Document:

Exhibit 4.5

 

FINTECH ACQUISITION CORP. V

 

 DESCRIPTION OF SECURITIES

 

The following summary of the material
terms of the securities of FinTech Acquisition Corp. V, a Delaware corporation (“we,” “us,” “our”
or the “Company”), is not intended to be a complete summary of the rights and preferences of such securities and is
subject to and qualified by reference to our amended and restated certificate of incorporation, our amended and restated bylaws
and the warrant agreement, dated December 3, 2020, between the Company and Continental Stock Transfer & Trust Company (the
“Warrant Agreement”), in each case incorporated by reference as exhibits to the Company’s Annual Report on Form
10-K for the year ended December 31, 2020 (the “Report”), and applicable Delaware law, including the Delaware General
Corporation Law, or DGCL. We urge you to read our amended and restated certificate of incorporation, our amended and restated bylaws
and the Warrant Agreement in their entirety for a complete description of the rights and preferences of our securities.

 

Pursuant to our amended and restated certificate
of incorporation, our authorized capital stock consists of 100,000,000 shares of Class A common stock, par value $0.0001 per share,
10,000,000 shares of Class B common stock, par value $0.0001 per share, and 1,000,000 shares of undesignated preferred stock, $0.0001
par value.

 

Units

 

Each unit consists of one share of Class
A common stock and one-third of one warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock
at a price of $11.50 per share, subject to adjustment. Pursuant to the warrant agreement, a warrant holder may exercise its warrants
only for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised at any given time
by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly,
unless you purchase at least three units, you will not be able to receive or trade a whole warrant.

 

The Class A common stock and warrants comprising
the units began separate trading on January 25, 2021. Holders have the option to continue to hold units or separate their units
into the component securities. Holders need to have their brokers contact our transfer agent in order to separate the units into
shares of Class A common stock and warrants.

 

Common Stock

 

Class A common stock

 

Holders of record of the Company’s
Class A common stock are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of our
Class B common stock have the right to elect all of our directors prior to the consummation of our initial business combination.
On any other matter submitted to a vote of our stockholders, holders of our Class B common stock and holders of our Class A common
stock vote together as a single class, except as required by law. Unless specified in our amended and restated certificate of incorporation
or bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority
of our shares of common stock that are voted is required to approve any such matter voted on by our stockholders. The board of
directors is divided into two classes, each of which will generally serve for a term of two years with only one class of directors
being elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders
of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled
to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

 

Because our amended and restated certificate
of incorporation authorizes the issuance of up to 100,000,000 shares of Class A common stock, if we were to enter into a business
combination, we may (depending on the terms of such a business combination) be required to increase the number of shares of Class
A common stock which we are authorized to issue at the same time as our stockholders vote on the business combination to the extent
we seek stockholder approval in connection with our business combination.

 

     

     

    

 

We will provide our stockholders with the
opportunity to redeem all or a portion of their public shares upon the consummation of our initial business combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account, as of two business days prior to the
consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described
herein.

 

The per-share amount we will distribute
to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the representatives.
Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their
redemption rights with respect to any founder shares, placement shares and any public shares held by them in connection with the
completion of our business combination. Unlike many blank check companies that hold stockholder votes and conduct proxy solicitations
in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion
of such initial business combinations even when a vote is not required by law, if a stockholder vote is not required by law and
we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated
certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents
with the SEC prior to consummating our initial business combination. Our amended and restated certificate of incorporation requires
these tender offer documents to contain substantially the same financial and other information about the initial business combination
and the redemption rights as is required under the SEC’s proxy rules. If, however, stockholder approval of the transaction
is required by law, or we decide to obtain stockholder approval for business or other legal reasons, we will, like many blank check
companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the
tender offer rules. If we seek stockholder approval, we will complete our initial business combination only if a majority of the
outstanding shares of common stock voted are voted in favor of the business combination. A quorum for such meeting will consist
of the holders present in person or by proxy of shares of outstanding capital stock of the Company representing a majority of the
voting power of all outstanding shares of capital stock of the Company entitled to vote at such meeting. However, the participation
of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions, if any, could result
in the approval of our business combination even if a majority of our public stockholders vote, or indicate their intention to
vote, against such business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock
voted, non-votes will have no effect on the approval of our business combination once a quorum is obtained. We intend to give
not less than 10 days nor more than 60 days prior written notice of any such meeting, if required, at which a vote will be taken
to approve our business combination. These quorum and voting thresholds, and the voting agreements of our initial stockholders,
may make it more likely that we will consummate our initial business combination.

 

If we seek stockholder approval of our initial
business combination and we do not conduct redemptions in connection with our business combination pursuant to the tender offer
rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of
such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under
Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of
the shares of Class A common stock sold in the initial public offering, which we refer to as the Excess Shares. However, we would
not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our business
combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete
our business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares
on the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares
if we complete the business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding
15% and, in order to dispose of such shares would be required to sell their stock in open market transactions, potentially at a
loss.

 

    2 

     

    

 

If we seek stockholder approval in connection
with our business combination, our sponsor, officers and directors have agreed to vote their founder shares, placement shares and
any public shares purchased during or after the initial public offering in favor of our initial business combination. Additionally,
each public stockholder may elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction
(subject to the limitation described in the preceding paragraph).

 

Pursuant to our amended and restated certificate
of incorporation, if we are unable to complete our business combination by December 8, 2022, we will (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter subject to
lawfully available funds therefor, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right
to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate,
subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. Our initial stockholders have agreed to waive their rights to liquidating distributions from the trust account with respect
to any founder shares and placement shares held by them if we fail to complete our business combination by December 8, 2022. However,
if our initial stockholders acquire public shares in or after the initial public offering, they will be entitled to liquidating
distributions from the trust account with respect to such public shares if we fail to complete our business combination within
the prescribed time period.

 

In the event of a liquidation, dissolution
or winding up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having
preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions
applicable to the common stock, except that we will provide our stockholders with the opportunity to redeem their public shares
for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our
initial business combination, subject to the limitations described herein.

 

Class B common stock

 

There are 8,546,667 shares of our Class B
common stock, or founder shares, outstanding. Our sponsor purchased an aggregate of 640,000 placement shares contained in the placement
units in a private placement that occurred simultaneously with the completion of the initial public offering. The founder shares
and placement shares are each identical to the shares of Class A common stock included in the units, and holders of founder shares
or placement shares have the same stockholder rights as public stockholders, except that (i) only holders of the founder shares
have the right to vote on the election of directors prior to our initial business combination; (ii) the founder shares and placement
shares are subject to certain transfer restrictions, and (iii) each holder of founder shares has agreed, and each purchaser of
placement units has agreed, to waive his, her or its redemption rights with respect to his, her or its founder shares and placement
shares, (A) in connection with the consummation of a business combination, (B) in connection with a stockholder vote to amend our
amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our public
shares if we do not complete our initial business combination by December 8, 2022, (C) if we fail to consummate our initial business
combination by December 8, 2022 and (D) upon our liquidation prior to December 8, 2022. To the extent holders of founder shares
or purchasers of placement units transfer any of these securities, such transferees will agree, as a condition to such transfer,
to waive these same redemption rights. If we submit our initial business combination to our public stockholders for a vote, our
sponsor and the other initial holders have agreed, and our officers and directors have agreed, to vote their respective founder
shares, placement shares and any public shares held by them in favor of our initial business combination.

 

The shares of Class B common stock will automatically
convert into shares of Class A common stock at the time of our initial business combination on a one-for-one basis (subject to
adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like), and subject to further adjustment
as provided herein. In the case that additional shares of Class A common stock or equity-linked securities are issued or deemed
issued in excess of the amounts offered in the initial public offering and related to the closing of the business combination,
the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the
holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such
issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class
B common stock will equal, in the aggregate, on an as-converted basis 25% of the sum of the total number of all shares of common
stock issued and outstanding upon completion of the initial public offering, including placement shares, plus all shares of Class
A common stock and equity-linked securities issued or deemed issued in connection with our initial business combination, excluding
any shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination.

 

    3 

     

    

 

With certain limited exceptions, the founder
shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated
with our initial holders, each of whom will be subject to the same transfer restrictions)  (i) with respect to 25% of such
shares, until consummation of our initial business combination, (ii) with respect to 25% of such shares, until the closing price
of our Class A common stock exceeds $12.00 for any 20 trading days within a 30-trading day period following the consummation
of our initial business combination, (iii) with respect to 25% of such shares, until the closing price of our Class A common stock
exceeds $13.50 for any 20 trading days within a 30-trading day period following the consummation of our initial business combination,
and (iv) with respect to 25% of such shares, until the closing price of our Class A common stock exceeds $17.00 for any 20 trading
days within a 30-trading day period following the consummation of our initial business combination or earlier, in any case,
if, following a business combination, we complete a liquidation, merger, capital stock exchange, reorganization or other similar
transaction that results in all of our public stockholders having the right to exchange their shares of common stock for cash,
securities or other property..

 

Preferred Stock

 

Our amended and restated certificate of incorporation
provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors is authorized
to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights
and any qualifications, limitations and restrictions, applicable to the shares of each series. Our board of directors is able,
without stockholder approval, to issue preferred stock with voting and other rights that could adversely affect the voting power
and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors
to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control
of us or the removal of existing management. We have no preferred stock outstanding at the date hereof. Although we do not currently
intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.

 

Warrants

 

Public Stockholders’ Warrants

 

Each whole warrant entitles the registered
holder to purchase one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed
below, at any time commencing on the later of 12 months from the closing of the initial public offering or 30 days after the completion
of our initial business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole
number of shares of Class A common stock. This means that only a whole warrant may be exercised at any given time by a warrant
holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless
you purchase at least three units, you will not be able to receive or trade a whole warrant. The warrants will expire five years
after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We will not be obligated to deliver any shares
of Class A common stock pursuant to the exercise for cash of a warrant and will have no obligation to settle such warrant exercise
unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants
is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with
respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon
exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed
to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the
conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will
not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required
to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser
of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock
underlying such unit.

 

We have agreed that as soon as practicable,
but in no event later than 20 business days after the closing of our initial business combination, we will use our best efforts
to file, and within 60 business days following our initial business combination to have declared effective, a registration statement
for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the warrants. We
will use our best efforts to maintain the effectiveness of such registration statement and a current prospectus relating thereto,
until the expiration of the warrants in accordance with the provisions of the Warrant Agreement. Notwithstanding the above, if
our Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it
satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option,
require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section
3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration
statement, but we will be required to use our best efforts to register or qualify the shares under applicable blue sky laws to
the extent an exemption is not available.

 

    4 

     

    

 

Once the warrants become exercisable, we
may call the warrants for redemption:

 

		●	in
                                         whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon not less than 30 days’ prior written notice
of redemption (the “30-day redemption period”) to each warrant holder; and

 

		●	if, and only if, the reported last sale price of the
Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like)for any 20 trading days within a 30 trading day period ending three business days before we send the notice of redemption
to the warrant holders.

 

If and when the warrants become redeemable
by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under
all applicable state securities laws.

 

We have established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant
exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder
will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A common stock
may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like)as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

 

If we call the warrants for redemption for
cash as described above, our management will have the option to require any holder that wishes to exercise its warrant to do so
on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless
basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding
and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise
of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering
their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of
the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value”
(defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” shall
mean the average last reported sale price of the Class A common stock for the 10 trading days ending on the third trading day prior
to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option,
the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be
received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise
in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We
believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial
business combination. If we call our warrants for redemption and our management does not take advantage of this option, our sponsor
and its permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis
using the same formula described above that other warrant holders would have been required to use had all warrant holders been
required to exercise their warrants on a cashless basis, as described in more detail below.

 

A holder of a warrant may notify us in writing
in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the
extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s
actual knowledge, would beneficially own in excess of 4.8% or 9.8% (or such other amount as a holder may specify) of the shares
of Class A common stock outstanding immediately after giving effect to such exercise.

 

    5 

     

    

 

If the number of outstanding shares of Class
A common stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of shares of Class
A common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number
of shares of Class A common stock issuable on exercise of each warrant will be increased in proportion to such increase in the
outstanding shares of Class A common stock. A rights offering to holders of Class A common stock entitling holders to purchase
shares of Class A common stock at a price less than the fair market value will be deemed a stock dividend of a number of shares
of Class A common stock equal to the product of (i) the number of shares of Class A common stock actually sold in such rights offering
(or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class
A common stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Class A common stock paid in such rights
offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into
or exercisable for Class A common stock, in determining the price payable for Class A common stock, there will be taken into account
any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair
market value means the volume weighted average price of Class A common stock as reported during the ten (10) trading day period
ending on the trading day prior to the first date on which the shares of Class A common stock trade on the applicable exchange
or in the applicable market, regular way, without the right to receive such rights.

 

In addition, if we, at any time while the
warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders
of Class A common stock on account of such shares of Class A common stock (or other shares of our capital stock into which the
warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption
rights of the holders of Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption
rights of the holders of Class A common stock in connection with a stockholder vote to amend our amended and restated certificate
of incorporation to modify the substance or timing of our obligation to redeem 100% of our Class A common stock if we do not complete
our initial business combination by December 8, 2022, or (e) in connection with the redemption of our public shares upon our failure
to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the
effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each
share of Class A common stock in respect of such event.

 

If the number of outstanding shares of our
Class A common stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Class A
common stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification
or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion
to such decrease in outstanding shares of Class A common stock.

 

Whenever the number of shares of Class A
common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be
adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which
will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment,
and (y) the denominator of which will be the number of shares of Class A common stock so purchasable immediately thereafter.

 

In case of any reclassification or reorganization
of the outstanding shares of Class A common stock (other than those described above or that solely affects the par value of such
shares of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other than
a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization
of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of
the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the
holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the warrants and in lieu of the shares of our Class A common stock immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior
to such event. If less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is
payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is
quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event,
and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such
transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value
(as defined in the warrant agreement) of the warrant.

