 

		(e)	The Facility Agent is not authorised to act on behalf of a Finance Party (without first obtaining
the relevant Finance Party's consent) in any legal or arbitration proceedings relating to any Transaction Document.

 

		29	THE SECURITY AGENT

 

		29.1	Trust

 

		(a)	The Security Agent declares that it holds the Security Property on trust for the Secured Parties
on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 29 (The Security
Agent) and the other provisions of the Finance Documents.

 

		(b)	Each other Finance Party authorises the Security Agent to perform the duties, obligations and responsibilities
and to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under, or in connection
with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.

 

		29.2	Parallel Debt (Covenant to pay the Security Agent)

 

		(a)	Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel
Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.

 

		(b)	The Parallel Debt of an Obligor:

 

		(i)	shall become due and payable at the same time as its Corresponding Debt;

 

		(ii)	is independent and separate from, and without prejudice to, its Corresponding Debt.

 

		(c)	For the purposes of this Clause 29.2 (Parallel Debt (Covenant to pay the Security Agent)),
the Security Agent:

 

		(i)	is the independent and separate creditor of each Parallel Debt;

 

		(ii)	acts in its own name and not as agent, representative or trustee of the Finance Parties and its
claims in respect of each Parallel Debt shall not be held on trust; and

 

		(iii)	shall have the independent and separate right to demand payment of each Parallel Debt in its own
name (including, without limitation, through any suit, execution,

 

    	 	111	 

     

    

 

enforcement
of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding).

 

		(d)	The Parallel Debt of an Obligor shall be:

 

		(i)	decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid
or discharged; and

 

		(ii)	increased to the extent that its Corresponding Debt has increased,

                                                                                 

                                                                                and the Corresponding Debt of an Obligor shall be:

 

		(A)	decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or
discharged; and

 

		(B)	increased to the extent that its Parallel Debt has increased,

 

in each case
provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt.

 

		(e)	All amounts received or recovered by the Security Agent in connection with this Clause 29.2 (Parallel
Debt (Covenant to pay the Security Agent)) to the extent permitted by applicable law, shall be applied in accordance with Clause
32.5 (Application of receipts; partial payments).

 

		(f)	This Clause 29.2 (Parallel Debt (Covenant to pay the Security Agent)) shall apply, with
any necessary modifications, to each Finance Document.

 

		29.3	Enforcement through Security Agent only

 

The Secured
Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any
right, power, authority or discretion arising under the Security Documents except through the Security Agent.

 

		29.4	Instructions

 

		(a)	The Security Agent shall:

 

		(i)	unless
                                         a contrary indication appears in a Finance Document, exercise or refrain from
                                         exercising any right, power, authority or discretion (including, without limitation,
                                         make any designation, determination, specification or demand, approve an evidence or
                                         the form of a document, serve a notice, grant an approval or a consent or refrain from
                                         taking any such action), vested in it as Security Agent upon receipt of and
                                         in accordance with any instructions given to it by:

 

		(A)	all Lenders (or the Facility Agent on their behalf) if the relevant Finance Document stipulates
the matter is an all Lender decision; and

 

		(B)	in all other cases, the Majority Lenders (or the Facility
Agent on their behalf); and

 

		(ii)	not be liable for any act (or omission) if it acts (or
refrains from acting) (A) in accordance with sub-paragraph (i) above (or if this Agreement stipulates the matter is a decision
for any other Finance Party or group of Finance Parties, in accordance with

 

    	 	112	 

     

    

 

instructions
given to it by that Finance Party or group of Finance Parties) or (B) in its capacity as Security Agent under the Transaction Documents.

 

		(b)	The Security Agent shall be entitled to request instructions, or clarification of any instruction,
from the Majority Lenders (or the Facility Agent on their behalf) (or, if the relevant Finance Document stipulates the matter is
a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to
whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security
Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

 

		(c)	Save in the case of decisions stipulated to be a matter for any other Finance Party or group of
Finance Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions
given to the Security Agent by the Facility Agent (acting on the instructions of the Majority Lenders) shall override any conflicting
instructions given by any other Parties and will be binding on all Finance Parties.

 

		(d)	Without prejudice to paragraph (a)(ii) above, paragraph (a)(i) above shall not apply:

 

		(i)	in respect of any provision which protects the Security Agent's own position in its personal capacity
as opposed to its role of Security Agent for the relevant Secured Parties.

 

		(ii)	in respect of the exercise of the Security Agent's discretion to exercise a right, power or authority
under any of:

 

		(A)	Clause 29.28 (Application of receipts);

 

		(B)	Clause 29.29 (Permitted Deductions); and

 

		(C)	Clause 29.30 (Prospective liabilities).

 

		(e)	If giving effect to instructions given by the Majority Lenders would in the Security Agent's opinion
have an effect equivalent to an amendment or waiver referred to in Clause 41 {Amendments and Waivers), the Security Agent
shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the
Security Agent) whose consent would have been required in respect of that amendment or waiver.

 

		(f)	In exercising any discretion to exercise a right, power or authority under the Finance Documents
where either:

 

		(i)	it has not received any instructions as to the exercise of that discretion; or

 

		(ii)	the exercise of that discretion is subject to sub-paragraph
(ii) of paragraph (d) above,

 

the Security Agent shall do so having
regard to the interests of all the Secured Parties.

 

		(g)	The Security Agent may refrain from acting in accordance with any instructions of any Finance Party
or group of Finance Parties until it has received any indemnification and/or security that it may in its discretion require (which
may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss
or liability (together with any applicable VAT) which it may incur in complying with those instructions.

 

    	 	113	 

     

    

 

		(h)	Without prejudice to the remainder of this Clause 29.4 (Instructions), in the absence of
instructions, the Security Agent may (but shall not be obliged to) take such action in the exercise of its powers and duties under
the Finance Documents as it considers in its discretion to be appropriate.

 

		(i)	The Security Agent is not authorised
                                         to act on behalf of a Finance Party (without first obtaining that Finance Party's consent)
                                         in any legal or arbitration proceedings relating to any Finance Document. This paragraph
                                         (h)i shall not apply to any legal or arbitration proceeding relating
                                         to the perfection, preservation or protection of rights under the Security Documents
                                         or enforcement of the Transaction Security or Security Documents.

 

		29.5	Duties of the Security Agent

 

		(a)	The Security Agent's duties under the Finance Documents are solely mechanical and administrative
in nature.

 

		(b)	The Security Agent shall promptly forward to a Party the original or a copy of any document which
is delivered to the Security Agent for that Party by any other Party.

 

		(c)	Except where a Finance Document specifically provides otherwise, the Security Agent is not obliged
to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(d)	If the Security Agent receives notice from a Party referring to any Finance Document, describing
a circumstance and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties but
shall not have any duty to verify whether the circumstances described has actually occurred or whether it constitutes a Default.

 

		(e)	The Security Agent shall have only those duties, obligations and responsibilities expressly specified
in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

 

		29.6	No fiduciary duties

 

		(a)	Nothing in any Finance Document constitutes the Security Agent as an agent, trustee or fiduciary
of any Transaction Obligor or any other person.

 

		(b)	The Security Agent shall not be bound to account to any other Secured Party for any sum or the
profit element of any sum received by it for its own account.

 

		29.7	Business with the Group

 

The Security
Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of
the Group.

 

		29.8	Rights and discretions

 

		(a)	The Security Agent may:

 

		(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct
and appropriately authorised;

 

		(ii)	assume that:

 

    	 	114	 

     

    

 

		(A)	any instructions received by it from the Majority Lenders, any Finance Parties or any group of
Finance Parties are duly given in accordance with the terms of the Finance Documents;

 

		(B)	unless it has received notice of revocation, that those instructions have not been revoked; and

 

		(C)	if it receives any instructions to act in relation to the Transaction Security, that all applicable
conditions under the Finance Documents for so acting have been satisfied; and

 

		(iii)	rely on a certificate from any person:

 

		(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or

 

		(B)	to the effect that such person approves of any particular dealing, transaction, step, action or
thing,

 

as sufficient
evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

 

		(b)	The Security Agent shall be entitled to carry out all dealings with the other Finance Parties through
the Facility Agent and may give to the Facility Agent any notice or other communication required to be given by the Security Agent
to any Finance Party.

 

		(c)	The Security Agent may assume (unless it has received notice to the contrary in its capacity as
security agent for the Secured Parties) that:

 

		(i)	no Default has occurred;

 

		(ii)	any right, power, authority or discretion vested in any Party or any group of Finance Parties has
not been exercised; and

 

		(iii)	any notice or request made by the Borrower (other than the Utilisation Request) is made on behalf
of and with the consent and knowledge of all the Transaction Obligors.

 

		(d)	The Security Agent may engage and pay for (at the Borrower's cost) the advice
or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.

 

		(e)	Without prejudice to the generality of paragraph (c) above or paragraph (f) below, the Security
Agent may at any time engage and pay for (at the Borrower's cost) for the services of any lawyers to act as independent
counsel to the Security Agent (and so separate from any lawyers instructed by the Facility Agent or the Lenders) if the Security
Agent in its reasonable opinion deems this to be desirable.

 

		(f)	The Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts (whether obtained by the Security Agent or by any other Party) and shall not
be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result
of its so relying.

 

		(g)	The Security Agent may act in relation to the Finance Documents and the Security Property through
its officers, employees and agents and shall not:

 

    	 	115	 

     

    

 

		(i)	be liable for any error of judgment made by any such person; or

 

		(ii)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct,
omission or default on the part of any such person,

 

unless such
error or such loss was directly caused by the Security Agent's gross negligence or wilful misconduct.

 

		(h)	Unless a Finance Document expressly provides otherwise the Security Agent may disclose to any other
Party any information it reasonably believes it has received as security agent under the Finance Documents.

 

		(i)	Without prejudice to Clause 29.6 (No fiduciary duties) and notwithstanding any other provision
of any Finance Document to the contrary, the Security Agent is not obliged to do or omit to do anything if it would or might, in
its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

 

		(j)	Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not
obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations
or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment
of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

 

		29.9	Responsibility for documentation

 

None of the Security Agent, any Receiver
or Delegate is responsible or liable for:

 

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by
the Facility Agent, the Security Agent, a Transaction Obligor or any other person in, or in connection with, any Transaction Document
or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made
or executed in anticipation of, under or in connection with any Transaction Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or
the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with, any Transaction Document or the Security Property; or

 

		(c)	any determination as to whether any information provided or to be provided to any Secured Party
is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing
or otherwise.

 

		29.10	No duty to monitor

 

The Security
Agent shall not be bound to enquire:

 

		(a)	whether or not any Default has occurred;

 

		(b)	as to the performance, default or any breach by any Transaction Obligor of its obligations under
any Transaction Document; or

 

		(c)	whether any other event specified in any Transaction Document has occurred.

 

    	 	116	 

     

    

 

		29.11	Exclusion of liability

 

		(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance
Document excluding or limiting the liability of the Security Agent or any Receiver or Delegate), none of the Security Agent nor
any Receiver or Delegate will be liable for:

 

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of taking or not taking any action under or in connection with any Transaction Document or the Security Property,
unless directly caused by its gross negligence or wilful misconduct;

 

		(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in
connection with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered into,
made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or

 

		(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or

 

		(iv)	without prejudice to the generality of sub-paragraphs (i) to (iii) above, any damages, costs or
losses to any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence or any
other category of liability whatsoever) arising as a result of:

 

		(A)	any act, event or circumstance not reasonably within its control; or

 

		(B)	the general risks of investment in, or the holding of
assets in, any jurisdiction,

 

including (in each case and without limitation)
such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation or other governmental
actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement
of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party
transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or
revolution; or strikes or industrial action.

 

		(b)	No Party other than the Security Agent, that Receiver or that Delegate (as applicable) may take
any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim
it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer,
employee or agent in relation to any Transaction Document or any Security Property and any officer, employee or agent of the Security
Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.5 {Third party rights) and the provisions of
the Third Parties Act.

 

		(c)	The Security Agent will not be liable for any delay (or any related consequences) in crediting
an account with an amount required under the Finance Documents to be paid by the Security Agent if the Security Agent has taken
all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised
clearing or settlement system used by the Security Agent for that purpose.

 

		(d)	Nothing in this Agreement shall oblige the Security Agent to carry out:

 

    	 	117	 

     

    

 

		(i)	any "know your customer" or other checks in relation to any person; or

 

		(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful
for any Finance Party,

 

on behalf of
any Finance Party and each Finance Party confirms to the Security Agent that it is solely responsible for any such checks it is
required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent.

 

		(e)	Without prejudice to any provision of any Finance Document excluding or limiting the liability
of the Security Agent or any Receiver or Delegate, any liability of the Security Agent or any Receiver or Delegate arising under
or in connection with any Transaction Document or the Security Property shall be limited to the amount of actual loss which has
been finally judicially determined to have been suffered (as determined by reference to the date of default of the Security Agent.
Receiver or Delegate or, if later, the date on which the loss arises as a result of such default) but without reference to any
special conditions or circumstances known to the Security Agent, any Receiver or Delegate at any time which increase the amount
of that loss. In no event shall the Security Agent, any Receiver or Delegate be liable for any loss of profits, goodwill, reputation,
business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Security
Agent, the Receiver or Delegate has been advised of the possibility of such loss or damages.