 

    6 

     

    

 

The warrants were issued in registered form
under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement
provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective
provision, but requires the approval by the holders of at least 65% of the then outstanding public warrants to make any change
that adversely affects the interests of the registered holders of public warrants.

 

In addition, if (x) we issue additional shares
of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial
business combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective
issue price to be determined in good faith by us and in the case of any such issuance to our sponsors or their affiliates, without
taking into account any founder shares held by our initial stockholders or such affiliates, as applicable, prior to such issuance)
(the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 50% of the total
equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the completion
of our initial business combination (net of redemptions), and (z) the volume-weighted average trading price of our shares
of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which we complete our
initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants
will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the
$18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market
Value and the Newly Issued Price.

 

The warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised.
The warrant holders do not have the rights or privileges of holders of Class A common stock or any voting rights until they exercise
their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of
the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

No fractional shares will be issued upon
exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share,
we will, upon exercise, round down to the nearest whole number of shares of Class A common stock to be issued to the warrant holder.

 

Placement Warrants 

 

The placement warrants (including the warrants
included in the units that may be issued upon conversion of working capital loans and the Class A common stock issuable upon exercise
of the placement warrants) are not transferable, assignable or salable until 30 days after the completion of our initial business
combination (subject to limited exceptions) and they are not redeemable by us so long as they are held by our sponsor or its permitted
transferees. Otherwise, the placement warrants have terms and provisions that are identical to those of the warrants sold as part
of the units in the initial public offering, including as to exercise price, exercisability and exercise period. If the placement
warrants are held by holders other than the sponsor or its permitted transferees, the placement warrants will be redeemable by
us and exercisable by the holders on the same basis as the warrants included in the units sold in the initial public offering.
Each of the warrants included in the units that may be issued upon conversion of working capital loans shall be identical to the
placement warrants.

 

If holders of the placement warrants elect
to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares
of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock
underlying the warrants, multiplied by the excess of the “fair market value” (defined below) over the exercise price
of the warrants by (y) the fair market value. The “fair market value” shall mean the average last reported sale price
of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant
exercise is sent to the warrant agent.

 

In order to finance transaction costs in
connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers
and directors may, but are not obligated to, loan us funds as may be required. Such loans may be convertible into units, at a price
of $10.00 per unit at the option of the lender. The units would be identical to the placement units.

 

    7 

     

    

 

Our Amended and Restated Certificate of Incorporation

 

Our amended and restated certificate of incorporation
contains requirements and restrictions relating to the initial public offering that will apply to us until the consummation of
our initial business combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock.
Our initial stockholders will participate in any vote to amend our amended and restated certificate of incorporation and will have
the discretion to vote in any manner they choose. Specifically, our amended and restated certificate of incorporation provides,
among other things, that:

 

		●	if we are unable to consummate our initial business
combination by December 8, 2022, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than ten business days thereafter, subject to lawfully available funds therefor, redeem 100% of the public
shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest
earned on funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law;

 

		●	prior to our initial business combination, we may not
issue additional shares of capital stock that would entitle the holders thereof to (i) receive funds from the trust account or
(ii) vote on any initial business combination;

 

		●	although we do not intend to enter into a business
combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from
doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from
an independent investment banking firm that is a member of FINRA or an independent accounting firm, that such a business combination
is fair to our company from a financial point of view;

 

		●	if a stockholder vote on our initial business combination
is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will offer to redeem
our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the
SEC prior to consummating our initial business combination which contain substantially the same financial and other information
about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;

 

		●	Our initial business combination must occur with one
or more target businesses that together have an aggregate fair market value of at least 80% of our assets held in the trust account
(excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account) at the time of the
agreement to enter into the initial business combination;

 

		●	if our stockholders approve an amendment to our amended
and restated certificate of incorporation (i) to modify the substance or timing of our obligation to redeem 100% of our public
shares if we do not complete our business combination by December 8, 2022 or (ii) with respect to any other provisions relating
to stockholders’ rights or pre-initial business combination activity, we will provide our public stockholders with the opportunity
to redeem all or a portion of their shares of Class A common stock upon such approval at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes, divided by the number of then outstanding public shares; and

 

		●	we will not consummate our initial business combination
with another blank check company or a similar company with nominal operations.

 

In addition, our amended and restated certificate
of incorporation provides that under no circumstances will we redeem our public shares in an amount that would cause our net tangible
assets to be less than $5,000,001 upon consummation of our initial business combination.

 

    8 

     

    

 

Certain Anti-Takeover Provisions of Delaware Law and our
Amended and Restated Certificate of Incorporation and Bylaws

 

We are subject to the provisions of Section
203 of the DGCL regulating corporate takeovers. This statute prevents certain Delaware corporations, under certain circumstances,
from engaging in a “business combination” with:

 

		●	a stockholder who owns 15% or more of our outstanding
voting stock (otherwise known as an “interested stockholder”);

 

		●	an affiliate of an interested stockholder; or

 

		●	an associate of an interested stockholder, for three
years following the date that the stockholder became an interested stockholder.

 

A “business combination” includes
a merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:

 

		●	our board of directors approves the transaction that
made the stockholder an “interested stockholder,” prior to the date of the transaction;

 

		●	after the completion of the transaction that resulted
in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding at
the time the transaction commenced, other than statutorily excluded shares of common stock; or

 

		●	on or subsequent to the date of the transaction, the
business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written
consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

 

Our amended and restated certificate of incorporation
provides that our board of directors is classified into two classes of directors. As a result, in most circumstances, a person
can gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings.

 

Our authorized but unissued common stock
and preferred stock are available for future issuances without stockholder approval (including a specified future issuance) and
could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and
employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more
difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Exclusive forum for certain lawsuits

 

Our amended and restated certificate of incorporation
requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers
and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State
of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable
party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction
of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a
court or forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction,
or (D) any action arising under the Securities Act, as to which the Court of Chancery and the federal district court for the District
of Delaware shall have concurrent jurisdiction. If an action is brought outside of Delaware, the stockholder bringing the suit
will be deemed to have consented to service of process on such stockholder’s counsel. Although we believe this provision
benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies,
a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect
of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our compliance
with federal securities laws and the rules and regulations thereunder.

 

Our amended and restated certificate of incorporation
provides that the exclusive forum provision is applicable to the fullest extent permitted by applicable law. Section 27 of the
Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange
Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought to enforce
any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.

 

    9 

     

    

 

Special meeting of stockholders

 

Our bylaws provide that special meetings
of our stockholders may be called only by a majority vote of our board of directors, by our Chief Executive Officer or by our Chairman.

 

Advance notice requirements for stockholder
proposals and director nominations

 

Our bylaws provide that stockholders seeking
to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual
meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will
need to be received by the company secretary at our principal executive offices not later than the close of business on the 90th day
nor earlier than the close of business on the 120th day prior to the anniversary date of the immediately preceding
annual meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy
statement must comply with the notice periods contained therein. Our bylaws also specify certain requirements as to the form and
content of a stockholders’ meeting. These provisions may preclude our stockholders from bringing matters before our annual
meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.

 

Action by written consent

 

Any action required or permitted to be taken
by our common stockholders must be effected by a duly called annual or special meeting of such stockholders and may not be effected
by written consent of the stockholders other than with respect to our Class B common stock.

 

Classified Board of Directors

 

Our board of directors is divided into two
classes, Class I and Class II, with members of each class serving staggered two-year terms. Our amended and restated certificate
of incorporation provides that the authorized number of directors may be changed only by resolution of the board of directors.
Subject to the terms of any preferred stock, any or all of the directors may be removed from office at any time, but only for cause
and only by the affirmative vote of holders of a majority of the voting power of all then outstanding shares of our capital stock
entitled to vote generally in the election of directors, voting together as a single class. Any vacancy on our board of directors,
including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote of a majority of our directors
then in office.

 

Class B Common Stock Consent Right

 

For so long as any shares of Class B common
stock remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of the shares of Class
B common stock then outstanding, voting separately as a single class, amend, alter or repeal any provision of our amended and restated
certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would alter
or change the powers, preferences or relative, participating, optional or other or special rights of the Class B common stock.
Any action required or permitted to be taken at any meeting of the holders of Class B common stock may be taken without a meeting,
without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed
by the holders of the outstanding Class B common stock having not less than the minimum number of votes that would be necessary
to authorize or take such action at a meeting at which all shares of Class B common stock were present and voted.

 

 

10Exhibit 4.15

  Dated 22 January 2021

  POCAHONTAS SHIPPING CO.

  and

  JUMARU SHIPPING CO.

  as joint and several Borrowers

  

  

  THE BANKS AND FINANCIAL INSTITUTIONS

    listed in Schedule 1

    as Lenders

  and

  HAMBURG COMMERCIAL BANK AG

  as Agent, Mandated Lead Arranger

  and Security Trustee

  LOAN AGREEMENT

  relating to

    a senior secured post-delivery term loan facility of up to US$15,290,000

    to provide finance secured on

    two bulk carrier vessels named "MAGIC HORIZON" and "MAGIC NOVA"

  
    
      

  

  
    Index

    	
            Clause

          	
            Page

          
	 	 	 
	
            1

          	
            Interpretation

          	
            1

          
	
            2

          	
            Facility

          	
            23

          
	
            3

          	
            Position of the Lenders

          	
            23

          
	
            4

          	
            Drawdown

          	
            24

          
	
            5

          	
            Interest

          	
            25

          
	
            6

          	
            Interest Periods

          	
            27

          
	
            7

          	
            Default Interest

          	
            28

          
	
            8

          	
            Repayment and Prepayment

          	
            29

          
	
            9

          	
            Conditions Precedent

          	
            32

          
	
            10

          	
            Representations and Warranties

          	
            33

          
	
            11

          	
            General Undertakings

          	
            37

          
	
            12

          	
            Corporate Undertakings

          	
            44

          
	
            13

          	
            Insurance

          	
            45

          
	
            14

          	
            Ship Covenants

          	
            52

          
	
            15

          	
            Security Cover

          	
            58

          
	
            16

          	
            Payments and Calculations

          	
            60

          
	
            17

          	
            Application of Receipts

          	
            62

          
	
            18

          	
            Application of Earnings

          	
            63

          
	
            19

          	
            Events of Default

          	
            65

          
	
            20

          	
            Fees and Expenses

          	
            70

          
	
            21

          	
            Indemnities

          	
            72

          
	
            22

          	
            No Set-Off or Tax Deduction

          	
            75

          
	
            23

          	
            Illegality, etc.

          	
            77

          
	
            24

          	
            Increased Costs

          	
            78

          
	
            25

          	
            Set-Off

          	
            80

          
	
            26

          	
            Transfers and Changes in Lending Offices

          	
            80

          
	
            27

          	
            Variations and Waivers

          	
            86

          
	
            28

          	
            Notices

          	
            88

          
	
            29

          	
            Joint and Several Liability

          	
            91

          
	
            30

          	
            Supplemental

          	
            92

          
	
            31

          	
            Bail-In

          	
            92

          
	
            32

          	
            Law and Jurisdiction

          	
            93

          

    

    

    Schedules

    

    

    	
            Schedule 1 Lenders and Commitments

          	
            94

          
	
            Schedule 2 Drawdown Notice

          	
            95

          
	
            Schedule 3 Condition Precedent Documents

          	
            96

          
	
            Part A

          	
            96

          
	
            Part B

          	
            98

          
	
            Schedule 4 Mandatory Cost Formula

          	
            100

          
	
            Schedule 5 Transfer Certificate

          	
            102

          
	
            Schedule 6 Power of Attorney

          	
            106

          
	
            Schedule 7 Form of Compliance Certificate

          	
            107

          

    

    

    Execution

    

    

    	
            Execution Pages

          	
            108

          

    

    

    
      
        

    

  

  
    THIS AGREEMENT is made on 22 January 2021

    BETWEEN

    	(1)	
            POCAHONTAS SHIPPING CO. and JUMARU SHIPPING CO., each a corporation incorporated in the Republic
              of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960, as joint and several Borrowers;

          

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

          

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

          

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

          

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

          

    BACKGROUND

    	(A)	
            The Lenders have agreed to make available to the Borrowers a secured post-delivery term loan facility of up to US$15,290,000 in two advances as follows:

          

    	

          	(i)	
            an advance in an amount of up to the lesser of (AA) US$7,645,000 and (BB) 55 per cent. of the Initial Market Value of Ship A; and

          

    	

          	(ii)	
            an advance in an amount of up to the lesser of (AA) US$7,645,000 and (BB) 55 per cent. of the Initial Market Value of Ship B,

          

    for the purpose of partly financing the Ships' Initial Market Value (as defined below).

    IT IS AGREED as follows:

    	1	
            INTERPRETATION

          

    	1.1	
            Definitions

          

    Subject to Clause 1.5, in this Agreement:

    "Account" means each of the Earnings Accounts, each of the Liquidity Accounts, the Dry
      Dock Reserve Account and the Retention Account and, in the plural, means all of them.

    "Account Bank" means Hamburg Commercial Bank AG, acting in such capacity through its
      office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, or any successor.

    "Account Pledge" means, in relation to each Account, a pledge agreement creating
      security in respect of that Account in the Agreed Form and, in the plural, means all of them.

    "Advance" means each of Advance A and Advance B and, in the plural, means both of them.

    
      
        

    

    
    

    

    "Advance A" means the principal amount of the borrowing by the Borrowers under this
      Agreement in respect of Ship A or, as the context may require, the principal amount outstanding of such Advance in respect of that Ship under this Agreement.

    "Advance B" means the principal amount of the borrowing by the Borrowers under this
      Agreement in respect of Ship B or, as the context may require, the principal amount outstanding of such Advance in respect of that Ship under this Agreement.

    "Affected Lender" has the meaning given in Clause 5.7.

    "Agency and Trust Agreement" means the agency and trust agreement executed or to be
      executed between the Borrowers and the Creditor Parties in the Agreed Form.

    "Agent" means Hamburg Commercial Bank AG,
      acting in such capacity through its office at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, or any successor of it appointed under clause 5 of the Agency and Trust Agreement.

    "Aggregate Insurable Amount" has the meaning given to it in Clause 13.16.

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

    "Applicable Lender" has the meaning given in Clause 5.2.

    "Approved Broker" means each of Arrow, Clarksons, Maersk Brokers and Howe Robinson (or
      any affiliate of such person through which valuations are commonly issued) and, in the plural, means all of them.

    "Approved Flag" means, in relation to a Ship, the Republic of the Marshall Islands flag
      or such other flag as the Agent may approve (in its sole and absolute discretion) as the flag on which that Ship is or, as the case may be, shall be registered.

    "Approved Flag State" means, in relation to a Ship, the Republic of the Marshall
      Islands or any other country in which the Agent may approve that that Ship is or, as the case may be, shall be registered.

    "Approved Manager" means, in respect of a Ship:

    	

          	(a)	
            Pavimar S.A. a corporation incorporated and existing in the Republic of the Marshall Islands whose registered address is at Trust Company
              Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960;

          

    	

          	(b)	
            Castor Ships;

          

    	

          	(c)	
            Fleet Ship Management Inc., a company incorporated and existing in the British Virgin Islands, whose registered address is at Vistra Corporate
              Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands;

          

    	

          	(d)	
            Fleet Management Ltd., a company incorporated and existing in Hong Kong whose registered office is at 27th Floor, South Island Place, 8 Wong
              Chuk Hang Road, Hong Kong;

          

    
      2

      
        

    

    

    

    	

          	(e)	
            or any other company which the Agent (acting on the instructions of the Majority Lenders) may approve from time to time as the commercial and/or
                technical manager of that Ship.

          

    "Approved Manager's Undertaking" means, in relation to each Ship, a letter of
      undertaking including, inter alia, an assignment of each Approved Manager's rights, title and interest in the Insurances of that Ship executed or to be executed by that Approved Manager in favour of the
      Security Trustee in the Agreed Form agreeing certain matters in relation to that Approved Manager serving as manager of that Ship and subordinating its rights against that Ship and the Borrower which is the owner thereof to the rights of the Creditor
      Parties under the Finance Documents and, in the plural, means all of them.

    "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.

    "Assignable Charter" means, in relation to a Ship, any time charterparty, consecutive
      voyage charter or contract of affreightment in respect of such Ship having a duration (or capable of exceeding a duration) of 12 months or more and any guarantee of the obligations of the charterer under such charter or any bareboat charter in
      respect of that Ship and any guarantee of the obligations of the charterer under such bareboat charter, entered or to be entered into by the Borrower which is the owner thereof and a charterer or, as the context may require, bareboat charterer and,
      in the plural, means all of them.

    "Availability Period" means, in relation to each Advance, the period commencing on the
      date of this Agreement and ending on:

    	

          	(a)	
            27 January 2021 (or such later date as the Agent may, with the authorisation of the Lenders, agree with the Borrowers); or

          

    	

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

          

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

    "Bail-In Legislation" means:

    	

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

          

    	

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

          

    "Balloon Instalment" has the meaning given in
      Clause 8.1.

    "Basel III" means, together:

    	

          	(a)	
            the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking
              systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the

          

    
      3

      
        

    

    

    

    countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended,
      supplemented or restated;

    	

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

          

    	

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

          

    "Borrower" means each of Borrower A and Borrower B, and, in the plural, means both of
      them.

    "Borrower A" means Pocahontas Shipping Co., a corporation incorporated and existing in
      the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

    "Borrower B" means, Jumaru Shipping Co., a corporation incorporated and existing in the
      Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

    "Break Costs" has the meaning given in Clause 21.2.

    "Business Day" means a day (other than a Saturday or Sunday) on which banks are open
      for general business:

    	

          	(a)	
            in Hamburg and London regarding the fixing of any interest rate which is required to be determined under this Agreement or any Finance Document;

          

    	

          	(b)	
            in Hamburg and New York in respect of any payment which is required to be made under a Finance Document; and

          

    	

          	(c)	
            in Hamburg, in Athens and Limassol regarding any other action to be taken under this Agreement or any other Finance Document.

          

    "Cancellation Notice" has the meaning given in Clause 8.6.

    "Cash Shortfall" has the meaning given to it in Clause 11.19;

    "Castor Ships" means Castor Ships S.A., a corporation
        incorporated and existing in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960;

    "Change of Control" means:

    	

          	(a)	
            in relation to a Security Party (other than the Corporate Guarantor and Castor Ships) or a Borrower, a change in:

          

    	

          	(i)	
            the ultimate beneficial ownership of any of the shares in that Security Party; or

          

    	

          	(ii)	
            the ultimate control of the voting rights attaching to any of those shares; or

          

    	

          	(iii)	
            the legal ownership of any of those shares; and

          

    
      4

      
        

    

    

    

    	

          	(b)	
            in relation to the Corporate Guarantor, a change which results in any person or group of persons acting in concert gaining directly or indirectly control of the
              Corporate Guarantor other than the Permitted Holder;

          

    	

          	(c)	
            For the purpose of sub-paragraphs (b) above "control" means the power (whether by way of ownership of shares, proxy,
              contract, agency or otherwise) to:

          

    	

          	(i)	
            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

          

    	

          	(ii)	
            appoint or remove all, or the majority, of the directors or other equivalent officers of the Corporate Guarantor; or

          

    	

          	(iii)	
            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

          

    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 Corporate Guarantor by any of them, either directly or indirectly, to obtain or consolidate control of the Corporate Guarantor.

    "Charterparty Assignment" means, in relation to a Ship, an assignment of the rights of
      the Borrower who is the owner of that Ship under any Assignable Charter relative thereto and any guarantee of such Assignable Charter executed or to be executed by that Borrower in favour of the Security Trustee in the Agreed Form and, in the plural,
      means all of them.

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

    "Commitment" means, in relation to a Lender, the amount set opposite its name in
      Schedule 1, or, as the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and "Total Commitments"
      means the aggregate of the Commitments of all the Lenders).

    "Compliance Certificate" means a certificate in the form set out in Schedule 7 (or in
      any other form which the Agent approves or requires) to be provided at the times and in the manner set out in Clause 11.21.

    "Contractual Currency" has the meaning given in Clause 21.6.

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

    "Corporate Guarantee" means a guarantee of the obligations of the Borrowers under this
      Agreement and the other Finance Documents to which each Borrower is a party, in the Agreed Form.

    "Corporate Guarantor" means Castor Maritime Inc., a corporation incorporated in the
      Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

    
      5

      
        

    

    

    

    "Correction Rate" means, at any relevant time in relation to an Applicable Lender, the
      amount (expressed as a rate per annum) by which that Lender's Cost of Funding exceeds LIBOR.

    "Cost of Funding" means, in relation to a Lender, the rate per annum determined by that
      Lender to be the rate at which deposits in Dollars are offered to that Lender by leading banks in the Relevant Interbank Market at that Lender's request at or about the Specified Time on the Quotation Date for an Interest Period and for a period
      equal to that Interest Period and for delivery on the first Business Day of it, or, if that Lender uses other ways to fund deposits in Dollars, such rate as determined by that Lender to be the Lender's cost of funding deposits in Dollars for that
      Interest Period, such determination being conclusive and binding in the absence of manifest error.

    "Creditor Party" means the Agent, the Security
      Trustee, the Mandated Lead Arranger, any Lender, whether as at the date of this Agreement or at any later time and, in the plural, means all of them.

    "Debt Service" means, in relation to a Ship, any sums to be incurred by
      the Borrower owning that Ship in respect of the payment of principal of, and any interest to be accrued on, the Advance to which that Ship relates and any accrued costs and expenses attributable to that Advance pursuant to this Agreement.

    "Disruption Event" means either or both of:

    	

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

          

    	

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

          

    	

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

          

    	

          	(ii)	
            from communicating with other Parties or, if applicable, any Security Party 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 Security Party
      whose operations are disrupted.

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

    "Drawdown Date" means, in respect of each Advance, the date requested by the Borrowers
      for that Advance to be borrowed, or (as the context requires) the date on which that Advance is actually borrowed.

    "Drawdown Notice" means a notice in the form set out in Schedule 2 (or in any other
      form which the Agent approves or reasonably requires).

    
      6

      
        

    

    

    

    "Dry Dock Reserve Account" means an account in the joint names of the Borrowers with
      the Account Bank designated " Jumaru Shipping Co. and Pocahontas Shipping Co. and – Dry Dock Account", or any other account (with that or another office of the Account Bank) which replaces this account and is designated by the Agent as the Dry Dock
      Reserve Account for the purposes of this Agreement.

    "Dry Docking Reserve Amount" has the meaning
      given to it in Clause 11.20.

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

    	

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

          

    	

          	(i)	
            all freight, hire and passage moneys;

          

    	

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

          

    	

          	(iii)	
            remuneration for salvage and towage services;

          

    	

          	(iv)	
            demurrage and detention moneys;

          

    	

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

          

    	

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

          

    	

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

          

    "Earnings Account" means, in relation to a Ship, an account in the name of the Borrower
      owning that Ship with the Account Bank designated "name of relevant Borrower - Earnings Account", or any other account (with that or another office of the Account Bank) which replaces such account and is
      designated by the Agent as that Earnings Account for the purposes of this Agreement.

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

    "Environmental Claim" means:

    	

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

          

    	

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

          

    
      7

      
        

    

    

    

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

    "Environmental Incident" means, in relation to each Ship:

    	

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

          

    	

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

          

    	

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

          

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

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

    "EU Bail-In Legislation Schedule" means the document described as such and published by
      the LMA from time to time.

    "Event of Default" means any of the events or circumstances described in Clause 19.1.

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

    
      8

      
        

    

    

    

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

    "Final Repayment Date" means, in relation to an Advance, the date falling on the
      earlier of (i) the date falling on the fourth anniversary of the Drawdown Date in respect of that Advance and (ii) 20 January 2025.

    "Finance Documents" means together:

    	

          	(a)	
            this Agreement;

          

    	

          	(b)	
            the Agency and Trust Agreement;

          

    	

          	(c)	
            the Account Pledges;

          

    	

          	(d)	
            the Corporate Guarantee;

          

    	

          	(e)	
            any Subordination Agreement;

          

    	

          	(f)	
            any Subordinated Debt Security;

          

    	

          	(g)	
            the Mortgages;

          

    	

          	(h)	
            the General Assignments;

          

    	

          	(i)	
            any Charterparty Assignments;

          

    	

          	(j)	
            the Approved Manager's Undertakings;

          

    	

          	(k)	
            the Side Letter; and

          

    	

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

          

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

    	

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

          

    	

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

          

    	

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

          

    	

          	(d)	
            under a financial lease, a deferred purchase consideration arrangement (in each case, other than in respect of assets or services obtained on normal commercial terms in the
              ordinary course of business) or any other agreement having the commercial effect of a borrowing or raising of money by the debtor;

          

    
      9

      
        

    

    

    

    	

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

          

    	

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

          

    	

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

          

    "Financial Year" means, in relation to each of the Borrowers and the Corporate
      Guarantor, each period of one year commencing on 1 January in respect of which its individual or, as the case may be, consolidated accounts are or ought to be prepared.

    "General Assignment" means, in relation to a Ship, a general assignment of (inter alia) the Earnings, the Insurances and any Requisition Compensation relative to that Ship in the Agreed Form and, in the plural, means both of them.

    "Group" means the Corporate Guarantor and its direct and indirect subsidiaries from
      time to time, including, without limitation, the Borrowers and "member of the Group" shall be construed accordingly.

    "IACS" means the International Association of Classification Societies.

    "Initial Market Value" means, in relation to each Ship, the Market Value thereof
      calculated in accordance with the valuation relative thereto referred to in paragraph 4 of Schedule 3, Part B.

    "Instalment" has the meaning given in Clause 8.1.

    "Insurances" means, in relation to a Ship:

    	

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

          

    	

          	(b)	
            all rights (including, without limitation, any and all rights or claims which the Borrower owning that Ship may have under or in connection with any cut-through clause relative to
              any reinsurance contract relating to the aforesaid policies or contracts of insurance) and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium and any rights in respect of any claim
              whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Agreement.

          

    "Interest Period" means a period determined in accordance with Clause 6 or Clause 7 as
      the case may be.

    "Interpolated Screen Rate" means, in relation to an Interest Period, the rate which results from interpolating on a linear basis between:

    
      10

      
        

    

    

    

    	

          	(a)	
            the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than that Interest Period; and

          

    	

          	(b)	
            the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds that Interest Period,

          

    each as of the Specified Time on the Quotation Date for that Interest Period.

    "ISM Code" means the International Safety Management Code (including the guidelines on
      its implementation), adopted by the International Maritime Organisation as the same may be amended or supplemented from time to time (and the terms "safety management system",
      "Safety Management Certificate" and "Document of Compliance" have the same meanings as are given to them in the ISM Code).

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

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

    "Lender" means, subject to Clause 26.6, a bank or financial institution listed in
      Schedule 1 and acting through its branch indicated in Schedule 1 (or through another branch notified to the Agent under Clause 26.15) or its transferee, successor or assign.

    "LIBOR" means, for an Interest Period:

    	

          	(a)	
            the rate per annum equal to the offered quotation for deposits in Dollars for a period equal to, or as near as possible equal to, the relevant Interest Period which appears on the
              Screen Rate; or;

          

    	

          	(b)	
            (if no Screen Rate is available for that Interest Period), the applicable Interpolated Screen Rate for that Interest Period; or

          

    	

          	(c)	
            if no Screen Rate is available and it is not possible to calculate an Interpolated Screen Rate for that Interest Period, the rate per annum determined by the Agent to be the
              arithmetic mean (rounded upwards, if necessary, to the nearest fifth decimal point) of the rate(s) per annum notified to the Agent by each, or if there is only one Reference Bank, that Reference Bank as the rate at which deposits in Dollars
              are offered to that Reference Bank by leading banks in the Relevant Interbank Market at that Reference Bank's request,

          

    at or about the Specified Time on the Quotation Date for that Interest Period for a period equal to that Interest Period and
      for delivery on the first Business Day of it and, if any such rate is below zero, LIBOR will be deemed to be zero.