 

		29.12	Lenders' indemnity to the Security Agent

 

		(a)	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments
are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Agent
and every Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability incurred by any
of them (otherwise than by reason of the Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct) in acting
as Security Agent, Receiver or Delegate under the Finance Documents (unless the Security Agent, Receiver or Delegate has been reimbursed
by a Transaction Obligor pursuant to a Finance Document).

 

		(b)	Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for
any payment that Lender makes to the Security Agent pursuant to paragraph (a) above.

 

		(c)	Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which
a Lender claims reimbursement relates to a liability of the Security Agent to an Obligor.

 

		29.13	Resignation of the Security Agent

 

		(a)	The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to
the other Finance Parties and the Borrower.

 

		(b)	Alternatively, the Security Agent may resign by giving 30 days' notice to the other Finance Parties
and the Borrower, in which case the Majority Lenders may appoint a successor Security Agent.

 

		(c)	If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph
(b) above within 20 days after notice of resignation was given, the retiring Security Agent may appoint a successor Security Agent.

 

    	 	118	 

     

    

 

		(d)	The retiring Security Agent shall, at the Borrower's cost, make available to the successor Security
Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes
of performing its functions as Security Agent under the Finance Documents. The Borrower shall indemnify the retiring Security Agent
prior to it being required to undertake any actions referred to in this sub-paragraph for the amount of all costs and expenses
(including legal fees) to be properly incurred by it in making available such documents and records and providing such assistance.

 

		(e)	The Security Agent's resignation notice shall only take effect upon:

 

		(i)	the appointment of a successor; and

 

		(ii)	the transfer, by way of a document expressed as a deed, of all the Security Property to that successor.

 

		(f)	Upon the appointment of a successor, the retiring Security Agent shall be discharged, by way of
a document executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under
paragraph (b) of Clause 29.25 (Winding up of trust) and paragraph (d) above) but shall remain entitled to the benefit of
Clause 14.4 (Indemnity to the Security Agent) and this Clause 29 (The Security Agent) and any other provisions of
a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Security Agent. Any
fees for the account of the retiring Security Agent shall cease to accrue from (and shall be payable on) that date). Any successor
and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor
had been an original Party.

 

		(g)	The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with
paragraph (b) above. In this event, the Security Agent shall resign in accordance with paragraph (b) above but the cost referred
to in paragraph (d) above shall be for the account of the Borrower.

 

		(h)	The consent of the Borrower (or any other Transaction Obligor) is not required for an assignment
or transfer of rights and/or obligations by the Security Agent.

 

		29.14	Confidentiality

 

		(a)	In acting as Security Agent for the Finance Parties, the Security Agent shall be regarded as acting
through its trustee division which shall be treated as a separate entity from any other of its divisions or departments.

 

		(b)	If information is received by a division or department of the Security Agent other than the division
or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be
treated as confidential to that division or department, and the Security Agent shall not be deemed to have notice of it nor shall
it be obliged to disclose such information to any Party.

 

		(c)	Without prejudice to Clause 29.6 (No fiduciary duties) and notwithstanding any other provision
of any Finance Document to the contrary, the Security Agent is not obliged to disclose to any other person (i) any confidential
information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any
law or regulation or a breach of a fiduciary duty.

 

    	 	119	 

     

    

 

		29.15	Credit appraisal by the Finance Parties

 

Without affecting
the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Transaction
Document, each Finance Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making
its own independent appraisal and investigation of all risks arising under, or in connection with, any Transaction Document including
but not limited to:

 

		(a)	the financial condition, status and nature of each Transaction Obligor;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document,
the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Transaction Document or the Security Property;

 

		(c)	whether that Finance Party has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under, or in connection with, any Transaction Document, the Security Property, the transactions
contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Transaction Document or the Security Property;

 

		(d)	the adequacy, accuracy or completeness of any information provided by the Security Agent, any Party
or by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction
Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Transaction Document; and

 

		(e)	the right or title of any person in or to or the value or sufficiency of any part of the Security
Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.

 

		29.16	Security Agent's management time

 

		(a)	If a Potential Event of Default
                                         or an Event of Default has occurred which is continuing, any Any amount
                                         payable to the Security Agent under Clause 14.4 (Indemnity to the Security Agent),
                                         Clause 16 (Costs and Expenses) and Clause 29.12 (Lenders' indemnity to
                                         the Security Agent) shall include the cost of utilising the Security Agent's management
                                         time or other resources and will be calculated on the basis of such reasonable daily
                                         or hourly rates as the Security Agent may notify to the Borrower and the other Finance
                                         Parties, and is in addition to any fee paid or payable to the Security Agent under Clause
                                         11 (Fees). The Security Agent shall as soon as reasonably practicable notify the
                                         Borrower in writing of any extraordinary management time which the Security Agent is
                                         envisaging to spend and will deliver a budget to the Borrower in respect of such
                                         extraordinary management time.

 

		(b)	Without prejudice to paragraph (a) above, in the event of:

 

		(i)	a Default;

 

		(ii)	the Security Agent being requested by a Transaction Obligor or the Majority Lenders to undertake
duties which the Security Agent and the Borrower agree to be of an exceptional nature or outside the scope of the normal duties
of the Security Agent under the Finance Documents; or

 

    	 	120	 

     

    

 

		(iii)	the Security Agent and the Borrower agreeing that it is otherwise appropriate in the circumstances,

 

the Borrower
shall pay to the Security Agent any additional remuneration (together with any applicable VAT) that may be agreed between them
or determined pursuant to paragraph (c) below.

 

		(c)	If the Security Agent and the Borrower fail to agree upon the nature of the duties, or upon the
additional remuneration referred to in paragraph (b) above or whether additional remuneration is appropriate in the circumstances,
any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent
and approved by the Borrower or, failing approval, nominated (on the application of the Security Agent) by the President for the
time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the
Borrower) and the determination of any investment bank shall be final and binding upon the Parties.

 

		29.17	Reliance and engagement letters

 

Each Secured
Party confirms that the Security Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any
letters or reports already accepted by the Security Agent) the terms of any reliance letter or engagement letters or any reports
or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or
the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such
letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

 

		29.18	No responsibility to perfect Transaction Security

 

The Security Agent shall not be liable
for any failure to:

 

		(a)	require the deposit with it of any deed or document certifying, representing or constituting the
title of any Transaction Obligor to any of the Security Assets;

 

		(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity,
enforceability or admissibility in evidence of any Finance Document or the Transaction Security;

 

		(c)	register, file or record or otherwise protect any of the Transaction Security (or the priority
of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any Finance
Document or of the Transaction Security;

 

		(d)	take, or to require any Transaction Obligor to take, any step to perfect its title to any of the
Security Assets or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law
or regulation; or

 

		(e)	require any further assurance in relation to any Security Document.

 

		29.19	Insurance by Security Agent

 

		(a)	The Security Agent shall not be obliged:

 

		(i)	to insure any of the Security Assets;

 

    	 	121	 

     

    

 

		(ii)	to require any other person to maintain any insurance; or

 

		(iii)	to verify any obligation to arrange or maintain insurance contained in any Finance Document,

 

and the Security
Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such
insurance.

 

		(b)	Where the Security Agent is named on any insurance policy as an insured party, it shall not be
liable for any damages, costs or losses to any person as a result of its failure to notify the insurers of any material fact relating
to the risk assumed by such insurers or any other information of any kind.

 

		29.20	Custodians and nominees

 

The Security
Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the
Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating
to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability, expense, demand,
cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it
under this Agreement or be bound to supervise the proceedings or acts of any person.

 

		29.21	Delegation by the Security Agent

 

		(a)	Each of the Security Agent, any Receiver and any Delegate may, at anytime, delegate by power of
attorney or otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity
as such.

 

		(b)	That delegation may be made upon any terms and conditions (including the power to sub delegate)
and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion,
think fit in the interests of the Secured Parties.

 

		(c)	No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible
for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of any such delegate or
sub delegate.

 

		29.22	Additional Security Agents

 

		(a)	The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate
trustee or as a co-trustee jointly with it:

 

		(i)	if it considers that appointment to be in the interests of the Secured Parties; or

 

		(ii)	for the purposes of conforming to any legal requirement, restriction or condition which the Security
Agent deems to be relevant; or

 

		(iii)	for obtaining or enforcing any judgment in any jurisdiction,

 

and the Security
Agent shall give prior notice to the Borrower and the Finance Parties of that appointment.

 

    	 	122	 

     

    

 

		(b)	Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding
those given to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities
that are given or imposed by the instrument of appointment.

 

		(c)	The remuneration that the Security Agent may pay to that person, and any costs and expenses (together
with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes
of this Agreement, be treated as costs and expenses incurred by the Security Agent.

 

		29.23	Acceptance of title

 

The Security
Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any Transaction
Obligor may have to any of the Security Assets and shall not be liable for or bound to require any Transaction Obligor to remedy
any defect in its right or title.

 

		29.24	Releases

 

Upon a disposal
of any of the Security Assets pursuant to the enforcement of the Transaction Security by a Receiver, a Delegate or the Security
Agent, the Security Agent is irrevocably authorised (at the cost of the Obligors and without any consent, sanction, authority or
further confirmation from any other Secured Party) to release, without recourse or warranty, that property from the Transaction
Security and to execute any release of the Transaction Security or other claim over that asset and to issue any certificates of
non-crystallisation of floating charges that may be required or desirable.

 

		29.25	Winding up of trust

 

If the Security
Agent, with the approval of the Facility Agent (acting on the instructions of the Majority Lenders) determines (acting on the instructions
of the Majority Lenders) that:

 

		(a)	all of the Secured Liabilities and all other obligations secured by the Security Documents have
been fully and finally discharged; and

 

		(b)	no Secured Party is under any commitment, obligation or liability (actual or contingent) to
                                                           make advances or provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents,

 

 then

 

		(i)	the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without
recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents;
and

 

		(ii)	any Security Agent which has resigned pursuant to Clause 29.13 (Resignation of the Security
Agent) shall release, without recourse or warranty, all of its rights under each Security Document.

 

		29.26	Powers supplemental to Trustee Acts

 

The rights,
powers, authorities and discretions given to the Security Agent under or in connection with the Finance Documents shall be supplemental
to the Trustee Act 1925 and

 

    	 	123	 

     

    

 

the Trustee
Act 2000 and in addition to any which may be vested in the Security Agent by law or regulation or otherwise.

 

		29.27	Disapplication of Trustee Acts

 

Section 1 of
the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement
and the other Finance Documents. Where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the provisions
of this Agreement and any other Finance Document, the provisions of this Agreement and any other Finance Document shall, to the
extent permitted by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions
of this Agreement and any other Finance Document shall constitute a restriction or exclusion for the purposes of the Trustee Act
2000.

 

		29.28	Application of receipts

 

All amounts
from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Document, under Clause 29.2
[Parallel Debt (Covenant to pay the Security Agent)) or in connection with the realisation or enforcement of all or any
part of the Security Property (for the purposes of this Clause 29 [The Security Agent), the "Recoveries") shall
be held by the Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent
permitted by applicable law (and subject to the remaining provisions of this Clause 29 [The Security Agent)), in the following
order of priority:

 

		(a)	in discharging any sums owing to the Security Agent (in its capacity as such) other than pursuant
to Clause 29.2 [Parallel Debt (Covenant to pay the Security Agent)) or any Receiver or Delegate;

 

		(b)	in payment or distribution to the Facility Agent, on its behalf and on behalf of the other Secured
Parties, for application towards the discharge of all sums due and payable by any Transaction Obligor under any of the Finance
Documents in accordance with Clause 32.5 [Application of receipts; partial payments);

 

		(c)	if none of the Transaction Obligors is under any further actual or contingent liability under any
Finance Document, in payment or distribution to any person to whom the Security Agent is obliged to pay or distribute in priority
to any Transaction Obligor; and

 

		(d)	the balance, if any, in payment or distribution to the relevant Transaction Obligor.

 

		29.29	Permitted Deductions

 

The Security
Agent may, in its discretion:

 

		(a)	set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings
(on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment
made by it under this Agreement; and

 

		(b)	pay all Taxes which may be assessed against it in respect of any of the Security Property, or as
a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise
(other than in connection with its remuneration for performing its duties under this Agreement).

 

    	 	124	 

     

    

 

		29.30	Prospective liabilities

 

Following enforcement
of any of the Transaction Security, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any
Recoveries in a suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including
itself) and for so long as the Security Agent shall think fit for later payment to the Facility Agent for application in accordance
with Clause 29.28 {Application of receipts) in respect of:

 

		(a)	any sum to the Security Agent, any Receiver or any Delegate; and

 

		(b)	any part of the Secured Liabilities,

 

that the Security
Agent or, in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or owing
at any time in the future.

 

		29.31	Investment of proceeds

 

Prior to
the payment of the proceeds of the Recoveries to the Facility Agent for application in accordance with Clause 29.28 {Application
of receipts) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing suspense
or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as
the Security Agent shall think fit (the interest being credited to the relevant account) pending the payment from time to time
of those moneys in the Security Agent's discretion in accordance with the provisions of Clause 29.28 {Application of receipts).

 

		29.32	29.31Currency
                                         conversion

 

		(a)	For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent
may convert any moneys received or recovered by the Security Agent from one currency to another, at a market rate of exchange available
to the Security Agent in its usual course of business.

 

		(b)	The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to
the extent of the amount of the due currency purchased after deducting the costs of conversion.