    "Liquidity Account" means, in relation to a Ship, an account in the name of the
      Borrower owning that Ship with the Account Bank designated "Name of the Borrower. – Liquidity Account", or any other account (with that or another office of the Account Bank) which replaces such account and
      is designated by the Agent as that Liquidity Account for the purposes of this Agreement.

    "LMA" means the Loan Market Association or any successor organisation.

    
      11

      
        

    

    

    

    "Loan" means the principal amount for the time being outstanding under this Agreement.

    "LSW 1189" means the London Standard Wording for marine insurances which incorporates
      the German Direct Mortgage Clause.

    "Major Casualty" means, in relation to a Ship, any casualty to that Ship in respect of
      which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $500,000 or the equivalent in any other currency;

    "Majority Lenders" means:

    	

          	(a)	
            before an Advance is made, Lenders whose Commitments total 66 2/3 per cent. of the Total Commitments; and

          

    	

          	(b)	
            after an Advance is made, Lenders whose Contributions total 66 2/3 per cent. of the Loan.

          

    "Mandated Lead Arranger" means Hamburg Commercial Bank AG, acting in such capacity through its office at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, or any successor.

    "Mandatory Cost" means the percentage rate per annum calculated by the Agent in
      accordance with Schedule 4.

    "Margin" means 3.30 per cent. per annum.

    "Market Value" means, in relation to each Ship, the market value thereof determined in
      accordance with Clause 15.3.

    "Material Adverse Change" means any event or series of events which, in the opinion of
      the Majority Lenders, is likely to have a Material Adverse Effect.

    "Material Adverse Effect" means a material adverse effect on:

    	

          	(a)	
            the business, property, assets, liabilities, operations or condition (financial or otherwise) of a Borrower and/or any Security Party taken as a whole;

          

    	

          	(b)	
            the ability of a Borrower and/or any Security Party to (i) comply with or perform any of its obligations or (ii) discharge any of its liabilities, under any Finance Document as
              they fall due; or

          

    	

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

          

    "Maximum Advance Amount" means, in respect of an Advance, an amount up to the lesser of
      (i) $7,645,000 and (ii) 55 per cent. of the Initial Market Value of the Ship to which that Advance relates;

    "Minimum Liquidity" has the meaning given in Clause 11.19.

    "Mortgage" means, in relation to each Ship, the first preferred or, as the case may be,
      priority ship mortgage on that Ship in the Agreed Form and, in the plural, means both of them.

    "Mortgaged Ship" means a Ship which is subject to a Mortgage at the relevant time and,
      in the plural, means both of them.

    
      12

      
        

    

    

    

    "Negotiation Period" has the meaning given in Clause 5.10.

    "Notifying Lender" has the meaning given in Clause 21.2, Clause 23.1 or Clause 24.1 as
      the context requires.

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

    "Party" means a party to this Agreement.

    "Payment Currency" has the meaning given in Clause 21.6.

    "Permitted Holder" the person disclosed in the Side Letter as being the person having
      control (as such term is defined in paragraph (c) of the definition of "Change of Control") of the Corporate Guarantor as at the date of this Agreement;

    "Permitted Security Interests" means:

    	

          	(a)	
            Security Interests created by the Finance Documents;

          

    	

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

          

    	

          	(c)	
            liens for salvage;

          

    	

          	(d)	
            liens arising by operation of law for not more than one month's prepaid hire under any charter in relation to a Ship not prohibited by this Agreement;

          

    	

          	(e)	
            liens for master's disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation,
              repair or maintenance of a Ship, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the relevant Borrower in good faith by appropriate steps) and subject, in the case of liens
              for repair or maintenance, to Clause 14.13(d);

          

    	

          	(f)	
            any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration as security for costs and expenses while a Borrower is actively prosecuting or
              defending such proceedings or arbitration in good faith; and

          

    	

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

          

    "Pertinent Document" means:

    	

          	(a)	
            any Finance Document;

          

    	

          	(b)	
            any policy or contract of insurance contemplated by or referred to in Clause 13 or any other provision of this Agreement or another Finance Document;

          

    	

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

          

    
      13

      
        

    

    

    

    	

          	(d)	
            any document which has been or is at any time sent by or to a Servicing Bank in contemplation of or in connection with any Finance Document or any policy, contract or document
              falling within paragraphs (a) or (c).

          

    "Pertinent Jurisdiction" in relation to a company, means:

    	

          	(a)	
            England and Wales;

          

    	

          	(b)	
            the country under the laws of which the company is incorporated or formed;

          

    	

          	(c)	
            a country in which the company has the centre of its main interests or which the company's central management and control is or has recently been exercised;

          

    	

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

          

    	

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

          

    	

          	(f)	
            a country the courts of which have jurisdiction to make a winding up, administration or similar order in relation to the company, whether as a main or territorial or ancillary
              proceedings, or which would have such jurisdiction if their assistance were requested by the courts of a country referred to in paragraphs (b) or (c).

          

    "Pertinent Matter" means:

    	

          	(a)	
            any transaction or matter contemplated by, arising out of, or in connection with a Pertinent Document; or

          

    	

          	(b)	
            any statement relating to a Pertinent Document or to a transaction or matter falling within paragraph (a),

          

    and covers any such transaction, matter or statement, whether entered into, arising or made at any time before the signing of
      this Agreement or on or at any time after that signing.

    "Potential Event of Default" means an event or circumstance which, with the giving of
      any notice, the lapse of time, a determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default.

    "Prepayment Date" has the meaning given in Clause 15.2.

    "Prepayment Notice" has the meaning given in Clause 8.5(b).

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

    
      14

      
        

    

    

    

    "Reference Banks" means, subject to Clause 26.18, together, the Hamburg branch of Hamburg Commercial Bank AG, the head office of any other bank which is a Lender at the relevant time (unless such Lender has advised the Agent in writing that it does not wish to be a Reference Bank) and any of
      their respective successors.

    "Relevant Interbank Market" means the London interbank market.

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

    "Relevant Person" has the meaning given in Clause 19.9.

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

    "Replacement Benchmark" means a benchmark rate which is:

    	

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

          

    	

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

          

    	

          	(ii)	
            any Relevant Nominating Body,

          

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

    	

          	(b)	
            in the opinion of the Lenders, 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 Lenders, an appropriate successor to a Screen Rate.

          

    "Requisition Compensation" includes all compensation or other moneys payable by reason
      of any act or event such as is referred to in paragraph (b) of the definition of "Total Loss".

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

    "Retention Account" means an account in the joint names of the Borrowers with the
      Account Bank designated "Jumaru Shipping Co. and Pocahontas Shipping Co.– Retention Account", or any other account (with that or another office of the Account Bank) which replaces this account and is designated by the Agent as the Retention Account
      for the purposes of this Agreement.

    "Screen Rate" means the London interbank
      offered rate administered by the ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any
      replacement Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of

    
      15

      
        

    

    

    

    Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant
      rate after consultation with the Borrowers.

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

    	

          	(a)	
            the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Lenders, 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)	
            the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or
              arrangements and either:

          

    	

          	(i)	
            the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Lenders) temporary; or

          

    
      
        	

              	(ii) 	(ii) 	that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than 15 Business Days;
                or

      

    

    	

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

          

    "Secured Liabilities" means all liabilities which the Borrowers, the Security Parties
      or any of them have, at the date of this Agreement or at any later time or times, under or in connection with any Finance Document or any judgment relating to any Finance Document; and for this purpose, there shall be disregarded any total or partial
      discharge of these liabilities, or

    
      16

      
        

    

    

    

    variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other
      procedure under the insolvency laws of any country.

    "Security Cover Ratio" means, at any relevant time, the aggregate of (i) the aggregate
      of the Market Value of the Mortgaged Ships, (ii) the aggregate of the Minimum Liquidity standing to the credit of the Liquidity Accounts, (iii) the Dry Docking Reserve Amount
        standing to the credit of the Dry Dock Reserve Account and (iii) the net realisable value of any additional security provided at that time under Clause 15, at that time expressed as a percentage of the
      Loan.

    "Security Interest" means:

    	

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

          

    	

          	(b)	
            the rights of a plaintiff under an action in rem; and

          

    	

          	(c)	
            any arrangement entered into by a person (A) the effect of which is to place another person (B) in a position which is similar, in economic terms, to the position in which B would
              have been had he held a security interest over an asset of A; but paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution.

          

    "Security Party" means:

    	

          	(a)	
            the Corporate Guarantor;

          

    	

          	(b)	
            Castor Ships;

          

    	

          	(c)	
            Pavimar S.A.; and

          

    	

          	(d)	
            any other person (except a Creditor Party and any other manager which is not a member of the Group) who, as a surety or mortgagor, as a party to any subordination or priorities
              arrangement, or in any similar capacity, executes a document falling within the final paragraph of the definition of "Finance Documents".

          

    "Security Period" means the period commencing on the date of this Agreement and ending
      on the date on which the Agent notifies the Borrowers, the Security Parties and the other Creditor Parties that:

    	

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

          

    	

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

          

    	

          	(c)	
            neither a Borrower nor any Security Party has any future or contingent liability under Clauses 20, 21 or 22 or any other provision of this Agreement or another Finance Document;
              and

          

    	

          	(d)	
            the Agent, the Mandated Lead Arranger, the Security Trustee and the Majority Lenders do not consider that there is a significant risk that any payment or transaction under a
              Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future bankruptcy of a Borrower or a Security Party or in any

          

    
      17

      
        

    

    

    

    present or possible future proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security
      Interest created by a Finance Document.

    "Security Trustee" means Hamburg Commercial Bank AG, acting in such capacity through
      its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg, Germany, or any successor of it appointed under clause 5 of the Agency and Trust Agreement.

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

    "Side Letter" means a letter dated on or about the date of this Agreement specifying
      the person having control (as such term is defined in paragraph (c) of the definition of "Change of Control") of the Corporate Guarantor as at the date of this Agreement to be executed by the Agent, the Borrowers and the Corporate Guarantor in the
      Agreed Form;

    "Ship" means each of Ship A and Ship B and, in the plural, means both of them.

    "Ship A" means the Panamax bulk carrier vessel of 76,619 dwt currently registered in
      the ownership of Borrower A with IMO number 9553062 under the Marshall Islands flag in accordance with the laws of the relevant Approved Flag State with the name "MAGIC HORIZON".

    "Ship B" means the Panamax bulk carrier vessel of 78,833 dwt currently registered in
      the ownership of Borrower B with IMO number 9425679 under the Marshall Islands flag in accordance with the laws of the relevant Approved Flag State with the name "MAGIC NOVA".

    "Specified Time" means 11.00 a.m. London time.

    "Subordinated Creditor" means a Borrower, a Security Party or any other person who
      becomes a Subordinated Creditor in accordance with this Agreement.

    "Subordinated Debt" in relation to a Subordinated Creditor, has the meaning given to it
      in the Subordination Agreement entered into by that Subordinated Creditor.

    "Subordinated Debt Security" means a document creating a Security Interest in relation
      to any Subordinated Debt in the Agreed Form.

    "Subordination Agreement" means a subordination agreement entered into or to be entered
      into by a Subordinated Creditor, a Borrower, a Security Party and the Security Trustee in the Agreed Form.

    "Total Loss" means, in relation to a Ship:

    	

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

          

    	

          	(b)	
            any expropriation, confiscation, requisition or acquisition of that Ship, whether for full or part consideration, a consideration less than its proper value, a nominal
              consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority unless it is within one month from the date of
              such occurrence redelivered to the full control of the Borrower owning that Ship;

          

    	

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

          

    
      18

      
        

    

    

    

    	

          	(d)	
            any arrest, capture, seizure, confiscation or detention of that Ship (including any hijacking or theft) unless it is within one month redelivered to the full control of the
              Borrower owning that Ship.

          

    "Total Loss Date" means, in relation to a Ship:

    	

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

          

    	

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

          

    	

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

          

    	

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

          

    	

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

          

    "Transfer Certificate" has the meaning given in Clause 26.2.

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

    "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).

    "Underlying Document" means any Assignable Charter.

    "US" means the United States of America.

    "US GAAP" means generally accepted accounting principles in the Unites States.

    "US Tax Obligor" means:

    	

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

          

    	

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

          

    "Write-down and Conversion Powers" means:

    	

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

          

    	

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

          

    
      19

      
        

    

    

    

    	

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

          

    	

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

          

    	

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

          

    	

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

          

    	

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

          

    	1.2	
            Construction of certain terms

          

    In this Agreement:

    "administration notice" means a notice appointing an administrator, a notice of
      intended appointment and any other notice which is required by law (generally or in the case concerned) to be filed with the court or given to a person prior to, or in connection with, the appointment of an administrator;

    "approved" means, for the purposes of Clause 13, approved in writing by the Agent at
      its discretion;

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

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

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

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

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

    
      20

      
        

    

    

    

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

    "expense" means any kind of cost, charge or expense (including all legal costs, charges
      and expenses) and any applicable value added or other tax;

    "gross negligence" means a form of negligence which is distinct from ordinary
      negligence, in which the due diligence and care which are generally to be exercised have been disregarded to a particularly high degree, in which the plainest deliberations have not been made and that which should be most obvious to everybody has not
      been followed;

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

    "legal or administrative action" means any legal proceeding or arbitration and any
      administrative or regulatory action or investigation;

    "liability" includes every kind of debt or liability (present or future, certain or
      contingent), whether incurred as principal or surety or otherwise;

    "months" shall be construed in accordance with Clause 1.3;

    "obligatory insurances" means, in relation to a Ship, all insurances effected, or which
      the Borrower owning that Ship is obliged to effect, under Clause 13 or any other provision of this Agreement or another Finance Document;

    "parent company" has the meaning given in
      Clause 1.4;

    "person" includes any individual, any partnership, any company; any state, political
      sub-division of a state and local or municipal authority; and any international organisation;

    "policy" in relation to any insurance, includes a slip, cover note, certificate of
      entry or other document evidencing the contract of insurance or its terms;

    "protection and indemnity risks" means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other
      person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 1 of the Institute Time Clauses (Hulls) (1/10/82) or clause 8 of the Institute Time Clauses
      (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

    "regulation" includes any regulation, rule, official directive, request or guideline
      (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency (monetary or otherwise), department, central bank, regulatory, self-regulatory or other authority or organisation;

    "subsidiary" has the meaning given in Clause 1.4;

    
      21

      
        

    

    

    

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

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

    "war risks" includes the risk of mines and all risks excluded by clause 29 of the
      International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls)(1/11/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83).

    	1.3	
            Meaning of "month"

          

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

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

          

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

          

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

    	1.4	
            Meaning of "subsidiary"

          

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

    	(a)	
            a majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are
              indirectly attributable to P; or

          

    	(b)	
            P has direct or indirect control over a majority of the voting rights attaching to the issued shares of S; or

          

    	(c)	
            P has the direct or indirect power to appoint or remove a majority of the directors of S; or

          

    	(d)	
            P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes of P,

          

    and any company of which S is a subsidiary is a parent company of S.

    	1.5	
            General Interpretation

          

    In this Agreement:

    
      22

      
        

    

    

    

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

          

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

          

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

          

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

          

    	1.6	
            Headings

          

    In interpreting a Finance Document or any provision of a Finance Document, all clause, sub-clause and other headings in that
      and any other Finance Document shall be entirely disregarded.

    	2	
            FACILITY

          

    	2.1	
            Amount of facility

          

    Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrowers a senior secured term loan
      facility of up to $15,290,000, in two Advances, Advance A and Advance B, for the purpose stated in the preamble to this Agreement.

    	2.2	
            Lenders' participations in Advances

          

    Subject to the other provisions of this Agreement, each Lender shall participate in each Advance in the proportion which, as at
      the relevant Drawdown Date, its Commitment bears to the Total Commitments.

    	2.3	
            Purpose of Advances

          

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

    	3	
            POSITION OF THE LENDERS

          

    	3.1	
            Interests several

          

    The rights of the Lenders under this Agreement are several.

    	3.2	
            Individual right of action

          

    Each Lender shall be entitled to sue for any amount which has become due and payable by the Borrowers to it under this
      Agreement without joining the Agent, the Security Trustee or any other Lender as additional parties in the proceedings.

    	3.3	
            Proceedings requiring Majority Lender consent

          

    Except as provided in Clause 3.2, no Lender may commence proceedings against the Borrowers or any Security Party in connection
      with a Finance Document without the prior consent of the Majority Lenders.

    
      23

      
        

    

    

    

    	3.4	
            Obligations several

          

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

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

          

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

          

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

    	4	
            DRAWDOWN

          

    	4.1	
            Request for an Advance

          

    Subject to the following conditions, the Borrowers may request an Advance to be borrowed by ensuring that the Agent receives a
      completed Drawdown Notice not later than 11.00 a.m. (Hamburg time) three Business Days prior to the relevant Drawdown Date.

    	4.2	
            Availability

          

    The conditions referred to in Clause 4.1 are that:

    	(a)	
            a Drawdown Date has to be a Business Day during the relevant Availability Period;

          

    	(b)	
            each Advance shall not exceed the relevant Maximum Advance Amount;

          

    	(c)	
            any undrawn portion of the Total Commitments in respect of an Advance to occur, upon the determination of the Initial Market Value of the Ship to which that Advance relates, shall
              be automatically cancelled as at the Drawdown Date of that Advance; and

          

    	(d)	
            the aggregate amount of the Advances shall not exceed the Total Commitments.

          

    	4.3	
            Notification to Lenders of receipt of a Drawdown Notice

          

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

    	(a)	
            the amount of the Advance to which that Drawdown Notice relates and the relevant Drawdown Date;

          

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

          

    	(c)	
            the duration of the first Interest Period in respect of that Advance.

          

    	4.4	
            Drawdown Notice irrevocable

          

    A Drawdown Notice must be signed by a duly authorised signatory of the Borrowers; and once served, a Drawdown Notice cannot be
      revoked without the prior consent of the Agent, acting on the authority of the Lenders.

    
      24

      
        

    

    

    

    	4.5	
            Lenders to make available Contributions

          

    Subject to the provisions of this Agreement, each Lender shall, on and with value on each Drawdown Date, make available to the
      Agent for the account of the Borrowers the amount due from that Lender on that Drawdown Date under Clause 2.2.

    	4.6	
            Disbursement of Advance

          

    Subject to the provisions of this Agreement, the Agent shall on each Drawdown Date pay to the Borrowers the amounts which the
      Agent receives from the Lenders under Clause 4.5 and that payment to the Borrowers shall be made:

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

          

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

          

    The payment by the Agent under this Clause 4.6 shall constitute the making of the Advance and the Borrowers shall at that time
      become indebted, as principal and direct obligors, to each Lender in an amount equal to that Lender's participation in the Advance.

    	5	
            INTEREST

          

    	5.1	
            Payment of normal interest

          

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

    	5.2	
            Normal rate of interest

          

    Subject to the provisions of this Agreement, the rate of interest on each Advance in respect of an Interest Period relative to
      that Advance shall be the aggregate of (i) the Margin, (ii) the Mandatory Cost (if any), (iii) LIBOR for that Interest Period and (iv) if a Lender (the "Applicable Lender") notifies the Agent at least 5
      Business Days before the start of that Interest Period that its Cost of Funding exceeds LIBOR (including the amount of such excess) on the Quotation Date for that Interest Period, additionally in respect of that Applicable Lender's Contribution in
      the relevant Advance, the Correction Rate applicable to the Applicable Lender for that Interest Period.

    	5.3	
            Payment of accrued interest

          

    In the case of an Interest Period of longer than three months (subject to the prior agreement of the Agent in accordance with
      Clause 6.2(b)), accrued interest shall be paid every three months during that Interest Period and on the last day of that Interest Period.

    	5.4	
            Notification of Interest Periods and rates of normal interest

          

    The Agent shall notify the Borrowers and each Lender of:

    	(a)	
            each rate of interest; and

          

    	(b)	
            the duration of each Interest Period,

          

    as soon as reasonably practicable after each is determined.

    
      25

      
        

    

    

    

    	5.5	
            Obligation of Reference Banks to quote

          

    A Reference Bank which is a Lender shall use all reasonable efforts to supply the quotation required of it for the purposes of
      fixing a rate of interest under this Agreement unless that Reference Bank ceases to be a Lender pursuant to Clause 26.18.

    	5.6	
            Absence of quotations by Reference Banks

          

    If any Reference Bank fails to supply a quotation, the Agent shall determine the relevant LIBOR on the basis of the quotations
      supplied by the other Reference Bank(s) but if two or more of the Reference Banks fail (or, if at any time there is only one Reference Bank, that Reference Bank fails) to provide a quotation, the relevant rate of interest shall be set in accordance
      with the following provisions of this Clause 5.

    	5.7	
            Market disruption

          

    The following provisions of this Clause 5 apply if:

    	(a)	
            no rate is quoted on the Screen Rate, it is not possible to calculate an Interpolated Screen Rate for that Interest Period and two or more of the Reference Banks do not (or, if at
              any time there is only one Reference Bank, that Reference Bank does not), before 1.00 p.m. (London time) on the Quotation Date for an Interest Period, provide a quotation to the Agent in order to fix LIBOR; or

          

    	(b)	
            at least three Business Days before the start of an Interest Period, the Agent is notified by a Lender (the "Affected Lender") that for any
              reason it is unable to obtain Dollars in the Relevant Interbank Market in order to fund its Contribution (or any part of it) during the Interest Period.

          

    	5.8	
            Notification of market disruption

          

    The Agent shall promptly notify the Borrowers and each of the Lenders stating the circumstances falling within Clause 5.7 which
      have caused its notice to be given.

    	5.9	
            Suspension of drawdown

          

    If the Agent's notice under Clause 5.8 is served before an Advance is made:

    	(a)	
            in a case falling within Clause 5.7(a), the Lenders' obligation to advance that Advance; and

          

    	(b)	
            in a case falling within Clause 5.7(b), the Affected Lender's obligation to participate in that Advance,

          

    shall be suspended while the circumstances referred to in the Agent's notice continue.

    	5.10	
            Negotiation of alternative rate of interest

          

    	(a)	
            If the Agent's notice under Clause 5.8 is served after an Advance is borrowed then, subject to Clause 27.4, the Borrowers, the Agent, the Lenders or (as the case may be) the
              Affected Lender shall use reasonable endeavours to agree, within 30 days after the date on which the Agent serves its notice under Clause 5.8 (the "Negotiation Period"), an alternative interest rate or
              (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during the Interest Period concerned.

          

    
      26

      
        

    

    

    

    	(b)	
            During the Negotiation Period the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and interest rate representing
              the Cost of Funding of the Lenders or (as the case may be) the Affected Lender in Dollars, in each case as determined by the relevant Lender, or in any available currency of their or its Contribution plus the Margin and the Mandatory Cost (if
              any).

          

    	5.11	
            Application of agreed alternative rate of interest

          

    Subject to Clause 27.4, any alternative interest rate or an alternative basis which is agreed during the Negotiation Period
      shall take effect in accordance with the terms agreed.

    	5.12	
            Alternative rate of interest in absence of agreement

          

    If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant
      circumstances are continuing at the end of the Negotiation Period, then the procedure provided for in Clause 5.10(b) shall be repeated at the end of the interest period set by the Agent pursuant to that Clause.

    	5.13	
            Notice of prepayment

          

    If the Borrowers do not agree with an interest rate set by the Agent under Clause 5.12, the Borrowers may give the Agent not
      less than five Business Days' notice of their intention to prepay the Loan at the end of the interest period set by the Agent.

    	5.14	
            Prepayment; termination of Commitments

          

    A notice under Clause 5.13 shall be irrevocable; the Agent shall promptly notify the Lenders of the Borrowers' notice of
      intended prepayment; and:

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

          

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

          

    	5.15	
            Application of prepayment

          

    The provisions of Clause 8 shall apply in relation to the prepayment.

    	6	
            INTEREST PERIODS

          

    	6.1	
            Commencement of Interest Periods

          

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

    	6.2	
            Duration of normal Interest Periods

          

    Subject to Clauses 6.3 and 6.4, each Interest Period in respect of each Advance shall be:

    	(a)	
            3 months; or

          

    
      27

      
        

    

    

    

    	(b)	
            such other period (as proposed by the Borrowers to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before the commencement of the Interest Period in respect of
              that Advance) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrowers (failing which the Interest Period shall be three months).

          

    	6.3	
            Duration of Interest Periods for Instalments

          

    In respect of an amount due to be repaid under Clause 8 on a particular Repayment Date, an Interest Period in respect of the
      Advance to which that Repayment Date relates shall end on that Repayment Date.

    	6.4	
            Non-availability of matching deposits for Interest Period selected

          

    If, after the Borrowers have proposed and the Lenders have agreed an Interest Period longer than three months, any Lender
      notifies the Agent by 11.00 a.m. (Hamburg time) on the third Business Day before the commencement of the Interest Period that it is not satisfied that deposits in Dollars for a period equal to the Interest Period will be available to it in the
      Relevant Interbank Market when the Interest Period commences, the Interest Period shall be of three months.

    	7	
            DEFAULT INTEREST

          

    	7.1	
            Payment of default interest on overdue amounts

          

    The Borrowers shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by the
      Borrowers under any Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that is:

    	(a)	
            the date on which the Finance Documents provide that such amount is due for payment; or

          

    	(b)	
            if a Finance Document provides that such amount is payable on demand, the date on which the demand is served; or

          

    	(c)	
            if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable.

          

    	7.2	
            Default rate of interest

          

    Interest shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well
      after as before judgment) at the rate per annum determined by the Agent to be 2.50 per cent. above:

    	(a)	
            in the case of an overdue amount of principal, the higher of the rates set out at Clauses 7.3(a) and 7.3(b); or

          

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

          

    	7.3	
            Calculation of default rate of interest

          

    The rates referred to in Clause 7.2 are:

    
      28

      
        

    

    

    

    	(a)	
            the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any unexpired part of any then current Interest Period applicable to it);

          

    	(b)	
            the aggregate of the Margin, any Correction Rate and the Mandatory Cost (if any) plus, in respect of successive periods of any duration (including at call) up to three months which
              the Agent may select from time to time:

          

    	

          	(i)	
            LIBOR; or

          

    	

          	(ii)	
            if the Agent (after consultation with the Reference Banks) determines that Dollar deposits for any such period are not being made available to any Reference Bank by leading banks
              in the Relevant Interbank Market in the ordinary course of business, a rate from time to time determined by the Agent by reference to the cost of funds to the Reference Banks from such other sources as the Agent (after consultation with the
              Reference Banks) may from time to time determine.

          

    	7.4	
            Notification of interest periods and default rates

          

    The Agent shall promptly notify the Lenders and the Borrowers of each interest rate determined by the Agent under Clause 7.3
      and of each period selected by the Agent for the purposes of paragraph 7.3(b) of that Clause; but this shall not be taken to imply that the Borrowers are liable to pay such interest only with effect from the date of the Agent's notification.

    	7.5	
            Payment of accrued default interest

          

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

    	7.6	
            Compounding of default interest

          

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

    	8	
            REPAYMENT AND PREPAYMENT

          

    	8.1	
            Amount of Instalments

          

    The Borrowers shall repay:

    	(a)	
            Advance A, by:

          

    	

          	(i)	
            16 equal consecutive quarterly instalments, each in the amount of $237,000 (each an "Instalment A" and, together, the "Instalments A"); and

          

    	

          	(ii)	
            a balloon instalment in the amount of $3,853,000 (the "Balloon Instalment A"); and

          

    
      29

      
        

    

    

    

    	(b)	
            Advance B, by:

          

    	

          	(i)	
            16 equal consecutive quarterly instalments (each an "Instalment B" and, together, the "Instalments B"
              and, together with the Instalments A, the "Instalments" and each an "Instalment"), each in the amount of $234,000; and

          

    	

          	(ii)	
            a balloon instalment (the "Balloon Instalment B" and, together with the Balloon Instalment A, the "Balloon
                Instalments" and each a "Balloon Instalment") in the amount of $3,901,000,

          

    Provided that, if the amount advanced in respect of either Advance is less than
      $7,645,000, the aggregate amount of the Instalments and the Balloon Instalment in respect of that Advance shall be reduced by an amount equal to the undrawn amount on a pro rata basis.