 

		29.33	29.32Good
                                         discharge

 

		(a)	Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made
to the Facility Agent on behalf of the Secured Parties and any payment made in that way shall be a good discharge, to the extent
of that payment, by the Security Agent.

 

		(b)	The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph
(a) above in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated.

 

		29.34	29.33Amounts
                                         received by Obligors

 

If any of the
Obligors receives or recovers any amount which, under the terms of any of the Finance Documents, should have been paid to the Security
Agent, that Obligor will hold the amount received or recovered on trust for the Security Agent and promptly pay that amount to
the Security Agent for application in accordance with the terms of this Agreement.

 

    	 	125	 

     

    

 

		29.35	29.34Full
                                         freedom to enter into transactions

 

Without prejudice
to Clause 29.7 (Business with the Group) or any other provision of a Finance Document and notwithstanding any rule of law
or equity to the contrary, the Security Agent shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but
not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate
agent and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party
to, or referred to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by any Transaction Obligor or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular,
the Security Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions
and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing
legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from
disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its
sole benefit all profits and benefits derived from the dealings transactions or other matters.

 

		29.36	29.35Majority
                                         Lenders' Instructions

 

		(e)	Notwithstanding anything to the contrary contained in the Transaction Documents, the Parties acknowledge
that where any provision in Transaction Document refers to the Security Agent being obliged to or entitled to take any specified
action, exercise any discretion, make any determination, give any consent or waiver, or act in a certain way in connection with
the transactions contemplated by the Transaction Documents, it shall or may (as the case may be) take such specified action, exercise
such discretion, make such determination, give any consent in accordance with the instructions or directions of the Facility Agent
(acting on the instructions of the Majority Lenders or all Lenders, as the case may be) and in doing so shall be deemed to have
acted reasonably.

 

		(f)	Any instructions given by the Majority Lenders shall be in writing and be binding on all the Lenders.

 

		(g)	The Security Agent may refrain from acting in accordance with the instructions of the Facility
Agent until it has received such security as it may require for any cost, loss or liability (together with any associated VAT)
which it may incur in complying with the instructions.

 

		(h)	In the absence of instructions from the Facility Agent, the Security Agent shall not be obliged
to take any action.

 

The Security
Agent is not authorised to act on behalf of a Finance Party (without first obtaining the relevant Finance Party's consent) in any
legal or arbitration proceedings relating to any

 

    	 	126	 

     

    

 

Security Document.
Subject to the terms of the Transaction Documents, this paragraph (d) shall not apply to any legal or arbitration proceedings relating
to the perfection preservation or protection of rights under the Security Documents or enforcement of the Transaction Security
or any Security Documents.

 

		30	CONDUCT OF BUSINESS BY THE FINANCE PARTIES

 

No provision of this Agreement will:

 

		(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever
manner it thinks fit;

 

		(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

		(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise)
or any computations in respect of Tax.

 

		31	SHARING AMONG THE FINANCE PARTIES

 

		31.1	Payments to Finance Parties

 

If a Finance
Party (a "Recovering Finance Party") receives or recovers any amount from a Transaction Obligor other than in
accordance with Clause 32 {Payment Mechanics) (a "Recovered Amount") and applies that amount to a payment
due to it under the Finance Documents then:

 

		(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or
recovery, to the Facility Agent;

 

		(b)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the
Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed
in accordance with Clause 32 {Payment Mechanics), without taking account of any Tax which would be imposed on the Facility
Agent in relation to the receipt, recovery or distribution; and

 

		(c)	the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent,
pay to the Facility Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount
which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in
accordance with Clause 32.5 {Application of receipts; partial payments).

 

		31.2	Redistribution of payments

 

The Facility
Agent shall treat the Sharing Payment as if it had been paid by the relevant Transaction Obligor and distribute it among the Finance
Parties (other than the Recovering Finance Party) (the "Sharing Finance Parties") in accordance with Clause 32.5
{Application of receipts; partial payments) towards the obligations of that Transaction Obligor to the Sharing Finance Parties.

    	 	127	 

     

    

 

		31.3	Recovering Finance Party's rights

 

On a distribution
by the Facility Agent under Clause 31.2 (Redistribution of payments) of a payment received by a Recovering Finance Party
from a Transaction Obligor, as between the relevant Transaction Obligor and the Recovering Finance Party, an amount of the Recovered
Amount equal to the Sharing Payment will be treated as not having been paid by that Transaction Obligor.

 

		31.4	Reversal of redistribution

 

If any part
of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance
Party, then:

 

		(a)	each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent
for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together
with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment
which that Recovering Finance Party is required to pay) (the "Redistributed Amount"); and

 

		(b)	as between the relevant Transaction Obligor and each relevant Sharing Finance Party, an amount
equal to the relevant Redistributed Amount will be treated as not having been paid by that Transaction Obligor.

 

		31.5	Exceptions

 

		(a)	This Clause 31 (Sharing among the Finance Parties) shall not apply to the extent that the
Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against
the relevant Transaction Obligor.

 

		(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which
the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

 

		(i)	it notified that other Finance Party of the legal or arbitration proceedings; and

 

		(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings
but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

 

    	 	128	 

     

    

 

SECTION 11

 

ADMINISTRATION

 

 

		32	PAYMENT MECHANICS

 

		32.1	Payments to the Facility Agent

 

		(a)	On each date on which a Transaction Obligor or a Lender is required to make a payment under a Finance
Document, that Transaction Obligor or Lender shall make an amount equal to such payment available to the Facility Agent (unless
a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility
Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

 

		(b)	Payment shall be made to such account in the principal financial centre of the country of that
currency (or, in relation to euro, in a principal financial centre in such Participating Member State or London, as specified by
the Facility Agent) and with such bank as the Facility Agent, in each case, specifies.

 

		32.2	Distributions by the Facility Agent

 

Each payment
received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 32.3 (Distributions to
a Transaction Obligor) and Clause 32.4 (Clawback and pre-funding) be made available by the Facility Agent as soon as
practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender,
for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business
Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation
to euro, in a principal financial centre in such Participating Member State or London, as specified by that Party or, in the case
of the Loan, to such account of such person as may be specified by the Borrower in the Utilisation Request.

 

		32.3	Distributions to a Transaction Obligor

 

The Facility
Agent may (with the consent of the Transaction Obligor or in accordance with Clause 33 (Set-Off)) apply any amount received
by it for that Transaction Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due
from that Transaction Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

 

		32.4	Clawback and pre-funding

 

		(a)	Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party,
the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract)
until it has been able to establish to its satisfaction that it has actually received that sum.

 

		(b)	If the Facility Agent pays an amount to another Party and it proves to be the case that the Facility
Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract)
was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from
the date of

 

    	 	129	 

     

    

 

payment to the
date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.

 

		32.5	Application of receipts; partial payments

 

		(a)	If the Facility Agent or the Security Agent (as applicable) receives a payment that is insufficient
to discharge all the amounts then due and payable by a Transaction Obligor under the Finance Documents, the Facility Agent or the
Security Agent (as applicable) shall apply that payment towards the obligations of that Transaction Obligor under the Finance Documents
in the following order:

 

		(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any
other amounts owing to, the Facility Agent, the Security Agent, any Receiver or any Delegate under the Finance Documents;

 

		(ii)	secondly, in or towards payment pro rata of any accrued interest and fees due but unpaid
to the Lenders under this Agreement;

 

		(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid to the Lenders under
this Agreement; and

 

		(iv)	fourthly, in or towards payment pro rata of any other sum due to any Finance Party but unpaid
under the Finance Documents.

 

		(b)	The Facility Agent shall, if so directed by the Majority Lenders, vary, or instruct the Security
Agent to vary (as applicable) the order set out in sub-paragraphs (ii) to (iv) of paragraph (a) above.

 

		(c)	Paragraphs (a) and (b) above will override any appropriation made by a Transaction Obligor.

 

		32.6	No set-off by Transaction Obligors

 

All payments
to be made by a Transaction Obligor under the Finance Documents shall be calculated and be made without (and free and clear of
any deduction for) set-off or counterclaim.

 

		32.7	Business Days

 

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

 

		(b)	During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement
interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

 

		32.8	Currency of account

 

		(a)	Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any
sum due from a Transaction Obligor under any Finance Document.

 

		(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the
costs, expenses or Taxes are incurred.

 

    	 	130	 

     

    

 

		(c)	Any amount expressed to be payable in a currency other than dollars shall be paid in that other
currency.

 

		32.9	Change of currency

 

		(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same
time recognised by the central bank of any country as the lawful currency of that country, then:

 

		(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents
in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated
by the Facility Agent (acting on the instructions of the Majority Lenders) (after consultation with the Borrower); and

 

		(ii)	any translation from one currency or currency unit to another shall be at the official rate
                                                                of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
                                                                down by the Facility Agent (acting on the instructions of the Majority Lenders).

 

		(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility
Agent (acting on the instructions of the Majority Lenders and after consultation with the Borrower) specifies (acting on the instructions
of the Majority Lenders) to be necessary, be amended to comply with any generally accepted conventions and market practice in the
London interbank market and otherwise to reflect the change in currency.

 

		32.10	Currency Conversion

 

		(a)	For the purpose of, or pending any payment to be made by any Servicing Party under any Finance
Document, such Servicing Party may convert any moneys received or recovered by it from one currency to another, at a market rate
of exchange available to that Security Party in its usual course of business.

 

		(b)	The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to
the extent of the amount of the due currency purchased after deducting the costs of conversion.

 

		32.11	Disruption to Payment Systems etc.

 

If either the
Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by the Borrower
that a Disruption Event has occurred:

 

		(a)	the Facility Agent may, and shall if requested to do so by the Borrower, consult with the Borrower
with a view to agreeing with the Borrower such changes to the operation or administration of the Facility as the Facility Agent
may deem necessary in the circumstances;

 

		(b)	the Facility Agent shall not be obliged to consult with the Borrower in relation to any changes
mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall
have no obligation to agree to such changes;

 

		(c)	the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in
paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

 

    	 	131	 

     

    

 

		(d)	any such changes agreed upon by the Facility Agent and the Borrower shall (whether or not it is
finally determined that a Disruption Event has occurred) be binding upon the Parties and any Transaction Obligors as an amendment
to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 41 (Amendments
and Waivers);

 

		(e)	the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution
in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability
whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing
to take, any actions pursuant to or in connection with this Clause 32.11 (Disruption to Payment Systems etc.); and

 

		(f)	the Facility Agent shall notify the Finance Parties of
all changes agreed pursuant to paragraph (d) above.

 

		33	SET-OFF

 

A
Finance Party may set off at any time after an Event of Default has occurred and whilst the same is continuing but without
any prior notice set off any matured obligation due from a Transaction Obligor under the Finance Documents (to
the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Transaction
Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different
currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the
purpose of the set-off.

 

		34	BAIL-IN

 

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

 

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

 

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

 

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

 

		(iii)	a cancellation of any such liability; and

 

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

 

		35	NOTICES

 

		35.1	Communications in writing

 

Any communication
to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made
by fax, letter or, subject to Clause 35.5 (Electronic communication), by electronic mail.

 

    	 	132	 

     

    

 

		35.2	Addresses

 

The address,
fax number and electronic mail address (and the department or officer, if any, for whose attention the communication is to be made)
of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents are:

 

		(a)	in the case of the Borrower, that specified in Schedule 1 (The Parties);

 

		(b)	in the case of each Lender or any other Obligor, that specified in Schedule 1 (The Parties)
or, if it becomes a Party after the date of this Agreement, that notified in writing to the Facility Agent on or before the date
on which it becomes a Party;

 

		(c)	in the case of the Facility Agent, that specified in Schedule 1 (The Parties); and

 

		(d)	in the case of the Security Agent, that specified in Schedule 1 (The Parties),

 

or any substitute
address, fax number or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to
the other Parties, if a change is made by the Facility Agent) by not less than five Business Days' notice.

 

		35.3	Delivery

 

		(a)	Any communication or document made or delivered by one person to another under or in connection
with the Finance Documents will only be effective:

 

		(i)	if by way of fax, when received in legible form;

 

		(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after
being deposited in the post postage prepaid in an envelope addressed to it at that address; or

 

		(iii)	if by way of electronic mail, in accordance with Clause 35.5 (Electronic communication),

 

and, if a particular
department or officer is specified as part of its address details provided under Clause 35.2 (Addresses), if addressed to
that department or officer.

 

		(b)	Any communication or document to be made or delivered to a Servicing Party will be effective only
when actually received by that Servicing Party and then only if it is expressly marked for the attention of the department or officer
of that Servicing Party specified in Schedule 1 (The Parties) (or any substitute department or officer as that Servicing
Party shall specify for this purpose).

 

		(c)	All notices from or to a Transaction Obligor shall be sent through the Facility Agent unless otherwise
specified in any Finance Document.

 

		(d)	Any communication or document made or delivered to the Borrower in accordance with this Clause
will be deemed to have been made or delivered to each of the Transaction Obligors.

 

		(e)	Any communication or document which becomes effective, in accordance with paragraphs (a) to (d)
above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

    	 	133	 

     

    

 

		35.4	Notification of address and fax number

 

Promptly upon
receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 35.2 (Addresses)
or changing its own address or fax number, the Facility Agent shall notify the other Parties.

 

		35.5	Electronic communication

 

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website)
if those two Parties:

 

		(i)	notify each other in writing of their electronic mail address and/or any other information required
to enable the transmission of information by that means; and

 

		(ii)	notify each other of any change to their address or any other such information supplied by them
by not less than five Business Days' notice.

 

		(b)	Any such electronic communication as specified in paragraph (a) above to be made between an Obligor
and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to
the contrary, this is to be an accepted form of communication.

 

		(c)	Any such electronic communication as specified in paragraph (a) above made between any two Parties
will be effective only when actually received (or made available) in readable form and in the case of any electronic communication
made by a Party to the Facility Agent or the Security Agent only if it is addressed in such a manner as the Facility Agent or the
Security Agent shall specify for this purpose.

 

		(d)	Any electronic communication which becomes effective, in accordance with paragraph (c) above, after
5.00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the
purpose of this Agreement shall be deemed only to become effective on the following day.

 

		(e)	Any reference in a Finance Document to a communication
being sent or received shall be construed to include that communication being made available in accordance with this Clause 35.5
(Electronic communication).

 

		35.6	English language

 

		(a)	Any notice given under or in connection with any Finance Document must be in English.

 

		(b)	All other documents provided under or in connection with any Finance Document must be:

 

		(i)	in English; or

 

		(ii)	if not in English, and if so required by the Facility Agent (acting on the instructions of the
Majority Lenders), accompanied by a certified English translation prepared by a translator approved by the Facility Agent (acting
on the instructions of the Majority Lenders) and, in this case, the English translation will prevail unless the document is a constitutional,
statutory or other official document.

 

    	 	134	 

     

    

 

		36	CALCULATIONS AND CERTIFICATES

 

		36.1	Accounts

 

In any litigation
or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained
by a Finance Party are prima facie evidence of the matters to which they relate.

 

		36.2	Certificates and determinations

 

Any certification
or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive
evidence of the matters to which it relates.

 

		36.3	Day count convention

 

Any interest,
commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number
of days elapsed and a year of 360 days or, in any case where the practice in the London interbank market differs, in accordance
with that market practice.

 

		37	PARTIAL INVALIDITY

 

If, at any time,
any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

 

		38	REMEDIES AND WAIVERS

 

No failure to
exercise, nor any delay in exercising, on the part of any Secured Party, any right or remedy under a Finance Document shall operate
as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance
Document on the part of a Secured Party shall be effective unless it is in writing. No single or partial exercise of any right
or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided
in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law.

 

		39	SETTLEMENT OR DISCHARGE CONDITIONAL

 

Any settlement
or discharge under any Finance Document between any Finance Party and any Transaction Obligor shall be conditional upon no security
or payment to any Finance Party by any Transaction Obligor or any other person being set aside, adjusted or ordered to be repaid,
whether under any insolvency law or otherwise.

 

		40	IRREVOCABLE PAYMENT

 

If the Facility
Agent considers that an amount paid or discharged by, or on behalf of, a Transaction Obligor or by any other person in
purported payment or discharge of an obligation of that Transaction Obligor to a Secured Party under the Finance Documents is
capable of being avoided or otherwise set aside on the liquidation or administration of that Transaction Obligor

 

    	 	135	 

     

    

 

or otherwise,
then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the
Finance Documents.

 

		41	AMENDMENTS AND WAIVERS

 

		41.1	Required consents

 

		(a)	Subject to Clause 41.2 (All Lender matters) and Clause 41.3 (Other exceptions) any
term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and, in the case of an amendment,
the Obligors and any such amendment or waiver will be binding on all Parties.

 

		(b)	The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted
by this Clause 41 (Amendments and Waivers).

 

		(c)	Without prejudice to the generality of Clause 28.7 (Rights and discretions), the Facility
Agent may at the Borrower's cost engage and rely on the services of lawyers in determining the consent level required for and effecting
any amendment, waiver or consent under this Agreement.

 

		(d)	Paragraph (c) of Clause 26.9 (Pro rata interest settlement) shall apply to this Clause 41
(Amendments and Waivers).

 

		41.2	All Lender matters

 

Subject to Clause
41.4 (Replacement of Screen Rate), an amendment of or waiver or consent in relation to any term of any Finance Document
that has the effect of changing or which relates to:

 

		(a)	the definition of "Majority Lenders" in Clause 1.1 (Definitions);

 

		(b)	a postponement to or extension of the date of payment of any amount under the Finance Documents;

 

		(c)	a reduction in the Margin Interest Rate
or the amount of any payment of principal, interest, fees or commission payable;

 

		(d)	a change in currency of payment of any amount under the Finance Documents;

 

		(e)	an increase in any Commitment or the Total Commitments, an extension of any Availability Period
or any requirement that a cancellation of Commitments reduces the Commitments rateably under the Facility;

 

		(f)	a change to any Transaction Obligor other than in accordance with Clause 27 (Changes to the
Transaction Obligors);

 

		(g)	any provision which expressly requires the consent of all the Lenders;

 

		(h)	this Clause 41 (Amendments and Waivers);

 

		(i)	any change to the preamble (Background), Clause 2 (The
Facility), Clause 3 (Purpose), Clause 5 (Utilisation), Clause 7.4 (Mandatory prepayment on sale or Total
Loss), Clause 9 (Interest), Clause 22.9 (Compliance with law, etc.), Clause 22.11 (Sanctions and Ship trading), Clause
24

 

    	 	136	 

     

    

 

[Earnings Account
and Application of Earnings), Clause 26 [Changes to the Lenders), Clause 31 I[Sharing among the Finance Parties),
Clause 4544 [Governing Law) or Clause 46 45 [Enforcement);

 

		(j)	any release of, or material variation to, any Transaction Security, guarantee, indemnity or subordination
arrangement set out in a Finance Document (except in the case of a release of Transaction Security as it relates to the disposal
of an asset which is the subject of the Transaction Security and where such disposal is expressly permitted by the Majority Lenders
or otherwise under a Finance Document);

 

		(k)	(other than as expressly permitted by the provisions of any Finance Document) the nature or scope
of:

 

		(i)	the guarantee and indemnity granted under Clause 17 [Guarantee and Indemnity);

 

		(ii)	the Security Assets; or

 

		(iii)	the manner in which the proceeds of enforcement of the Transaction Security are distributed,

 

(except in the
case of sub-paragraphs (ii) and (iii) above, insofar as it relates to a sale or disposal of an asset which is the subject of the
Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document);

 

		(l)	the release of the guarantee and indemnity granted under Clause 17 [Guarantee and Indemnity)
or of any Transaction Security unless permitted under this Agreement or any other Finance Document or relating to a sale or disposal
of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement
or any other Finance Document,

 

shall not be made, or given, without
the prior consent of all the Lenders.

 

		41.3	Other exceptions

 

		(a)	An amendment or waiver which relates to the rights or obligations
of a Servicing Party (in its capacity as such) may not be effected without the consent of that Servicing Party.

 

		(b)	The Borrower and the Facility Agent or the Borrower
and the Security Agent, as applicable, may amend in writing or waive a term of a Fee Letter to which they are party.

 

		41.4	Replacement of Screen Rate

 

		(a)	Subject to Clause 41.3 [Other exceptions),
                                         if a Screen Rate Replacement Event has occurred in relation to the Screen
                                         Rate is not available for dollars, any amendment or waiver which relates
                                         to providing for another benchmark rate to apply in relation to dollars, in place
                                         of that Screen Rate (or which relates to aligning any provision of a Finance Document
                                         to the use of that benchmark rate) may be made with the consent of the Majority Lenders
                                         and the Borrower.;

 

		(i)	providing for the use of a Replacement Benchmark in
relation to that currency in place of that Screen Rate; and

 

(ii)

 

    	 	137	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

		(b)	If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a)
above within 5 Business Days (unless the Borrower and the Facility Agent (acting on the instructions of the Majority Lenders) agree
to a longer time period in relation to any request) of that request being made:

 

		(i)	its Commitment shall not be included for the purpose of calculating the Total Commitments when
ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and

 

		(ii)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement
of any specified group of Lenders has been obtained to approve that request.

 

		41.5	Obligor Intent

 

Without prejudice
to the generality of Clauses 1.2 (Construction) and 17.4 (Waiver of defences), each Obligor expressly confirms that
it intends that any guarantee contained in this Agreement or any other Finance Document and any Security created by any Finance
Document shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of
the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in
connection with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions
to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities
available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made
available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.

 

    	 	138	 

     

    

  

		42	CONFIDENTIAL INFORMATION

 

		42.1	Confidentiality

 

Each Finance
Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted
by Clause 42.2 (Disclosure of Confidential Information) and, Clause 42.3 (Disclosure to numbering
service providers) and unless otherwise required by law, court order, regulatory authority or stock exchange rules,
requirements and regulations 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.

 

		42.2	Disclosure of Confidential Information

 

Any Finance
Party may disclose:

 

		(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees,
professional advisers, auditors, legal counsels, insurers, insurance advisors, insurance brokers, partners and Representatives
such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information
is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential
Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is
subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of
confidentiality in relation to the Confidential Information;

 

		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any
of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as
Facility Agent or Security Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional
advisers;

 

		(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation 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 Transaction Obligors and to any of that person's Affiliates, Related Funds,
Representatives and professional advisers;

 

		(iii)	appointed by any Finance Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b)
above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf
(including, without limitation, any person appointed under paragraph (c) of Clause 28.14 (Relationship with the other Finance
Parties));

 

		(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
or indirectly, any transaction referred to in sub-paragraph (i) or (ii) of paragraph (b) above;

 

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

 

    	 	139	 

     

    

 

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

 

		(vii)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security
(or may do so) pursuant to Clause 26.8 (Security over Lenders' rights);

 

		(viii)	who is a Party, a Transaction Obligor or any related entity of a Transaction Obligor;

 

		(ix)	as a result of the registration of any Finance Document as contemplated by any Finance Document
or any legal opinion obtained in connection with any Finance Document; or

 

		(x)	with the consent of the Borrower;

 

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

 

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

 

		(B)	in relation to sub-paragraph (iv) of paragraph (b) above, the person to whom the Confidential Information
is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information;

 

		(C)	in relation to sub-paragraphs (v), (vi) and (vii) of paragraph (b) above, the person to whom the
Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party,
it is not practicable so to do in the circumstances;

 

		(c)	to any person appointed by that Finance Party or by a person to whom sub-paragraph (i) or (ii)
of paragraph (b) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential
Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this
paragraph (c) if the service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement
substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers
or such other form of confidentiality undertaking agreed between the Borrower and the relevant Finance Party; and

 

		(d)	to any rating agency (including its professional advisers) such Confidential Information as may
be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents
and/or the Transaction Obligors if the rating agency 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.

 

    	 	140	 

     

    

 

		42.3	DAC6

 

Nothing in any Finance Document
shall prevent disclosure of any Confidential Information or other matter to the extent that preventing that disclosure would
otherwise cause any transaction contemplated by the Finance Documents or any transaction carried out in connection with any
transaction contemplated by the Finance Documents to become an arrangement described in Part II A 1 of Annex IV of
Directive 2011/16/EU.

 

		42.4	42.3Disclosure to numbering service
providers

 

		(a)	Any Finance Party may disclose to any national or international
numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement,
the Facility and/or one or more Transaction Obligors the following information:

 

		(i)	names of Transaction Obligors;

 

		(ii)	country of domicile of Transaction Obligors;

 

		(iii)	place of incorporation of Transaction Obligors;

 

		(iv)	date of this Agreement;

 

		(v)	Clause 45-44 (Governing Law);

 

		(vi)	the name of the Facility Agent;

 

		(vii)	date of each amendment and restatement of this Agreement;

 

		(viii)	amount of Total Commitments;

 

		(ix)	currency of the Facility;

 

		(x)	type of Facility;

 

		(xi)	ranking of Facility;

 

		(xii)	Termination Date for Facility;

 

		(xiii)	changes to any of the information previously supplied pursuant to sub-paragraphs (i) to (xii) above; and

 

		(xiv)	such other information agreed between such Finance Party and the Borrower,

 

to enable such numbering service
provider to provide its usual syndicated loan numbering identification services.

 

		(b)	The Parties acknowledge and agree that each identification
number assigned to this Agreement, the Facility and/or one or more Transaction Obligors by a numbering service provider and the
information associated with each such number may be disclosed to users of its services in accordance with the standard terms and
conditions of that numbering service provider.

 

    	 	141	 

     

    

 

		(c)	Each Obligor represents, on behalf of itself and the other Transaction Obligors, that none of the
information set out in sub-paragraphs (i) to (xiv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive
information.

 

		42.5	42.4Entire
                                         agreement

 

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

 

		42.6	42.5lnside
                                         information

 

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

 

		42.7	42.6Notification
                                         of disclosure

 

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

 

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to subparagraph
(v) of paragraph (b) of Clause 42.2 [Disclosure of Confidential Information) except where such disclosure is made to any
of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 42
[Confidential Information).

 

		42.8	42.7Continuing obligations

 

The obligations
in this Clause 42 [Confidential Information) are continuing and, in particular, shall survive and remain binding on each
Finance Party for a period of 12 months from the earlier of:

 

		(a)	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

 

		(b)	the date on which such Finance Party otherwise ceases to be a Finance Party.