    	8.2	
            Repayment Dates

          

    The first Instalment in respect of each Advance shall be repaid on the date falling three months after the Drawdown Date in
      respect of that Advance, each subsequent Instalment shall be repaid at three-monthly intervals thereafter and the last Instalment in respect of that Advance, shall be repaid together with the Balloon Instalment in respect of that Advance, latest on
      the relevant Final Repayment Date.

    	8.3	
            Final Repayment Date

          

    On the Final Repayment Date, in respect of the second Advance to be drawn down pursuant to this Agreement, the Borrowers shall
      additionally pay to the Agent for the account of the Creditor Parties all other sums then accrued or owing under any Finance Document.

    	8.4	
            Voluntary prepayment

          

    Subject to the following conditions, the Borrowers may prepay the whole or any part of the Loan on the last day of an Interest
      Period.

    	8.5	
            Conditions for voluntary prepayment

          

    The conditions referred to in Clause 8.4 are that:

    	(a)	
            a partial prepayment shall be (i) $237,000 in respect of Advance A and (ii) $234,000 in respect of Advance B or a higher integral multiple thereof;

          

    	(b)	
            the Agent has received from the Borrowers at least five Business Days' prior irrevocable written notice (each, a "Prepayment Notice")
              specifying the amount to be prepaid and the date on which the prepayment is to be made;

          

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

          

    	(d)	
            the Borrowers are in compliance with Clause 8.10 on or prior to the date of prepayment.

          

    
      30

      
        

    

    

    

    	8.6	
            Optional facility cancellation

          

    The Borrowers shall be entitled, upon giving to the Agent not less than five Business Days' prior written notice, to cancel, in
      whole or in part, and, if in part, by an aggregate amount not less than (i) $237,000 in respect of Advance A and (ii) $234,000 in respect of Advance B or a higher multiple thereof (or such other amount acceptable to the Agent in its sole discretion),
      the undrawn balance of the Total Commitments (the "Cancellation Notice") which notice shall be irrevocable and shall, at the option of the Borrowers, specify whether such cancellation will be applied against a
      specific Advance, in which case the Borrowers will specify the Advance against which that cancellation should be applied.  A failure by the Borrowers to make such a designation, in circumstances where both Advances have been made, shall result in the
      cancellation being applied against both Advances proportionately.  Upon such cancellation taking effect on expiry of a Cancellation Notice the several obligations of the Lenders to make their respective Commitments available in relation to the
      portion of the Total Commitments to which such Cancellation Notice relates shall terminate.

    	8.7	
            Cancellation Notice or Prepayment Notice

          

    The Agent shall notify the Lenders promptly upon receiving a Cancellation Notice or Prepayment Notice, and shall provide, in
      the case of a Prepayment Notice, any Lender which so requests with a copy of any document delivered by the Borrowers under Clause 8.5(c).

    	8.8	
            Mandatory prepayment

          

    	(a)	
            The Borrowers shall be obliged to prepay the Relevant Amount if a Ship:

          

    	

          	(i)	
            is sold, on or before the date on which the sale is completed by delivery of that Ship to the buyer; or

          

    	

          	(ii)	
            becomes a Total Loss, on the earlier of the date falling 120 days after the Total Loss Date and the date of receipt by the Security Trustee of the proceeds of
              insurance relating to such Total Loss.

          

    	(b)	
            Any surplus, after the prepayment of the Relevant Amount (plus any additional costs due pursuant to Clause 8.10), shall be for the account of the Borrowers Provided that no Event of Default has occurred and is continuing at the relevant time or will occur as a result of the release of such surplus to the Borrowers.

          

    In this Clause 8.8:

    "Relevant Amount" means an amount equal to the greater of:

    	

          	(i)	
            the Advance to which the Ship being sold or which has become a Total Loss relates; and

          

    	

          	(ii)	
            an amount (if any) which after the application of the prepayment to be made pursuant to Clause 8.11(b) results in the Security Cover Ratio being the greater of (A) 130 per cent.
              and (B) the percentage which applied immediately prior to the applicable event described in paragraph (i) or (ii) of this Clause 8.8.

          

    
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    	8.9	
            Effect of Prepayment Notice and Cancellation Notice

          

    Neither a Prepayment Notice nor a Cancellation Notice may be withdrawn or amended without the consent of the Agent, given with
      the authorisation of the Majority Lenders, and:

    	(a)	
            in the case of a Prepayment Notice, the amount specified in that Prepayment Notice shall become due and payable by the Borrowers on the date for prepayment specified in that
              Prepayment Notice; and

          

    	(b)	
            in the case of a Cancellation Notice, the amount cancelled shall be permanently cancelled and may not be borrowed.

          

    	8.10	
            Amounts payable on prepayment

          

    A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 or otherwise) in
      respect of the amount prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under Clause 21.2) but without premium or penalty.

    	8.11	
            Application of partial prepayment or cancellation

          

    Each partial prepayment shall be applied:

    	(a)	
            if made pursuant to Clause 5.13, 8.4, 15.2, 19.2, 23.3 or 24.6 proportionately between each Advance and within each Advance pro rata against the Instalments and the Balloon
              Instalment of each Advance;

          

    	(b)	
            if made pursuant to Clause 8.8, first towards full repayment of the Advance related to the Ship being sold or which has become a Total Loss, and thereafter towards reduction of the
              other Advance and within such Advance, pro rata against the Instalments in respect of that Advance which are at the time being outstanding and the Balloon Instalment of such Advance.

          

    	8.12	
            No reborrowing

          

    No amount prepaid or cancelled may be (re)borrowed.

    	9	
            CONDITIONS PRECEDENT

          

    	9.1	
            Documents, fees and no default

          

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

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

          

    	(b)	
            that, on the Drawdown Date but prior to the making of the Advance, the Agent receives;

          

    	

          	(i)	
            the documents described in Part B of Schedule 3 in form and substance satisfactory to the Agent and its lawyers;

          

    	

          	(ii)	
            in the case of the first Drawdown Notice to be served under this Agreement, the structuring fee payable pursuant to Clause 20.1(a);

          

    
      32

      
        

    

    

    

    	

          	(iii)	
            payment of any commitment fee payable pursuant to Clause 20.1(b); and

          

    	

          	(iv)	
            payment of any expenses payable pursuant to Clause 20.2 which are due and payable on the Drawdown Date to which that Drawdown Notice relates;

          

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

          

    	

          	(i)	
            no Event of Default or Potential Event of Default has occurred or would result from the borrowing of the relevant Advance;

          

    	

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

          

    	

          	(iii)	
            none of the circumstances contemplated by Clause 5.7 has occurred and is continuing; and

          

    	

          	(iv)	
            there has been no Material Adverse Change; and

          

    	(d)	
            that, if the Security Cover Ratio were applied immediately following the making of an Advance, the Borrowers would not be obliged to provide additional security or prepay part of
              the Loan under that Clause; and

          

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

          

    	9.2	
            Waiver of conditions precedent

          

    If the Majority Lenders, at their discretion, permit an Advance to be borrowed before certain of the conditions referred to in
      Clause 9.1 are satisfied, the Borrowers shall ensure that those conditions are satisfied within five Business Days after the relevant Drawdown Date (or such longer period as the Agent may, with the authorisation of the Majority Lenders, specify).

    	10	
            REPRESENTATIONS AND WARRANTIES

          

    	10.1	
            General

          

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

    	10.2	
            Status

          

    Each Borrower is duly incorporated, validly existing and in good standing under the laws of the Republic of the Marshall
      Islands and no Borrower or Security Party is a US Tax Obligor.

    	10.3	
            Share capital and ownership

          

    Each Borrower is authorised to issue 500 registered shares of no par value, all of which shares have been issued, and the legal
      title and beneficial ownership of all those shares is held, free of any Security Interest or other claim, by the Corporate Guarantor.

    
      33

      
        

    

    
      	10.4	
              Corporate power

            

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

      	(a)	
              to execute the Underlying Documents to which it is a party and to maintain its Ship in its ownership under the applicable Approved Flag;

            

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

            

      	(c)	
              to borrow under this Agreement and to make all the payments contemplated by, and to comply with, those Finance Documents to which that Borrower is a party.

            

      	10.5	
              Consents in force

            

      All the consents referred to in Clause 10.4 remain in force and nothing has occurred which makes any of them liable to
        revocation.

      	10.6	
              Legal validity; effective Security Interests

            

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

      	(a)	
              constitute that Borrower's legal, valid and binding obligations enforceable against that Borrower in accordance with their respective terms; and

            

      	(b)	
              create legal, valid and binding Security Interests (having the priority specified in the relevant Finance Document) enforceable in accordance with their respective terms over all
                the assets to which they, by their terms, relate,

            

      subject to any relevant insolvency laws affecting creditors' rights generally.

      	10.7	
              No third party Security Interests

            

      Without limiting the generality of Clause 10.6, at the time of the execution and delivery of each Finance Document to which
        each Borrower is a party:

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

            

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

            

      	10.8	
              No conflicts

            

      The execution by each Borrower and each other Security Party of each Finance Document and each Underlying Document to which
        it is a party, and the borrowing by that Borrower (together with the other Borrower) of the Loan (or any part thereof), and its compliance with each Finance Document and each Underlying Document to which it is a party:

      	(a)	
              will not involve or lead to a contravention of:

            

      
        34

        
          

      

      

      

      	

            	(i)	
              any law or regulation; or

            

      	

            	(ii)	
              the constitutional documents of that Borrower or other Security Party; or

            

      	

            	(iii)	
              any contractual or other obligation or restriction which is binding on that Borrower or other Security Party or any of its assets, and

            

      	(b)	
              will not have a Material Adverse Effect; and

            

      	(c)	
              is for the corporate benefit of that Borrower or each other Security Party.

            

      	10.9	
              No withholding taxes

            

      All payments which each Borrower is liable to make under the Finance Documents to which it is a party may be made without
        deduction or withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction.

      	10.10	
              No default

            

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

      	10.11	
              Information

            

      All information which has been provided in writing by or on behalf of the Borrowers or any Security Party to any Creditor
        Party in connection with any Finance Document satisfied the requirements of Clause 11.5; all audited and unaudited accounts and financial statements which have been so provided satisfied the requirements of Clause 11.7 and are true, correct and not
        misleading and present fairly and accurately the financial position of the Borrowers the Corporate Guarantor or the Group (as the case may be); and there has been no change in the financial position or state of affairs of either Borrower, the
        Corporate Guarantor or the Group (or any member thereof) from that disclosed in the latest of those accounts which is likely to have a Material Adverse Effect.

      	10.12	
              No litigation

            

      No legal or administrative action involving either Borrower or any Security Party (including action relating to any alleged
        or actual breach of the ISM Code or the ISPS Code) has been commenced or taken or, to either Borrower's knowledge, is likely to be commenced or taken which would, in either case, be likely to have a Material Adverse Effect.

      	10.13	
              Validity and completeness of the Underlying Documents

            

      Each of the Underlying Documents constitutes valid, binding and enforceable obligations of the parties thereto in accordance
        with its terms and:

      	(a)	
              each of the copies of the Underlying Documents delivered to the Agent before the date of this Agreement is a true and complete copy; and

            

      	(b)	
              no amendments or additions to an Underlying Document have been agreed nor has any party which is the party to an Underlying Document waived any of its respective rights
                thereunder.

            

      
        35

        
          

      

      

      

      	10.14	
              Compliance with certain undertakings

            

      At the date of this Agreement, the Borrowers are in compliance with Clauses 11.2, 11.4, 11.9, 11.13, 13, 14.3 and 14.10.

      	10.15	
              No rebates etc.

            

      There is no agreement or understanding to allow or pay any rebate, premium, commission, discount or other benefit or payment
        (howsoever described) to a Borrower or a third party in connection with the purchase by that Borrower of its Ship, other than as disclosed to the Agent in writing on or prior to the date of this Agreement.

      	10.16	
              Taxes paid

            

      Each Borrower has paid all taxes applicable to, or imposed on or in relation to that Borrower, its business or the Ship owned
        by it.

      	10.17	
              ISM Code and ISPS Code compliance

            

      All requirements of the ISM Code and the ISPS Code as they relate to the Borrowers, the Corporate Guarantor, the Approved
        Managers and the Ships have been complied with.

      	10.18	
              No Money laundering

            

      	(a)	
              Neither Borrower and, to the extent applicable, no Security Party has, in connection with this Agreement or any of the other Finance Documents, contravened, or permitted any
                subsidiary to contravene, any law, official requirement or other regulatory measure or procedure implemented to combat "money laundering" (as defined in Article 1 of the Directive 2015/849/EC of the European Parliament and of the Council of
                the European Union of 20 May 2015) and any comparable US federal and state laws.

            

      	(b)	
              Each Borrower confirms to the Agent that it is the beneficiary within the meaning of the German Anti Money Laundering Act (Gesetz über das Aufspüren von Gewinnen aus schweren
                Straftaten (Geldwäschegesetz)), acting for its own account and not for or on behalf of any other person for each part of the Loan made or to be made available to it under this Agreement (that is to say, it acts for its own account and not
                for or on behalf of anyone else).

            

      	10.19	
              No immunity

            

      No Borrower nor any of its assets is entitled to immunity on grounds of sovereignty or otherwise from any legal action or
        proceeding (including, without limitation, suit, attachment prior to judgement, execution or other enforcement).

      	10.20	
              Choice of law

            

      The choice of the laws of England to govern this Agreement and those other Finance Documents which are expressed to be
        governed by the laws of England, the laws of Germany to govern the Account Pledges and the laws of the applicable Approved Flag State to govern the Mortgages, constitutes a valid choice of law and the submission by the Borrowers or, as the case may
        be, the relevant Security Parties thereunder to the jurisdiction of the Courts of England and, in the case of each Account Pledge, Germany or, in the case of the Mortgages, the applicable Approved Flag State is a valid submission and does not
        contravene the laws of England or, in the case of each Account Pledge, Germany or, in the case of the Mortgages, the

      
        36

        
          

      

      

      

      applicable Approved Flag State or the laws of any other Pertinent Jurisdiction, will be applied by the courts of any
        Pertinent Jurisdiction if this Agreement or those other Finance Documents or any claim thereunder comes under their jurisdiction upon proof of the relevant provisions of the laws of England or, in the case of each Account Pledge, Germany or, in the
        case of the Mortgages, the applicable Approved Flag State.