 

		43	CONFIDENTIALITY
                                         OF FUNDING RATES

 

		43.1	Confidentiality and disclosure

 

		(a)	The Facility Agent and each Obligor agree
                                         to keep each Funding Rate confidential and not to disclose it to anyone, save to the
                                         extent permitted by paragraphs (b) and (c) below.

 

		(b)	The Facility Agent may disclose:

 

    	 	142	 

     

    

 

		(i)	any Funding Rate
                                         to the Borrower pursuant to Clause 9.4 [Notification of rates of interest); and

 

		(ii)	any
                                         Funding Rate to any person appointed by it to provide administration services in respect
                                         of one or more of the Finance Documents to the extent necessary to enable such service
                                         provider to provide those services if the service provider to whom that information is
                                         to be given has entered into a confidentiality agreement substantially in the form of
                                         the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service
                                         Providers or such other form of confidentiality undertaking agreed between the Facility
                                         Agent and the relevant Lender.

 

		(e)	The Facility Agent may
                                         disclose any Funding Rate, and each Obligor may disclose any Funding Rate, to:

 

		(i)	any
                                         of its Affiliates and any of its or their officers, directors, employees, professional
                                         advisers, auditors, partners and Representatives if any person to whom that Funding Rate
                                         is to be given pursuant to this sub-paragraph (i) is informed in writing of its confidential
                                         nature and that it may be price sensitive information except that there shall be no such
                                         requirement to so inform if the recipient is subject to professional obligations to maintain
                                         the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality
                                         in relation to it;

 

		(it)	any
                                         person to whom information is required or requested to be disclosed by any court of competent
                                         jurisdiction or any governmental, banking, taxation or other regulatory authority or
                                         similar body, the rules of any relevant stock exchange or pursuant to any applicable
                                         law or regulation if the person to whom that Funding Rate is to be given is informed
                                         in writing of its confidential nature and that it may be price sensitive information
                                         except that there shall be no requirement to so inform if, in the opinion of the Facility
                                         Agent or the relevant Obligor, as the case may be, it is not practicable to do so in
                                         the circumstances;

 

		(iii)	any
                                         person to whom information is required to be disclosed in connection with, and for the
                                         purposes of, any litigation, arbitration, administrative or other investigations, proceedings
                                         or disputes if the person to whom that Funding Rate is to be given is informed in writing
                                         of its confidential nature and that it may be price sensitive information except that
                                         there shall be no requirement to so inform if, in the opinion of the Facility Agent or
                                         the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;
                                         and

 

		(iv)	any person with
                                         the consent of the relevant Lender.

 

		43.2	Related
                                         obligations

 

		(a)	The
                                         Facility Agent and each Obligor acknowledge that each Funding Rate is or may be price
                                         sensitive information and that its use may be regulated or prohibited by applicable legislation
                                         including securities law relating to insider dealing and market abuse and the Facility
                                         Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose.

 

		(b)	The
                                         Facility Agent and each Obligor agree (to the extent permitted by law and regulation)
                                         to inform the relevant Lender:

 

		(i)	of
                                         the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph
                                         (c) of Clause 43.1 [Confidentiality and disclosure) except where such

 

    	 	143	 

     

    

 

	 	 	disclosure is made to any of the persons referred to in that
                                         paragraph during the ordinary course of its supervisory or regulatory function; and
	 	 	 
		(ii)	upon becoming aware
                                         that any information has been disclosed in breach of this Clause 43 (Confidentiality
                                         of Funding Rates).

 

		43.3	No Event of Default

 

No Event
of Default will occur under Clause 25.4 (Other obligations) by reason only of an Obligor's failure to comply with this
Clause 43 (Confidentiality of Funding Rates).

 

		43	44COUNTERPARTS

 

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

 

    	 	144	 

     

    

 

SECTION 12

 

GOVERNING LAW AND ENFORCEMENT

 

		44	45GOVERNING
LAW

 

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

 

		45	46ENFORCEMENT

 

		45.1	46.1Jurisdiction

 

		(a)	Unless specifically provided in another Finance Document in relation to that Finance Document,
the courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with any Finance Document
(including a dispute regarding the existence, validity or termination of any Finance Document or any non-contractual obligation
arising out of or in connection with any Finance Document) (a "Dispute").

 

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

 

		(c)	This Clause 46.1 45.1
                                                             (Jurisdiction) is for the benefit of the Secured Parties only. As a result,

                                                             no Secured Party shall be prevented from taking proceedings relating to a Dispute in
                                                             any other courts with jurisdiction. To the extent allowed by law, the Secured Parties
                                                             may take concurrent proceedings in any number of jurisdictions.

 

		45.2	46.2Service
                                         of process

 

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

 

		(i)	irrevocably appoints Messrs E. J. C. Album Solicitors, presently
                                         of Landmark House, 190 Willifield Way, London NW11 6YA, England (attention: Mr Edward
                                         Album, tel: +44 208 455 7653, fax: +44 208 457 5558 and email: ejca@mitgr.com)
                                         as its agent for service of process in relation to any proceedings before the English
                                         courts in connection with any Finance Document; and

 

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

 

		(b)	If any person appointed as an agent for service of process
is unable for any reason to act as agent for service of process, the Borrower (on behalf of all the Obligors) must immediately
(and in any event within 5 days of such event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing
this, the Facility Agent may appoint another agent for this purpose.

 

		46	47PATRIOT
                                         ACT NOTICE

 

		46.1	47.1PATRIOT
                                         Act Notice

 

Each of the Facility Agent and
the Lenders hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act and the policies and practices of
the Facility Agent and each

 

    	 	145	 

     

    

 

Lender, the Facility Agent and
each of the Lenders is required to obtain, verify and record certain information and documentation that identifies each Transaction
Obligor, which information includes the name and address of each Transaction Obligor and such other information that will allow
the Facility Agent and each of the Lenders to identify each Transaction Obligor in accordance with the PATRIOT Act.

 

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

 

    	 	146	 

     

    

 

SCHEDULE 1 

 

THE PARTIES

 

PART A

 

THE OBLIGORS

 

	Name of Borrower	 	Place of Incorporation	 	
        Registration

        number (or

        equivalent, if any)
	 	
        Address for

        Communication

	 	 	 	 	 	 	 
	
        Lord Ocean

        Navigation Co.
	 	The Republic of Liberia 	 	C-118943	 	154 Vouliagmenis 

Avenue, 166 74 Glyfada, 

Athens Greece
	 	 	 	 	 	 	 
	 	 	 	 	 	 	Tel: +302130181507  

Email: legal@seanergy.gr 

Fax: +302109638404

 

	Name of Guarantor	 	Place of Incorporation	 	
        Registration

        number (or

        equivalent, if any)
	 	
        Address for

        Communication

	 	 	 	 	 	 	 
	Seanergy Maritime Holdings Corp.	 	The Republic of the Marshall Islands	 	27721	 	
        154 Vouliagmenis

        Avenue, 166 74 Glyfada,

        Athens
Greece

         

        Tel: +302130181507 

Email: legal@seanergy.gr 

Fax: +302109638404 

 

    	 	147	 

     

    

 

PART B

 

THE ORIGINAL LENDERS

 

	Name of Original Lender	 	Commitment	 	Address for Communication
	 	 	 	 	 
	EnTrustPcrmal 

        EnTrustGlobal ICAV, for and on behalf of Blue Ocean Fund
	 	$9,869,240	 	
        EnTrustPcrmal EnTrustGlobal ICAV

        c/o EnTrust Global Partners LLCOffshore
        LP

        375 Park Avenue

        New York, NY 10152

         

	 	 	 	 	
        Facsimile:+1212 888 0751

        Email: sengh@entrustpermal.com

        /odonnerstein@entrustpermal.com/

        bkahne@entrustpermal.com

	 	 	 	 	 
	 	 	 	 	Email: sergh@entrustglobal.com

        /odonnerstein@entrustglobal.com/

        mlux@entrustglobal.com

        Attention: Svein Engh / Omer Donnerstein

        / Bruce
        KahneMatthew Lux  

	
        Blue Ocean Onshore Fund LP

         
	 	$10,464,794	 	
        

        Blue Ocean Onshore Fund LP

        c/o EnTrust Global Partners LLCOffshore
        LP

        375 Park Avenue

        New Yorkj NY 10152

         

        Facsimile:+1212 888 0751

        Email: sengh@entrustpermal.com

        /odonnerstein@entrustpermal.com/

        bkahne@entrustpermal.com

         

        Email: sengh@entrustglobal.com

        /odonnerstein@entrustglobal.com/

        mlux@entrustglobal.com

        Attention: Svein Engh / Omer Donnerstein

        / Bruce
        KahneMatthew Lux

	 	 	 	 	 
	Blue Ocean Investments SPC, for and on behalf of Segregated Portfolio One	 	$4,165,966	 	
        Blue Ocean Investments SPC

        c/o EnTrust Global Partners LLCOffshore
        LP

        375 Park Avenue

        New York, NY 10152

        

        Facsimile:+1212 888 0751

        Email: sengh@entrustpermal.com

        /odonnerstein@entrustpermal.com/

        bkahne@entrustpermal.com

 

    	 	148	 

     

    

 

	 	 	 	 	
        Email: sengh@entrustglobal.com

        /odonnerstein@entrustglobal.com/

        mlux@entrustglobal.com

        Attention: Svein Engh / Omer Donnerstein

        / Bruce
        KahneMatthew Lux

 

    	 	149	 

     

    

 

PART C

 

THE SERVICING PARTIES

 

	Name of Facility Agent	 	Address for Communication
	 	 	 
	
        Wilmington Trust, National AssociationLucid
        Agency

        Services Limited
	 	
        1100 North Market Street,

        Wilmington, DE 19890

         

        Attn: Jennifer Anderson

         

        6th Floor. No 1 Building 1-5
        London Wall Buildings. London Wall. London. United Kingdom, EC2M 5PG

         

        Fax: 302-636-4145+ 44 2030024691

         

        Attention: Lucid Agency and Trustee Services Limited (deals@lucid-ats.com)

	 	 	 
	Name of Security Agent	 	Address for Communication
	 	 	 
	
        Wilmington Trust, National AssociationLucid

        Trustee Services Limited 
	 	
        1100 North Market Street,

        Wilmington, DE 19890

         

        Attn: Jennifer Anderson

         

        6th Floor,
        No 1 Building 1-5 London Wall Buildings, London Wall, London, United Kingdom, EC2M 5PG

         

        Fax: 302-636-4145+
        44 2030024691

         

        Attention: Lucid Agency and Trustee Services
        Limited (deals@lucid-ats.com)

  

    	 	150	 

     

    

 

SCHEDULE 2

CONDITIONS PRECEDENT

PART A

CONDITIONS PRECEDENT TO UTILISATION REQUEST

 

		1	Obligors

 

		1.1	A copy of the constitutional documents of each Transaction
Obligor.

 

		1.2	A copy of a resolution of the board of directors of each
Transaction Obligor:

 

		(a)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it
is a party and resolving that it execute the Finance Documents to which it is a party;

 

		(b)	authorising a specified person or persons to execute the Finance Documents to which it is a party
on its behalf; and

 

		(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents
and notices (including, if relevant, the Utilisation Request) to be signed and/or despatched by it under, or in connection with,
the Finance Documents to which it is a party.

 

		1.3	An original of the power of attorney of any Transaction Obligor authorising a specified person
or persons to execute the Finance Documents to which it is a party.

 

		1.4	A specimen of the signature of each person authorised by the resolution referred to in paragraph
1.2 above.

 

		1.5	A copy of a resolution
                                         signed by the Shareholder as the holder of all the issued share capital
                                         shares in the Borrower, approving the terms of, and the transactions contemplated
                                         by, the Finance Documents to which the Borrower is a party.

 

		1.6	A certificate of each Transaction Obligor (signed by an
officer) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing
or similar limit binding on that Transaction Obligor to be exceeded.

 

		1.7	A certificate of each Transaction Obligor that is incorporated outside the UK (signed by an officer)
certifying either that (i) it has not delivered particulars of any UK Establishment to the Registrar of Companies as required under
the Overseas Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which it is registered
with the Registrar of Companies.

 

		1.8	A certificate of an officer of the relevant Transaction Obligor certifying that each copy document
relating to it specified in this Part A of Schedule 2 (Conditions Precedent) is correct, complete and in full force and
effect as at a date no earlier than the date of this Agreement.

 

		2	Legal opinions

 

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

 

    	 	151	 

     

    

 

		2.2	If a Transaction Obligor is incorporated in a jurisdiction
other than England and Wales, a legal opinion of the legal advisers to the Facility Agent and the Security Agent in the relevant
jurisdiction, substantially in the form distributed to the Original Lenders before signing this Agreement.

 

		3	Other documents and evidence

 

		3.1	Evidence that any
                                         process agent referred to in Clause 46.2 45.2 (Service of process)
                                         has accepted its appointment.

 

		3.2	A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent
considers to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance
of the transactions contemplated by any Transaction Document or for the validity and enforceability of any Transaction Document.

 

		3.3	Evidence that the Earnings Account has been opened with
the Account Bank.

 

		3.4	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 11 (Fees)
and Clause 16 (Costs and Expenses) have been paid or will be paid by the Utilisation Date.

 

		3.5	Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each
of their "know your customer" or similar identification procedures in relation to the transactions contemplated by the
Finance Documents.