      	10.21	
              Pari passu ranking

            

      The obligations of each Borrower and Security Party under the Finance Documents to which it is a party are direct, general
        and unconditional obligations and rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except for obligations mandatorily preferred by law applying to companies
        generally.

      	10.22	
              Repetition

            

      The representations and warranties in this Clause 10 shall be deemed to be repeated by the Borrowers:

      	(a)	
              on the date of service of each Drawdown Notice;

            

      	(b)	
              on each Drawdown Date; and

            

      	(c)	
              with the exception of Clauses 10.9 and 10.14, on the first day of each Interest Period and on the date of any Compliance Certificate issued pursuant to Clause 11.21,

            

      as if made with reference to the facts and circumstances existing on each such day.

      	11	
              GENERAL UNDERTAKINGS

            

      	11.1	
              General

            

      Each Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 11 at all times
        during the Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing.

      	11.2	
              Title and negative pledge

            

      Each Borrower will:

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

            

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

            

      	11.3	
              No disposal of assets

            

      Neither Borrower will transfer, lease or otherwise dispose of:

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

            

      
        37

        
          

      

      

      

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

            

      but paragraph (a) does not apply to any charter of a Ship.

      	11.4	
              No other liabilities or obligations to be incurred

            

      Neither Borrower will incur any liability or obligation (including, without limitation, any Financial Indebtedness or any
        obligations under a guarantee) except:

      	(a)	
              liabilities and obligations under the Finance Documents and the Underlying Documents to which it is or, as the case may be, will be a party; and

            

      	(b)	
              liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and chartering, maintaining and repairing the Ship owned by it
                (including, without limitation, any Financial Indebtedness and other indebtedness owing to its shareholders subject to the relevant Borrower ensuring on or prior to the first Drawdown Date, that the rights of each creditor thereunder are
                fully subordinated in writing pursuant to a Subordination Agreement).

            

      	11.5	
              Information provided to be accurate

            

      All financial and other information, including but not limited to factual information, exhibits and reports, which is
        provided in writing by or on behalf of a Borrower under or in connection with any Finance Document will be true, correct and not misleading and will not omit any material fact or consideration.

      	11.6	
              Provision of financial statements

            

      Each Borrower will send or procure that there are sent to the Agent:

      	(a)	
              as soon as possible, but in no event later than 180 days after the end of each Financial Year of that Borrower and the Corporate Guarantor, the individual unaudited annual
                management accounts of that Borrower and the consolidated audited annual financial statements of the Corporate Guarantor (commencing with the financial statements for the Financial Year which ended on 31 December 2020); and

            

      	(b)	
              as soon as possible, but in no event later than 90 days after the first 6-month period ending on 30 June in each Financial Year of that Borrower or,
                  as the case may be, the Corporate Guarantor, the semi-annual individual unaudited management accounts in respect of that Borrower or, in the case of the Corporate Guarantor, the semi-annual consolidated unaudited management
                accounts of the Group, in each case, for that 6-month period (commencing with the financial statements for the 6-month period ending on 30 June 2021), duly certified as to their correctness by the chief
                  financial officer of the Corporate Guarantor; and

            

      	(c)	
              promptly after each request by the Agent, such further financial or other information in respect of that Borrower, each Ship and the Corporate Guarantor (including, without
                limitation, any information regarding any sale and purchase agreements, investment brochures, shipbuilding contracts, charter agreements and operational expenditures for the Ships) as may be requested by the Agent.

            

      
        38

        
          

      

      

      

      	11.7	
              Form of financial statements

            

      All accounts delivered under Clause 11.6 will:

      	(a)	
              be prepared in accordance with all applicable laws and US GAAP and, in the case of any audited financial statements, be certified by an independent and reputable auditor selected
                and appointed by the relevant Borrower or the Corporate Guarantor;

            

      	(b)	
              give a true and fair view of the state of affairs of each Borrower, the Corporate Guarantor and the Group at the date of those accounts and of its profit for the period to which
                those accounts relate; and

            

      	(c)	
              fully disclose or provide for all significant liabilities of each Borrower, the Corporate Guarantor and the Group and each of its subsidiaries.

            

      	11.8	
              Shareholder and creditor notices

            

      Each Borrower will send the Agent promptly upon its request copies of all communications which are despatched to that
        Borrower's shareholders or creditors or any class of them.

      	11.9	
              Consents

            

      Each Borrower will maintain in force and promptly obtain or renew, and will promptly send certified copies to the Agent of,
        all consents required:

      	(a)	
              for that Borrower to perform its obligations under any Finance Document or any Underlying Document to which it is a party;

            

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

            

      	(c)	
              for that Borrower to continue to own and operate the Ship owned by it,

            

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

      	11.10	
              Maintenance of Security Interests

            

      Each Borrower will:

      	(a)	
              at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to create; and

            

      	(b)	
              without limiting the generality of paragraph (a), at its own cost, promptly register, file, record or enrol any Finance Document with any court or authority in all Pertinent
                Jurisdictions, pay any stamp, registration or similar tax in all Pertinent Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the opinion of the Majority Lenders, is or has become necessary or
                desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.

            

      	11.11	
              Notification of litigation

            

      Each Borrower will provide the Agent with details of any legal or administrative action involving that Borrower, the Ship
        owned by it, the Earnings or the Insurances in respect of that Ship, any

      
        39

        
          

      

      

      

      Security Party or the Approved Managers, as soon as such action is instituted or it becomes apparent to that Borrower that it
        is likely to be instituted, unless it is clear that the legal or administrative action cannot have a Material Adverse Effect, and each Borrower shall procure that all reasonable measures are taken to defend any such legal or administrative action.

      	11.12	
              No amendment to Underlying Documents

            

      The Borrowers will not waive or fail to enforce, the Underlying Documents to which it is a party or any of its provisions and
        promptly notify the Agent of any amendment or supplement to any Underlying Document.

      	11.13	
              Principal place of business

            

      Each Borrower will maintain its place of business, and keep its corporate documents and records, at the address of Castor
        Ships as indicated in Clause 28.2; and no Borrower will establish, or do anything as a result of which it would be deemed to have, a place of business in any country other than Greece.

      	11.14	
              Confirmation of no default

            

      Each Borrower will, within two Business Days after service by the Agent of a written request, serve on the Agent a notice
        which is signed by an officer of that Borrower and which:

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

            

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

            

      The Agent may serve requests under this Clause 11.14 from time to time but only if asked to do so by a Lender or Lenders
        having Contributions exceeding 10 per cent. of the Loan or (if no Advances have been made) Commitments exceeding 10 per cent. of the Total Commitments; and this Clause 11.14 does not affect the Borrowers' obligations under Clause 11.15.

      	11.15	
              Notification of default

            

      Each Borrower will notify the Agent as soon as that Borrower becomes aware of:

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

            

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

            

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

      	11.16	
              Provision of further information

            

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

      	(a)	
              to that Borrower, the Ship owned by it, the Earnings or the Insurances; or

            

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

            

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

      
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      	11.17	
              Provision of copies and translation of documents

            

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

      	11.18	
              "Know your customer" checks

            

      If:

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

            

      	(b)	
              any change in the composition of the shareholders of the Borrowers or any Security Party (other than Castor Ships) after the date of this Agreement; or

            

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

            

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

      	11.19	
              Minimum Liquidity

            

      	(a)	
              Subject to paragraph (c) below, each Borrower shall maintain in its respective Liquidity Account credit balances in an aggregate amount of not less than $500,000 in respect of
                each Mortgaged Ship ($1,000,000 in aggregate) ("Minimum Liquidity") commencing from the Drawdown Date in respect of the Advance which will finance the relevant Ship and at all times thereafter
                throughout the remainder of the Security Period.

            

      	(b)	
              Each Liquidity Account shall be secured under the applicable Account Pledge and, subject to paragraph (c) below, remain blocked.

            

      	(c)	
              Subject to the Agent's prior written consent and at the Agent's absolute discretion, each Borrower may request to utilise the whole or any part of the Minimum Liquidity relating
                to the Ship owned by that Borrower throughout the Security Period if, at the end of a Relevant Period, there is a Cash Shortfall and provided that:

            

      	

            	(A)	
              no Event of Default has occurred at the relevant time; and

            

      	

            	(B)	
              that part of the Minimum Liquidity which is released from the relevant Liquidity Account (the "Released Amount") pursuant
                to this Clause 11.19 is

            

      
        41

        
          

      

      

      

      utilised by the relevant Borrower only for the purpose of paying the Debt Service; and

      	

            	(C)	
              that Borrower provides the Agent with the most recent quarterly management accounts evidencing such Cash Shortfall.

            

      	(d)	
              In this Clause 11.19 (Minimum Liquidity):

            

      "Cash Shortfall" means, in relation to a Ship during a Relevant
        Period, the amount by which the aggregate Operating Expenses and the Debt Service of that Ship exceed the aggregate Earnings of that Ship, in each case, during the Relevant Period, as determined by the Majority Lenders, in their sole and absolute
        discretion;

      "Operating Expenses" means, in relation to a Ship, the aggregate
        expenditure incurred by the Borrower which is the owner of that Ship in operating, crewing, insuring, maintaining, repairing and generally trading that Ship including management fees as evidenced by the most
        recent quarterly management accounts as provided by the relevant Borrower to the Agent pursuant to paragraph (c) of this Clause 11.19 (Minimum Liquidity);

      "Relevant Period" means each 3-month period during the Security
        Period, the first of which shall commence on the Drawdown Date and end 3 months thereafter with each subsequent period commencing at 3-monthly intervals thereafter;

      	11.20	
              Dry Docking Reserve Amount

            

      	(a)	
              Each Borrower undertakes with each Creditor Party that, from the date falling three months after the Drawdown Date and at quarterly intervals thereafter during the Security
                Period, in respect of each Mortgaged Ship, an amount of $25,000 per Ship ($50,000 in aggregate) (collectively, the "Dry Docking Reserve
                  Amount") is deposited to the Dry Dock Reserve Account.

            

      	(b)	
              The Dry Dock Reserve Account shall be secured under the Account Pledge and, subject to paragraph (d) below, remain blocked thereon.

            

      	(c)	
              The Dry Docking Reserve Amount shall be released to each Borrower as follows:

            

      	

            	(i)	
              the cumulative Dry Docking Reserve Amount relating to Ship A shall be released to Borrower A only for the payment of any costs incurred in relation to the next dry docking and special survey of Ship A; and

            

      	

            	(ii)	
              the cumulative Dry Docking Reserve Amount relating to Ship B shall be released to Borrower B only for the payment of any costs incurred by in relation to the next dry docking and special survey of Ship B;

            

      (such costs referred to in sub-paragraphs (i) to (ii) above are, together, the "Dry
          Docking Expenses") and subject to, in each case:

      	

            	(A)	
              the Borrowers previously delivering to the Agent, in form and substance satisfactory to the Agent, copies of the invoices and/or proforma invoices to be paid
                (partially or in full out of the Dry Docking Reserve Amount) in respect of the Dry Docking Expenses; and

            

      
        42

        
          

      

      

      

      	

            	(B)	
              no Event of Default or Potential Event of Default having occurred and being continuing at the relevant time or resulting from the release of the Dry Docking
                Reserve Amount.

            

      Upon completion of each of the dry docking and special survey referred to in paragraph
        (c) above, the Borrowers shall promptly deliver to the Agent evidence satisfactory to it that such dry docking and special survey has been completed.

      	(d)	
              If a Ship is sold and all amounts payable pursuant to Clause 8.8 in connection with such sale have been paid by the Borrowers before the completion of the dry docking and special survey in respect of that Ship, the relevant portion of the Dry Docking Reserve Amount in relation to that dry docking and special survey will be released to
                the Borrowers Provided that no Event of Default or Potential Event of Default has occurred and is continuing at the relevant time or will result from such release.

            

      	11.21	
              Compliance Certificate

            

      	(a)	
              The Borrowers shall supply to the Agent, together with each set of financial statements delivered pursuant to paragraphs (a) and (b) of Clause 11.6, a Compliance Certificate
                (commencing with the financial statements to be provided for the 6-month period ending on 30 June 2021).

            

      	(b)	
              Each Compliance Certificate shall be duly signed by an officer of each Borrower and the Corporate Guarantor, evidencing (inter alia) the Borrower's compliance (or not, as the
                case may be) with the provisions of Clause 11.19, 11.20 and Clause 15.1.

            

      	11.22	
              No Money laundering

            

      	(a)	
              Each Borrower:

            

      	

            	(i)	
              will not, and will procure that no Security Party, to the extent applicable, will, in connection with this Agreement or any of the other Finance Documents, contravene, or permit
                any subsidiary to contravene, any law, official requirement or other regulatory measure or procedure implemented to combat "money laundering" (as defined in Article 1 of the Directive 2015/849/EC of the European Parliament and of the
                Council of the European Union of 20 May 2015) and any comparable US federal and state laws; and

            

      	

            	(ii)	
              shall further submit any documents and declarations on request, if such documents or declarations are required by any Creditor Party to comply with its domestic money laundering
                and/or legal identification requirements.

            

      	(b)	
              Each Borrower:

            

      	

            	(i)	
              shall confirm to the Agent that it is the beneficiary within the meaning of the German Anti Money Laundering Act (Gesetz über das Aufspüren von Gewinnen aus schweren Straftaten
                (Geldwäschegesetz)), acting for its own account and not for or on behalf of any other person for each part of the Loan made or to be made available to it under this Agreement (that is to say, it acts for its own account and not for or on
                behalf of anyone else); and

            

      	

            	(ii)	
              will promptly inform the Agent by written notice, if it is not or ceases to be the beneficiary and will provide in writing the name and address of the beneficiary.