 

    	 	152	 

     

    

 

PART B

 

CONDITIONS PRECEDENT TO UTILISATION

 

		1	Borrower

 

A certificate of an authorised
signatory of the Borrower certifying that each copy document which it is required to provide under this Part B of Schedule 2 (Conditions
Precedent) is correct, complete and in full force and effect as at the Utilisation Date.

 

		2	Release of Existing Security

 

An original of the Deed of Release
and of each document to be delivered under or pursuant to it, together with evidence satisfactory to the Facility Agent (acting
on the instructions of the Majority Lenders) of its due execution by the parties to it.

 

		3	Finance Documents

 

		3.1	A duly executed original of any Finance Document not otherwise referred to in this Schedule 2 (Conditions
Precedent).

 

		3.2	A duly executed original of any other document required to be delivered by each Finance Document
if not otherwise referred to this Schedule 2 (Conditions Precedent).

 

		4	Ship and other security

 

		4.1	A duly executed original of the Account Security, the Shares Security, the Mortgage, the General
Assignment and any Charter Assignment and of each document to be delivered under or pursuant to each of them together with documentary
evidence that the Mortgage has been duly registered or recorded (as applicable) as a valid first preferred or priority (as applicable)
ship mortgage in accordance with the laws of the jurisdiction of the Approved Flag.

 

		4.2	Documentary evidence that the Ship:

 

		(a)	is definitively and permanently registered in the name of the Borrower under the Approved Flag.

 

		(b)	is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance
Documents;

 

		(c)	maintains the Approved Classification with the Approved Classification Society free of all overdue
recommendations and conditions of the Approved Classification Society; and

 

		(d)	is insured in accordance with the provisions of this Agreement and all requirements in this Agreement
in respect of insurances have been complied with.

 

		4.3	Documents establishing that the Ship will, as from the Utilisation Date, be managed commercially
by the Approved Commercial Manager and managed technically by the Approved Technical Manager on terms acceptable to the Facility
Agent acting with the authorisation of all of the Lenders, together with:

 

		(a)	a Manager's Undertaking for each of the Approved Technical Manager and the Approved Commercial
Manager; and

 

    	 	153	 

     

    

 

		(b)	copies of the Approved Technical Manager's Document of
Compliance and of the Ship's Safety Management Certificate (together with any other details of the applicable Safety Management
System which the Facility Agent requires (acting on the instructions of the Majority Lenders)) and of any other documents required
under the ISM Code and the ISPS Code in relation to the Ship including without limitation an ISSC.

 

		4.4	An opinion from an independent insurance consultant acceptable to the Facility Agent (acting on
the instructions of the Majority Lenders) on such matters relating to the Insurances as the Facility Agent may require (acting
on the instructions of the Majority Lenders).

 

		5	Legal opinions

 

Legal opinions of the legal
advisers to the Facility Agent and the Security Agent in the jurisdiction of the Approved Flag of the Ship, Marshall Islands and
such other relevant jurisdictions as the Facility Agent may require.

 

		6	Other documents and evidence

 

		6.1	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 11 (Fees)
and Clause 16 (Costs and Expenses) have been paid or will be paid by the Utilisation Date.

 

    	 	154	 

     

    

 

SCHEDULE 3

REQUESTS

 

UTILISATION REQUEST

 

		From:	Lord Ocean Navigation Co.

[·]

 

		To	Wilmingten
                                         Trust, Natienal Assedation

		To:	Lucid
                                         Agency Services Limited

[·]

 

Dated: [·]
June 2018

 

Dear Sirs

 

Lord Ocean Navigation Co. $24,500,000
Facility Agreement dated [•]-11 June 2018 (as amended and restated pursuant to a resignation, appointment, amendment and restatement
deed dated [·]
2020, the "Agreement")

 

		1	We
                                         refer to the Agreement. This is the Utilisation Request. Terms defined in the Agreement
                                         have the same meaning in this Utilisation Request unless given a different meaning in
                                         this Utilisation Request.

 

		2	We
                                         wish to borrow the Loan on the following terms:

 

	Proposed
    Utilisation Date:	[·]
    June 2018 (or, if that is not a Business Day, the next Business Day)
	 	 
	Amount:	[$24,500,000] or, if less, the Available Facility

 

		3	[You
                                         are authorised and requested to deduct from the Loan prior to funds being remitted the
                                         following amounts set out against the following items:

 

	Fees payable on the Utilisation
    date pursuant to Clause 11 (Fees)	$[·]
	 	 
	Net proceeds of Loan	$[[·]]]

 

		4	[We
                                         request that funds are prepositioned with [include details of relevant bank] in accordance
                                         with Clause 5.8 (Prepositioning of Funds).]

 

		5	We
                                         hereby agree and acknowledge that the Facility Agent shall make payments strictly on
                                         the basis of the information set forth in this Utilisation Request hereto even if such
                                         information is incorrect. In the event that any of such information is incorrect, we
                                         agree that the Facility Agent shall not have any liability with respect thereto.

 

		6	We
                                         confirm that each condition specified in Clause 4.1 (Initial conditions precedent) and
                                         Clause 4.2 (Further conditions precedent) of the Agreement as they relate to the Loan
                                         is satisfied on the date of this Utilisation Request.

 

		7	The
net proceeds of the Loan should be credited to [·].

 

		8	This
                                         Utilisation Request is irrevocable.

 

    	 	155	 

     

    

 

Yours faithfully

 

	 	 
	[·]	 
	authorised signatory for	 
	LORD OCEAN NAVIGATION CO.	 

 

    	 	156	 

     

    

 

SCHEDULE 4

 

FORM OF TRANSFER CERTIFICATE

 

		To:	WiImington Trust,
                                                                                                                                          National AssOCiation Lucid Agency Services Limited as
                                                                                                                                          Facility Agent

 

		From:	[the Existing Lender]
                                         (the "Existing Lender") and [the New Lender] (the "New Lender")

 

Dated:
[·]

 

Dear Sirs

 

Lord Ocean Navigation Co. –
$24,500,000 Facility Agreement dated [•] 11 June 2018 (as amended and restated pursuant to a
resignation, appointment, amendment and restatement deed dated [·]
2020. the "Agreement")

 

		1	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have
the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

 

		2	We refer to Clause 26.5 (Procedure for transfer) of the Agreement:

 

		(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender
by novation all of the Existing Lender's rights and obligations under the Agreement and the other Finance Documents which relate
to that portion of the Existing Lender's Commitment and participation in the Loan under the Agreement as specified in the Schedule
in accordance with Clause 26.5 (Procedure for transfer) of the Agreement.

 

		(b)	The proposed Transfer Date is [·].

 

		(c)	The Facility Office and address, fax number and attention details for notices of the New Lender
for the purposes of Clause 35.2 (Addresses) of the Agreement are set out in the Schedule.

 

		3	The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set
out in paragraph (c) of Clause 26.4 (Limitation of responsibility of Existing Lenders) of the Agreement.

 

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

 

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

 

		6	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer
Certificate.

 

Note: The execution of this Transfer
Certificate may not transfer a proportionate share of the Existing Lender's interest in the Transaction Security in all jurisdictions.
It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect
a

 

    	 	157	 

     

    

 

transfer of such a share in the Existing
Lender's Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those
formalities.

 

    	 	158	 

     

    

 

THE SCHEDULE

Commitment/rights and obligations to be transferred

[insert relevant details]

[Facility Office address, fax number and attention details

for notices and account details for payments.]

 

	[Existing Lender]	[New Lender]
	 	 
	By: [·]	By: [·]

 

This Transfer Certificate is accepted by the Facility Agent
and the Transfer Date is confirmed as [·].

 

[Facility Agent]

 

By:
[·]

 

    	 	159	 

     

    

  

SCHEDULE 5

 

FORM OF ASSIGNMENT AGREEMENT

 

		To:	WiImington Trust, National Association Lucid
                                                                                                                        Agency Services Limited as Facility Agent and Lord Ocean Navigation
                                                                                                                        Co. as Borrower, for and on behalf of each Transaction Obligor

 

		From:	[the Existing Lender]
                                         (the "Existing Lender") and [the New Lender] (the "New Lender")

 

Dated:
[·]

 

Dear Sirs

 

Lord Ocean Navigation Co. -
$24,500,000 Facility Agreement dated [•] 11 June 2018 (as amended and restated pursuant to a
resignation, appointment, amendment and restatement deed dated [•] 2020. the "Agreement")

 

		1	We
                                         refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement
                                         have the same meaning in this Assignment Agreement unless given a different meaning in
                                         this Assignment Agreement.

 

		2	We refer
                                         to Clause 26.6 (Procedure for assignment):

 

		(a)	The
                                         Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender
                                         under the Agreement, the other Finance Documents and in respect of the Transaction Security
                                         which correspond to that portion of the Existing Lender's Commitment and participations
                                         in the Loan under the Agreement as specified in the Schedule.

 

		(b)	The
                                         Existing Lender is released from all the obligations of the Existing Lender which correspond
                                         to that portion of the Existing Lender's Commitments and participations in the Loan under
                                         the Agreement specified in the Schedule.

 

		(c)	The
                                         New Lender becomes a Party as a Lender and is bound by obligations equivalent to those
                                         from which the Existing Lender is released under paragraph (b) above.

 

		(d)	All
                                         rights and interests (present, future or contingent) which the Existing Lender has under
                                         or by virtue of the Finance Documents are assigned to the New Lender absolutely, free
                                         of any defects in the Existing Lender's title and of any rights or equities which the
                                         Borrower or any other Transaction Obligor had against the Existing Lender.

 

		3	The
                                         proposed Transfer Date is [•].

 

		4	On the
                                         Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.

 

		5	The
                                         Facility Office and address, fax, number and attention details for notices of the New
                                         Lender for the purposes of Clause 35.2 (Addresses) are set out in the Schedule.

 

		6	The
                                         New Lender expressly acknowledges the limitations on the Existing Lender's obligations
                                         set out in paragraph (c) of Clause 26.4 (Limitation of responsibility of Existing Lenders).

 

		7	This
                                         Assignment Agreement acts as notice to the Facility Agent (on behalf of each Finance
                                         Party) and, upon delivery in accordance with Clause 26.7 (Copy of Transfer Certificate
                                         or

 

    	 	160	 

     

    

 

Assignment Agreement to Borrower),
to the Borrower (on behalf of each Transaction Obligor) of the assignment referred to in this Assignment Agreement.

 

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

 

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

 

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

 

Note: The execution of this Assignment
Agreement may not transfer a proportionate share of the Existing Lender's interest in the Transaction Security in all jurisdictions.
It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect
a transfer of such a share in the Existing Lender's Transaction Security in any jurisdiction and, if so, to arrange for execution
of those documents and completion of those formalities.

 

    	 	161	 

     

    

 

THE SCHEDULE

 

Commitment rights and obligations to
be transferred by assignment, release and accession

 

[insert relevant details]

 

[Facility office address, fax number and
attention details for notices

and account details for payments]

 

	[Existing Lender]	[New Lender]
	 	 
	By: [·]	By: [·]

 

This Assignment Agreement is accepted by the Facility Agent
and the Transfer Date is confirmed as [·].

 

Signature of this Assignment Agreement by the Facility Agent
constitutes confirmation by the Facility Agent of receipt of notice of the assignment referred to herein, which notice the Facility
Agent receives on behalf of each Finance Party.

 

[Facility Agent]

 

By:

 

    	 	162	 

     

    

 

SCHEDULE 6

 

REPAYMENT SCHEDULE

 

	Date	 	Opening 

Balance	 	Amortization	 	Closing Balance	 	Interest
	13/06/2018	 	 	 	 	 	 	 	 	 	 	24,500,000	 	 	 	 	 
	13/09/2018	 	 	24,500,000	 	 	 	200,000	 	 	 	24,300,000	 	 	 	876,400	 
	13/12/2018	 	 	24,300,000	 	 	 	200,000	 	 	 	24,100,000	 	 	 	864,700	 
	13/03/2019	 	 	24,100,000	 	 	 	200,000	 	 	 	23,900,000	 	 	 	853,000	 
	13/06/2019	 	 	23,900,000	 	 	 	200,000	 	 	 	23,700,000	 	 	 	876,400	 
	13/09/2019	 	 	23,700,000	 	 	 	200,000	 	 	 	23,500,000	 	 	 	876,400	 
	13/12/2019	 	 	23,500,000	 	 	 	200,000	 	 	 	23,300,000	 	 	 	864,700	 
	13/03/2020	 	 	23,300,000	 	 	 	200,000	 	 	 	23,100,000	 	 	 	864,700	 
	13/06/2020	 	 	23,100,000	 	 	 	200,000	 	 	 	22,900,000	 	 	 	876,400	 
	13/09/2020	 	 	22,900,000	 	 	 	600,000	 	 	 	22,300,000	 	 	 	476,400	 
	13/12/2020	 	 	22,300,000	 	 	 	700,000	 	 	 	21,600,000	 	 	 	364,700	 
	13/03/2021	 	 	21,600,000	 	 	 	700,000	 	 	 	20,900,000	 	 	 	353,000	 
	13/06/2021	 	 	20,900,000	 	 	 	700,000	 	 	 	20,200,000	 	 	 	376,400	 
	13/09/2021	 	 	20,200,000	 	 	 	600,000	 	 	 	19,600,000	 	 	 	476,400	 
	13/12/2021	 	 	19,600,000	 	 	 	700,000	 	 	 	18,900,000	 	 	 	364,700	 
	13/03/2022	 	 	18,900,000	 	 	 	600,000	 	 	 	18,300,000	 	 	 	453,000	 
	13/06/2022	 	 	18,300,000	 	 	 	700,000	 	 	 	17,600,000	 	 	 	376,400	 
	13/09/2022	 	 	17,600,000	 	 	 	600,000	 	 	 	17,000,000	 	 	 	476,400	 
	13/12/2022	 	 	17,000,000	 	 	 	500,000	 	 	 	16,500,000	 	 	 	564,700	 
	13/03/2023	 	 	16,500,000	 	 	 	500,000	 	 	 	16,000,000	 	 	 	553,000	 
	13/06/2023	 	 	16,000,000	 	 	 	700,000	 	 	 	15,300,000	 	 	 	376,400	 
	13/09/2023	 	 	15,300,000	 	 	 	700,000	 	 	 	14,600,000	 	 	 	376,400	 
	13/12/2023	 	 	14,600,000	 	 	 	700,000	 	 	 	13,900,000	 	 	 	364,700	 
	13/03/2024	 	 	13,900,000	 	 	 	700,000	 	 	 	13,200,000	 	 	 	364,700	 
	13/06/2024	 	 	13,200,000	 	 	 	700,000	 	 	 	12,500,000	 	 	 	376,400	 
	13/09/2024	 	 	12,500,000	 	 	 	700,000	 	 	 	11,800,000	 	 	 	376,400	 
	13/12/2024	 	 	11,800,000	 	 	 	800,000	 	 	 	11,000,000	 	 	 	264,700	 
	13/03/2025	 	 	11,000,000	 	 	 	700,000	 	 	 	10,300,000	 	 	 	353,000	 
	13/06/2025	 	 	10,300,000	 	 	 	800,000	 	 	 	9,500,000	 	 	 	276,400	 
	Totals	 	 	 	 	 	 	15,000,000	 	 	 	 	 	 	 	14,916,900	 

 

    	 	163	 

     

    

 

SCHEDULE 7

 

TIMETABLES

 

	Delivery of a duly completed
    Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request))	 	Two Business Days before
    the intended Utilisation Date (Clause 5.1 (Delivery of a Utilisation Request))
	 	 	 
	Facility Agent notifies the Lenders of the Loan
    in accordance with Clause 5.4 (Lenders' participation)	 	One Business Day before the intended Utilisation
    Date.
	 	 	 
	LIBOR is fixed 	 	Quotation Day as of 11:00 am London time

 

    	 	164	 

     

    

 

EXECUTION PAGES

 

	BORROWER	 
	 	 
	SIGNED by Stavros Gyftakis	)
	duly authorised Attorney-in-Fact 	)
	for and on behalf of	)
	LORD OCEAN NAVIGATION CO. 	)
	in the presence of:	)
	 	 
	Witness' signature: 	)
	Witness' name: 	)
	Witness' address:	)
	 	 
	GUARANTOR	 
	 	 
	SIGNED by Stavros Gyftakis	)
	duly authorised Attorney-in-Fact	)
	for and on behalf of	) 
	SEANERGY MARITIME HOLDINGS CORP.	)
	in the presence of:	)

 

	Witness' signature:  	)
	Witness' name:  	)
	Witness' address:	)

 

	ORIGINAL LENDERS	 
	 	 
	SIGNED by Bruce Kahne	)
	duly authorised General Counsel/CCO	)
	for and on behalf of	)
	ENTRUSTPERMAL ENTRUSTGLOBAL  ICAV	)
	for and on behalf of	)
	BLUE OCEAN FUND	)
	By: EnTrustPcrmal  EnTrust
    Global  Partners Offshore LP	)
	as its Investment Advisor	)
	in the presence of:	)
	 	 
	Witness' signature: 	)
	Witness' name: 	)
	Witness' address:	)

 

    	 	165	 

     

    

 

	SIGNED
    by Bruce Kahne	)
	duly
    authorised General Counsel/CCO	)
	for
    and on behalf of	)
	BLUE
    OCEAN ONSHORE FUND LP	)
    
	By:
    EnTrust Partners Blue Ocean GP  LLC 	)
	as
    its General Partner	)
	in
    the presence of:	)
	 	 
	Witness'
    signature: 	)
	Witness'
                                         name: 	)
	Witness'
    address:	)
	 	 
	SIGNED
    by Bruce Kahne	)
	duly
    authorised General Counsel/CCO	)
	for
    and on behalf of	)
	BLUE
    OCEAN INVESTMENTS SPC	)
	for
                                         and on behalf of	)
	SEGREGATED
    PORTFOLIO ONE	)
	By: EnTrustPermal  EnTrust
    Global  Partners Offshore LP	)
	as its Investment
    Advisor	)
	in
    the presence of:	)

 

	Witness' signature: 	)
	Witness' name: 	)
	Witness' address:	)

 

	FACILITY AGENT	 

 

	SIGNED by	)
	duly authorised	)
	for and on behalf of	)
	WILMINGTON TRUST,	)
	LUCID AGENCY SERVICES LIMITED	)
	NATIONAL ASSOCIATION	)
	in the presence of:	)

 

	Witness' signature: 	)
	Witness' name: 	)
	Witness' address:	)

 

    	 	166	 

     

    

 

	SECURITY AGENT	 
	 	 
	SIGNED by	)
	duly authorised	)
	for and on behalf of	)
	WILMINGTON TRUST,	)
	LUCID TRUSTEE SERVICES LIMITED	)
	NATIONAL ASSOCIATION	)
	in the presence of:	)
	 	 
	Witness' signature: 	)
	Witness' name: 	)
	Witness' address:	)

 

    	 	167Exhibit 10.98

    

    

    

    Dated 8 February 2021

    

    

    

    

    

    

    

    

    

    

    PREMIER MARINE CO.

    FELLOW SHIPPING CO.

    as joint and several borrowers

    

    

    and

    

    

    SEANERGY MARTIME HOLDINGS CORP.

    as Guarantor

    

    

    and

    

    

    UNICREDIT BANK AG

    as Lender

    

    

    SUPPLEMENTAL AGREEMENT

    

    

    relating to

    a facility agreement dated 11 September 2015

    (as amended and restated on 22 November 2018)

    in respect of a loan facility of (originally) up to US$52,704,790

     

    

      

    
      
        

    

    Index

    

    

    	
            Clause

          	
            Page

          
	 	 	 
	
            1

          	
            Definitions and Interpretation

          	
            4

          
	
            2

          	
            Agreement of the Lender

          	
            5

          
	
            3

          	
            Conditions Precedent

          	
            5

          
	
            4

          	
            Representations

          	
            5

          
	
            

            

          	
            Amendments to Facility Agreement and other Finance Documents

          	
            6

          
	
            5

            

          	
            Further Assurance

          	
            8

          
	
            6

            

          	
            Costs and Expenses

          	
            8

          
	
            7

            

          	
            Notices

          	
            8

          
	
            8

            

          	
            Counterparts

          	
            8

          
	
            9

            

          	
            Governing Law

          	
            8

          
	
            10

          	
            Enforcement

          	
            8

          
	 	 	 
	
            Schedules

          	 
	 	 	 
	
            Schedule 1 Conditions Precedent

          	
            10

          
	 	 	 
	
            Execution

          	 	 
	 	 	 
	
            Execution Pages

          	
            11

          

    
      
        

    

    THIS AGREEMENT is made on 8 February 2021

    

    

    PARTIES

    

    

    	(1)	
            PREMIER MARINE CO., a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, the
              Marshall Islands as a borrower ("Borrower A");

          

    

    

    	(2)	
            FELLOW SHIPPING CO., a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, the
              Marshall Islands as a borrower ("Borrower B" and together with Borrower A, the "Borrowers");

          

    

    

    	(3)	
            SEANERGY MARITIME HOLDINGS CORP., a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
              MH96960, the Marshall Islands as guarantor (the "Guarantor"); and

          

    

    

    	(4)	
            UNICREDIT BANK AG as lender (the "Lender").

          

    

    

    BACKGROUND

    

    

    	(A)	
            By the Facility Agreement, the Lender agreed to make available to the Borrowers a facility of (originally) up to US$52,704,790, of which US$33,184,790 was outstanding on 28th December 2020 and $31,632,790 is outstanding on the date of this Agreement.

          

    

    

    	(B)	
            The Obligors have requested that the Lender gives its consent to:

          

    

    

    	

          	(i)	
            extend the Termination Date from 29 December 2020 to 29 December 2022;

          

    

    

    	

          	(ii)	
            reduce the amount of the Repayment Instalments falling due during the Extension Period (as defined below) from $1,552,000 to $1,200,000;

          

    

    

    	

          	(iii)	
            waive compliance with the financial covenants included in paragraphs (a) and (b) clause 21.1 (Financial Covenants) of the Facility Agreement retrospectively from 30 June 2020 and at all times
              thereafter during the Extension Period;

          

    

    

    	

          	(iv)	
            waive the Borrowers' compliance with the Security Cover Ratio required to be maintained pursuant to clause 25.1 (Minimum Required Security Cover) of the Facility Agreement retrospectively from 31
              December 2019 and at all times thereafter until the end of the Extension Period; and

          

    

    

    	

          	(v)	
            amend the provisions relating to the ownership of the Guarantor included in the Facility Agreement,

          

    

    

    together, the "Request".

    

    

    	(C)	
            The Lender agrees to the Request subject to (inter alia) the following conditions:

          

    

    

    	

          	(i)	
            the increase of the Applicable Margin to 3.50 per cent. per annum from 29th December 2020 and at all times thereafter during the Security Period;

          

    
      
        

    

    
    	

          	(ii)	
            the Borrowers repaying the Repayment Instalment which fell due on 29th December 2020 in the amount of $1,200,000 (the receipt of which the Lender hereby
              acknowledges); and

          

    

    

    	

          	(iii)	
            the Borrowers prepaying the Repayment Instalment which will fall due on 29 March 2021 and part of the Repayment Instalment which will fall due on 29 June 2021 (in the aggregate amount of $1,700,000 of which $352,000 have been paid in
              addition to the payment made under (ii) above) on or prior to the Effective Date.

          

    

    

    	(D)	
            This Agreement sets out the terms and conditions on which the Lender agrees, with effect on and from the Effective Date, to the Request and to the consequential amendments of the Facility Agreement and the other Finance Documents in
              connection with those matters.

          

    

    

    OPERATIVE PROVISIONS

    

    

    	1	
            DEFINITIONS AND INTERPRETATION

          

    

    

    	

          	1.1	
            Definitions

          

    

    

    In this Agreement:

    

    

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

    

    

    "Extension Period" means the period commencing on 29 December 2020 and ending on 29 December 2022 (inclusive).

    

    

    "Facility Agreement" means the facility agreement dated 11 September 2015 (as amended and/or supplemented by a supplemental agreement dated 3 June 2016, a
      supplemental letter agreement dated 29 July 2016, a supplemental letter agreement dated 7 March 2017, a supplemental letter agreement dated 25 September 2017, a supplemental letter agreement dated 30 April 2018 and a supplemental letter agreement
      dated 10 October 2018, as amended and/or restated by a deed of accession, amendment and restatement dated 22 November 2018 and as further amended and/or supplemented by a supplemental agreement dated 3 July 2019) and made between, among others, (i)
      the Borrowers as joint and several borrowers, (ii) the Guarantor as guarantor and (iii) the Lender as lender.

    

    

    "Mortgage" means the first preferred Marshall Islands mortgage over the motor vessel "FELLOWSHIP" dated 22 November 2018 (as amended by a first addendum dated
      3 July 2019) and executed by Borrower B in favour of the Lender.

    

    

    "Mortgage Addendum" means the second addendum to the Mortgage made or to be made between Borrower B and the Lender in the agreed form.

    

    

    "Party" means a party to this Agreement.

    

    

    	

          	1.2	
            Defined expressions

          

    

    

    Defined expressions in the Facility Agreement shall have the same meanings when used in this Agreement unless the context otherwise requires or unless otherwise defined in this Agreement.

    
      4

      
        

    

    	

          	1.3	
            Application of construction and interpretation provisions of Facility Agreement

          

    

    

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

    

    

    	

          	1.4	
            Designation as a Finance Document

          

    

    

    The Obligors and the Lender designate this Agreement as a Finance Document.

    

    

    	

          	1.5	
            Third party rights

          

    

    

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

    

    

    	2	
            AGREEMENT OF THE LENDER

          

    

    

    	

          	2.1	
            Agreement of the Lender

          

    

    

    The Lender agrees, subject to and upon the terms and conditions of this Agreement, to:

    

    

    	(a)	
            the Request; and

          

    

    

    	(b)	
            the consequential amendments to the Facility Agreement and the other Finance Documents.

          

    

    

    	

          	2.2	
            Effective Date

          

    

    

    The agreement of the Lender contained in Clauses 2.1 (Agreement of the Lender) shall have effect on and from the Effective Date.

    

    

    	3	
            CONDITIONS PRECEDENT

          

    

    

    The agreement of the Lender contained in Clause 2.1 (Agreement of the Lender) is subject to:

    

    

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

          

    

    

    	(b)	
            the Repeating Representations (other than clause 19.32 (Ownership of the Guarantor) of the Facility Agreement) made by each Obligor being true on the date of this Agreement and the Effective Date;
              and

          

    

    

    	(c)	
            the Lender having received all of the documents and other evidence listed in Schedule 1 (Conditions Precedent) in form and substance satisfactory to the Lender on or before the date of this
              Agreement or such later date as the Lender may agree with the Borrowers.

          

    

    

    	4	
            REPRESENTATIONS

          

    

    

    	

          	4.1	
            Facility Agreement representations

          

    

    

    Each Obligor that is a party to the Facility Agreement makes the representations and warranties set out in clause 19 (Representations) of the Facility
      Agreement, as amended and/or supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement and, where appropriate and the Mortgage Addendum, by reference to the circumstances then existing on the date of this
      Agreement and on the Effective Date.

    
      5

      
        

    

    	

          	4.2	
            Finance Document representations

          

    

    

    Each Obligor makes the representations and warranties set out in the Finance Documents (other than the Facility Agreement) to which it is a party, as amended and/or supplemented by this Agreement
      and updated with appropriate modifications to refer to this Agreement and, where appropriate, the Mortgage Addendum, by reference to the circumstances then existing on the date of this Agreement and on the Effective Date.

    

    

    AMENDMENTS TO FACILITY AGREEMENT AND OTHER FINANCE DOCUMENTS

    

    

    	

          	4.3	
            Specific amendments to the Facility Agreement

          

    

    

    With effect on and from the Effective Date the Facility Agreement shall be, and shall be deemed by this Agreement to have been, amended as follows:

    

    

    	(a)	
            by deleting the definitions of "Disclosed Person" and "Permitted Holders" from clause 1.1 (Definitions) thereof in their entirety and references to such terms throughout the Facility Agreement;

          

    

    

    	(b)	
            by deleting the definitions of "Applicable Margin" and "Termination Date" from clause 1.1 (Definitions) thereof in their entirety and replacing them with the following:

          

    

    

    ""Applicable Margin" means 3.50 per cent per annum starting from 29 December 2020 and at all other times during the
      Security Period.

    

    

    "Termination Date" means 29 December 2022.";

    

    

    	(c)	
            by inserting in clause 1.1 (Definitions) thereof the following new definition in the requisite alphabetical order:

          

    

    

    ""Extension Period" means the period commencing on 29 December 2020 and ending on 29 December 2022 (inclusive)";

    

    

    	(d)	
            by deleting the table in clause 6.1 (Repayment of Loan) thereof in its entirety and replacing it with the following new table:

          

    

    

    

    
      6

      
        

    

    	(e)	
            by deleting clause 8.1 (Calculation of Interest) thereof in its entirety and replacing it with the following:

          

    

    

    "8.1          Calculation of interest

    

    

    The rate of interest on the Loan or any part of the Loan for each Interest Period is the percentage rate per annum which is the aggregate of:

    

    

    	

          	(a)	
            the Applicable Margin; and

          

    

    

    	

          	(b)	
            LIBOR.;"

          

    

    

    	(f)	
            by deleting clause 7.5 (Mandatory prepayment on Change of Ownership) in its entirety;

          

    

    

    	(g)	
            by deleting clause 19.32 (Ownership of Guarantor) in its entirety;

          

    

    

    	(h)	
            by adding a new floating paragraph in clause 21.1 (Financial Covenants) thereof as follows:

          

    

    

    "Provided that paragraphs(a) and (b) of this Clause 21.1 shall not be tested on 30 June 2020 and on 30 September 2020 and shall not be required to be
      complied with during the Extension Period";

    

    

    	(i)	
            by deleting paragraph (c) of clause 25.1 (Minimum Required Security Cover) thereof in its entirely and replacing it with the following:

          

    

    

    	

          	"(c )	
            at any time during the period commencing on 1 July 2019 and ending on 31 December 2019 (inclusive) that the Security Cover Ratio is below 120 per cent.";

          

    

    

    	(j)	
            by adding a paragraph (e ) in clause 27.6 (Cross Default) thereof as follows:

          

    

    

    	

          	"(e )	
            No Event of Default will occur under this Clause 27.6 (Cross default) if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d)
              above is less than, $5,000,000 (or its equivalent in any other currency).";

          

    

    

    	(k)	
            by deleting in paragraph (b) in clause 27.10 (Ownership of the Obligors) the words "Permitted Holders" and replacing them with the words "Jelco Delta Holding Corp. and its ultimate beneficial
              owner(s) as disclosed and identified by the Borrowers to the Lender on 8 February 2021)";

          

    

    

    	(l)	
            by construing references throughout to "this Agreement" and other like expressions as if the same referred to the Facility Agreement as amended and/or supplemented by this Agreement; and

          

    

    

    	(m)	
            by construing the definition of, and references throughout the Facility Agreement to, the Mortgage, as if the same referred to the Mortgage as amended and supplemented by the Mortgage Addendum.

          

    

    

    	4.4	
            Amendments to Finance Documents

          

    

    

    With effect on and from the Effective Date each of the Finance Documents other than the Facility Agreement and the Mortgage which is amended and/or supplemented by the Mortgage Addendum, shall be,
      and shall be deemed by this Agreement to have been, amended as follows:

    

    

    	(a)	
            the definition of, and references throughout each of the Finance Documents to, the Facility Agreement and any of the other Finance Documents shall be construed as if the same referred to the Facility Agreement and those Finance Documents
              as amended/or and supplemented by this Agreement;

          

    
      7

      
        

    

    	(b)	
            the definition of, and references throughout each of the Finance Documents to, the Mortgage shall be construed as if the same referred to the Mortgage as amended/or and supplemented by the Mortgage Addendum; and

          

    

    

    	(c)	
            by construing references throughout each of the Finance Documents to "this Agreement", "this Deed" and other like expressions as if the same referred to such Finance Documents as amended and/or supplemented by this Agreement.

          

    

    

    	4.5	
            Finance Documents to remain in full force and effect

          

    

    

    The Finance Documents shall remain in full force and effect as amended and/or supplemented by:

    

    

    	(a)	
            the amendments to the Finance Documents contained or referred to in Clause 5.1 (Specific amendments to the Facility Agreement) and Clause 5.2 (Amendments to Finance
                Documents) and the Mortgage Addendum; and

          

    

    

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

          

    

    

    	5	
            FURTHER ASSURANCE

          

    

    

    Clause 22.25 (Further assurance) of the Facility Agreement applies to this Agreement as if it were expressly incorporated in it with any necessary
      modifications.

    

    

    	6	
            COSTS AND EXPENSES

          

    

    

    Clause 16.2 (amendment costs) of the Facility Agreement, as amended and/or supplemented by this Agreement, applies to this Agreement as if it were
      expressly incorporated in it with any necessary modifications.

    

    

    	7	
            NOTICES

          

    

    

    Clause 33 (notices) of the Facility Agreement, as amended and/or supplemented by this Agreement, applies to this Agreement as if it were expressly
      incorporated in it with any necessary modifications.

    

    

    	8	
            COUNTERPARTS

          

    

    

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

    

    

    	9	
            GOVERNING LAW

          

    

    

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

    

    

    	10	
            ENFORCEMENT

          

    

    

    	10.1	
            Jurisdiction

          

    

    

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

          

    
      8

      
        

    

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

          

    

    

    	(c)	
            This Clause 10.1 (Jurisdiction) is for the benefit of the Lender only.  As a result, the Lender shall not be prevented from taking proceedings relating to a Dispute in any other courts with
              jurisdiction.  To the extent allowed by law, the Lender may take concurrent proceedings in any number of jurisdictions.

          

    

    

    	10.2	
            Service of process

          

    

    

    	(a)	
            Without prejudice to any other mode of service allowed under any relevant law, each Obligor:

          

    

    

    	

          	(i)	
            irrevocably appoints Messrs E. J. C. Album Solicitors, presently at 47 Lyndale Avenue, London NW2 2QB, England (attention: Mr. Edward Album, tel: +44 (0) 20 77946080 and email: ejca@mitgr.com) as its agent for service of process in
              relation to any proceedings before the English courts in connection with any Finance Document; and

          

    

    

    	

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

          

    

    

    	(b)	
            If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrowers (on behalf of all the Obligors) must immediately (and in any event within 14 days of such event
              taking place) appoint another agent on terms acceptable to the Lender.  Failing this, the Lender may appoint another agent for this purpose.

          

    

    

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

    
      9

      
        

    

    SCHEDULE 1

    

    CONDITIONS PRECEDENT

    

    	1	
            Obligors

          

    

    

    Documents of the kind specified in Schedule 2 Part A paragraphs 1.1, 1.2, 1.3 and 1.6 of the Facility Agreement.

    

    

    	2	
            Security

          

    

    

    	2.1	
            A duly executed original of the Mortgage Addendum together with documentary evidence that the Mortgage Addendum has been duly registered as a valid addendum to the Mortgage in accordance with the laws of the jurisdiction of the applicable
              Approved Flag.

          

    

    

    	2.2	
            A duly executed original of this Agreement.

          

    

    

    	3	
            Legal opinions

          

    

    

    	3.1	
            If an Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Lender in the relevant jurisdiction, substantially in the form distributed to the Lender before signing this
              Agreement.

          

    

    

    	3.2	
            Legal opinions of the legal advisers to the Lender in the jurisdiction of the applicable Approved Flag of the Ship and such other relevant jurisdictions as the Lender may require.

          

    

    

    	4	
            Other documents and evidence

          

    

    

    	4.1	
            A copy of any other Authorisation or other document, opinion or assurance which the Lender considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the
              transactions contemplated by this Agreement and the Mortgage Addendum or for the validity and enforceability of any Finance Document as amended and/or supplemented by this Agreement or by the Mortgage Addendum.

          

    

    

    	4.2	
            Evidence to the Lender's satisfaction that the costs and expenses then due from the Borrowers pursuant to Clause 7 (Costs and Expenses) have been paid.

          

    

    

    	4.3	
            Evidence to the Lender's satisfaction that the amounts referred to in Background C (ii) and C (iii) have been paid.

          

    

    

    	4.4	
            Lender’s confirmation that the Borrowers have disclosed to its satisfaction the ultimate beneficial owner(s) of Jelco Delta Holding Corp..

          

    

    

    	4.5	
            Evidence that the agent referred to in Clause 11.2 has accepted its appointment as agent for the service of process under this Agreement.

          

    
      10

      
        

    

    EXECUTION PAGES

    

    BORROWERS

    

    

    	
            SIGNED by  Stavros Gyftakis

          	
            )

          	 
	
            duly authorised attorney-in-fact

          	
            )

          	
            /s/ Stavros Gyftakis

          
	
            for and on behalf of

          	
            )

          	 
	
            PREMIER MARINE CO.

          	
            )

          	 
	
            in the presence of:

          	
            )

          	 
	 	 	 
	
            Witness' signature:

          	
            )

          	
            /s/ Eliza Makri

          
	
            Witness' name:

          	
            )

          	
            Eliza Makri

          
	
            Witness' address:

          	
            )

          	
            348 Leoforos

          
	 	 	
            Siggrou, Kalithea

          
	 	 	
            17674, Athens

          
	 	 	 
	
            SIGNED by  Stavros Gyftakis

          	
            )

          	 
	
            duly authorised attorney-in-fact

          	
            )

          	
            /s/ Stavros Gyftakis

          
	
            for and on behalf of

          	
            )

          	 
	
            FELLOW SHIPPING CO.

          	
            )

          	 
	
            in the presence of:

          	
            )

          	 
	 	 	 
	
            Witness' signature:

          	
            )

          	
            /s/ Eliza Makri

          
	
            Witness' name:

          	
            )

          	
            Eliza Makri

          
	
            Witness' address:

          	
            )

          	
            348 Leoforos

          
	 	 	
            Siggrou, Kalithea

          
	 	 	
            17674, Athens

          
	 	 	 
	
            GUARANTOR

          	 	 
	 	 	 
	
            SIGNED by  Stavros Gyftakis

          	
            )

          	 
	
            duly authorised attorney-in-fact

          	
            )

          	
            /s/ Stavros Gyftakis

          
	
            for and on behalf of

          	
            )

          	 
	
            SEANERGY MARITIME HOLDINGS

          	
            )

          	 
	
            CORP.

          	 )	
            

            

          
	
            in the presence of:

          	
            )

          	 
	 	 	 
	
            Witness' signature:

          	
            )

          	
            /s/ Eliza Makri

          
	
            Witness' name:

          	
            )

          	
            Eliza Makri

          
	
            Witness' address:

          	
            )

          	
            348 Leoforos

          
	 	 	
            Siggrou, Kalithea

          
	 	 	
            17674, Athens

          

    
      11

      
        

    

    LENDER

    

    

    	
            SIGNED by  Kelina Kantzou

          	
            )

          	 
	
            and

          	
            )

          	
            /s/ Kelina Kantzou

          
	
            duly authorised attorneys-in-fact

          	
            )

          	 
	
            for and on behalf of

          	
            )

          	 
	
            UNICREDIT BANK AG

          	
            )

          	 
	
            in the presence of:

          	
            )

          	 
	 	 	 
	
            Witness' signature:

          	
            )

          	
            /s/ Eliza Makri

          
	
            Witness' name:

          	
            )

          	
            Eliza Makri

          
	
            Witness' address:

          	
            )

          	
            348 Leoforos

          
	 	 	
            Siggrou, Kalithea

          
	 	 	
            17674, Athens

          

     

    

    12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]