            

      
        43

        
          

      

      

      

      	(c)	
              The Agent shall promptly notify the Lenders of any written notice it receives under sub-paragraph (b)(ii) above.

            

      	12	
              CORPORATE UNDERTAKINGS

            

      	12.1	
              General

            

      Each Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 12 at all times
        during the Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing.

      	12.2	
              Maintenance of status

            

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

      	12.3	
              Negative undertakings

            

      Neither Borrower will:

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

            

      (b)

      	

            	(i)	
              pay any dividend or make any other form of distribution if:

            

      	

            	(A)	
              an Event of Default or a Potential Event of Default has occurred and is continuing at the relevant time; or

            

      	

            	(B)	
              an Event of Default will result from the payment of a dividend or the making of any other form of distribution,

            

      provided that if there is a Cash Shortfall and the Borrowers have utilised a Released Amount pursuant to
        paragraph (c) of Clause 11.19, the Borrowers shall only be permitted to declare or pay a dividend or make any other form of distribution if:

      	

            	(A)	
              no Event of Default or a Potential Event of Default has occurred and is continuing at the relevant time; or

            

      	

            	(B)	
              no Event of Default will result from the payment of a dividend or the making of any other form of distribution; and

            

      	

            	(C)	
              the Minimum Liquidity standing to the credit of the Liquidity Accounts has been restored, pursuant to paragraph (c) of Clause 11.19 (Minimum Liquidity), to at
                least an amount equal to the Minimum Liquidity at the time of such declaration, payment and/or distribution.

            

      	

            	(ii)	
              effect any form of redemption, purchase or return of its issued shares; or

            

      	(c)	
              repay any Subordinated Debt;

            

      	(d)	
              provide any form of credit or financial assistance (including any guarantee or indemnity) to:

            

      
        44

        
          

      

      

      

      	

            	(i)	
              a person who is directly or indirectly interested in that Borrower's share or loan capital; or

            

      	

            	(ii)	
              any company in or with which such a person is directly or indirectly interested or connected,

            

      or enter into any transaction with or involving such a person or company on terms which are, in any respect, less favourable
        to that Borrower than those which it could obtain in a bargain made at arms' length;

      	(e)	
              enter into any material agreement other than:

            

      	

            	(i)	
              the Finance Documents and the Underlying Documents; or

            

      	

            	(ii)	
              any other agreement expressly allowed under any other term of this Agreement;

            

      	(f)	
              open or maintain any account with any bank or financial institution except accounts with the Agent, the Account Bank and the Security Trustee for the purposes of the Finance
                Documents;

            

      	(g)	
              issue, allot or grant any person a right to any shares in its capital or repurchase or reduce its issued shares and/or number of shares it is authorised to issue;

            

      	(h)	
              change its Financial Year;

            

      	(i)	
              acquire any shares or other securities other than short term debt obligations or Treasury bills issued by the US, the UK or a Participating Member State and certificates of
                deposit issued by major North American or European banks, or enter into any transaction in a derivative; or

            

      	(j)	
              allow a Change of Control; or

            

      	(k)	
              enter into any form of amalgamation, merger or de-merger, acquisition, divesture, split-up or any form of reconstruction or reorganisation.

            

      	12.4	
              Corporate Guarantor's subsidiaries

            

      The Borrowers shall provide the Agent on or before the date of this Agreement with a
        list of each member of the Group at the date of this Agreement and shall promptly advise the Agent in writing of any amendments to such list.

      	13	
              INSURANCE

            

      	13.1	
              General

            

      Each Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 13 at all times
        during the Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing.

      	13.2	
              Maintenance of obligatory insurances

            

      Each Borrower shall keep the Ship owned by it insured at the expense of that Borrower against:

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

            

      
        45

        
          

      

      

      

      	(b)	
              war risks (including, without limitation, protection and indemnity war risks with a separate limit not less than hull value of the relevant Ship);

            

      	(c)	
              protection and indemnity risks (including, without limitation, protection and indemnity war risks in excess of the amount for war risks (hull) and oil pollution liability risks)
                in each case in the highest amount available in the international insurance market); and

            

      	(d)	
              any other risks the insurance of which the Security Trustee (acting on the instructions of the Majority Lenders), having regard to practices, recommendations and other
                circumstances prevailing at the relevant time, may from time to time require by notice to that Borrower.

            

      	13.3	
              Terms of obligatory insurances

            

      Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including,
        without limitation, any LSW 1189 or any other, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its sole discretion, but in any event as follows:

      	(a)	
              in Dollars;

            

      	(b)	
              in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of:

            

      	

            	(i)	
              an amount which is equal to 120 per cent. of the aggregate of:

            

      	

            	(A)	
              the Advance relating to the Ship owned by it: and

            

      	

            	(B)	
              the aggregate principal amount secured by Permitted Security Interests over that Ship which have a prior ranking to the Security Interests created by the Finance Documents; and

            

      	

            	(ii)	
              the Market Value of that Ship;

            

      	(c)	
              in the case of oil pollution liability risks, for an amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with
                the International Group of Protection and Indemnity Clubs) and the international marine insurance market (currently $1,000,000,000 for any one accident or occurrence);

            

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

            

      	(e)	
              in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance;

            

      	(f)	
              on approved terms and conditions;

            

      	(g)	
              such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to that Ship; and

            

      	(h)	
              through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor's rating of at least BBB- or a comparable rating by any other
                rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case of war risks and protection and indemnity risks, in approved war risks

            

      
        46

        
          

      

      

      

      and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity
        Clubs.

      	13.4	
              Further protections for the Creditor Parties

            

      In addition to the terms set out in Clause 13.3, each Borrower shall and shall procure that:

      	(a)	
              it and any and all third parties who are named assured or co-assured under any obligatory insurance shall assign their interest in any and all obligatory insurances and other
                Insurances if so required by the Agent;

            

      	(b)	
              whenever the Security Trustee requires, the obligatory insurances name (or be amended to name) the Security Trustee as additional named assured for its rights and interests,
                warranted no operational interest and with full waiver of rights of subrogation they may have under any applicable law against the Security Trustee but without the Security Trustee thereby being liable to pay (but having the right to pay)
                premiums, calls or other assessments in respect of such insurance;

            

      	(c)	
              the interest of the Security Trustee as assignee and as loss payee shall be duly endorsed on all slips, cover notes, policies, certificates of entry or other instruments of
                insurance in respect of the obligatory insurances;

            

      	(d)	
              the obligatory insurances shall name the Security Trustee as sole loss payee with such directions for payment as the Security Trustee may specify;

            

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

            

      	(f)	
              the obligatory insurances shall provide that the insurers shall waive, to the fullest extent permitted by English law, their entitlement (if any) (whether by statute, common law,
                equity, or otherwise) to be subrogated to the rights and remedies of the Security Trustee in respect of any rights or interests (secured or not) held by or available to the Security Trustee in respect of the Secured Liabilities, until the
                Secured Liabilities shall have been fully repaid and discharged, except that the insurers shall not be restricted by the terms of this paragraph (f) from making personal claims against persons (other than either Borrower or any Creditor
                Party) in circumstances where the insurers have fully discharged their liabilities and obligations under the relevant obligatory insurances;

            

      	(g)	
              the obligatory insurances shall provide that the obligatory insurances shall be primary without right of contribution from other insurances effected by the Security Trustee or
                any other Creditor Party;

            

      	(h)	
              the obligatory insurances shall provide that the Security Trustee may make proof of loss if that Borrower fails to do so; and

            

      	(i)	
              the obligatory insurances shall provide that if any obligatory insurance is cancelled, or if any substantial change is made in the coverage which adversely affects the interest
                of the Security Trustee, or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, charge or lapse shall only be effective against the Security Trustee 14 days (or 7 days in the case of war risks)
                after receipt by the Security Trustee of prior written notice from the insurers of such cancellation, change or lapse.

            

      
        47

        
          

      

      

      

      	13.5	
              Renewal of obligatory insurances

            

      Each Borrower shall:

      	(a)	
              at least 14 days before the expiry of any obligatory insurance effected by it:

            

      	

            	(i)	
              notify the Security Trustee of the brokers, underwriters, insurance companies and any protection and indemnity or war risks association through or with whom that Borrower
                proposes to renew that obligatory insurance and of the proposed terms and conditions of renewal; and

            

      	

            	(ii)	
              seek the Security Trustee's approval to the matters referred to in paragraph (i);

            

      	(b)	
              at least 7 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the Security Trustee's approval pursuant to paragraph (a); and

            

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

            

      	13.6	
              Copies of policies; letters of undertaking

            

      Each Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all cover notes
        and policies relating to the obligatory insurances which they are to effect or renew and of a letter or letters of undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that:

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

            

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

            

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

            

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

            

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

            

      
        48

        
          

      

      

      

      	13.7	
              Copies of certificates of entry; letters of undertaking

            

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

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

            

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

            

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

            

      	(d)	
              a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority or,
                as the case may be, protection and indemnity associations in relation to that Ship (if applicable).

            

      	13.8	
              Deposit of original policies

            

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

      	13.9	
              Payment of premiums

            

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

      	13.10	
              Guarantees

            

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

      	13.11	
              Compliance with terms of insurances

            

      Each Borrower shall not do or omit to do (nor permit to be done or not to be done) any act or thing which would or might
        render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular it shall:

      	(a)	
              take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained
                in Clause 13.6(c)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval;

            

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

            

      	(c)	
              make (and promptly supply copies to the Agent) of all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which that
                Ship is entered to maintain cover for trading to the United States of America and Exclusive Economic

            

      
        49

        
          

      

      

      

      Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation) and, if applicable, shall
        procure that each Approved Manager complies with this requirement; and

      	(d)	
              not employ that Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of
                the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.

            

      	13.12	
              Alteration to terms of insurances

            

      Each Borrower shall neither make nor agree to any alteration to the terms of any obligatory insurance or waive any right
        relating to any obligatory insurance.

      	13.13	
              Settlement of claims

            

      No Borrower shall settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major
        Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances and shall do
        all things necessary to ensure such collection or recovery is made.

      	13.14	
              Provision of copies of communications

            

      Each Borrower shall provide the Security Trustee upon request, copies of all written communications between that Borrower
        and:

      	(a)	
              the approved brokers;

            

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

            

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

            

      	

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

            

      	

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

            

      	

            	(iii)	
              a claim under any Insurances.

            

      	13.15	
              Provision of information and further undertakings

            

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

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

            

      	(b)	
              effecting, maintaining or renewing any such insurances as are referred to in Clause 13.16 or dealing with or considering any matters relating to any such insurances,

            

      
        50

        
          

      

      

      

      and that Borrower shall:

      	

            	(i)	
              do all things necessary and provide the Agent and the Security Trustee with all documents and information to enable the Security Trustee to collect or recover any moneys in
                respect of the Insurances which are payable to the Security Trustee pursuant to the Finance Documents; and

            

      	

            	(ii)	
              promptly provide the Agent with full information regarding any Major Casualty in consequence whereof the Ship owned by that Borrower has become or may become a Total Loss and
                agree to any settlement of such casualty or other accident or damage to that Ship only with the Agent's prior written consent,

            

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

      	13.16	
              Mortgagee's interest and additional perils insurances

            

      The Security Trustee shall be entitled from time to time to effect, maintain and renew all or any of the following insurances
        in such amounts, on such terms, through such insurers and generally in such manner as the Majority Lenders may from time to time consider appropriate:

      	

            	(a)	
              a mortgagee's interest insurance in respect of each Ship providing for the indemnification of the Creditor Parties for any losses under or in connection with any Finance Document
                which directly or indirectly result from loss of or damage to a Ship or a liability of such Ship or of the Borrower owning that Ship, such loss or damage being prima facie covered by an obligatory
                insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of, an allegation concerning:

            

      	

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

            

      	

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

            

      	

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

            

      in an amount of up to 120 per cent. of the aggregate of:

      	

            	(A)	
              the Advance relating to the Ship owned by it: and

            

      	

            	(B)	
              the aggregate principal amount secured by Permitted Security Interests over that Ship which have a prior ranking to the Security Interests created by the Finance Documents,

            

      (the aggregate of (A) and (B) being the "Aggregate Insurable
          Amount");

      
        51

        
          

      

      

      

      	

            	(b)	
              a mortgagee's interest additional perils insurance in respect of each Ship providing for the indemnification of the Creditor Parties against, amongst other things, any possible
                losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of that Ship, the imposition of any Security Interest over that Ship and/or any other matter capable of being
                insured against under a mortgagee's interest additional perils policy, whether or not similar to the foregoing, and in an amount of up to 110 per cent. of the Aggregate Insurable Amount;

            

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

      	13.17	
              Review of insurance requirements

            

      The Security Trustee shall be entitled to review the requirements of this Clause 13 from time to time in order to take
        account of any changes in circumstances after the date of this Agreement which are, in the opinion of the Agent (acting on the instructions of the Majority Lenders), significant and capable of affecting the Borrowers, each Ship and its Insurances
        (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Borrower owning that Ship may be subject) and the Borrowers shall upon demand fully indemnify the Agent in respect of all fees
        and other expenses incurred by or for the account of the Agent in appointing an independent marine insurance broker or adviser to conduct such review.

      	13.18	
              Modification of insurance requirements

            

      The Security Trustee shall notify the Borrowers of any proposed modification under Clause 13.17 to the requirements of this
        Clause 13 which the Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrowers as an amendment to this Clause 13 and shall bind the
        Borrowers accordingly.

      	13.19	
              Compliance with mortgagee's instructions

            

      The Security Trustee shall be entitled (without prejudice to or limitation of any other rights which it may have or acquire
        under any Finance Document) to require a Ship to remain at any safe port or to proceed to and remain at any safe port designated by the Security Trustee until the Borrower owning that Ship implements any amendments to the terms of the obligatory
        insurances and any operational changes required as a result of a notice served under Clause 13.18.

      	14	
              SHIP COVENANTS

            

      	14.1	
              General

            

      Each Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 14 at all times
        during the Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing.

      
        52

        
          

      

      

      

      	14.2	
              Ship's name and registration

            

      Each Borrower shall keep the Ship owned by it registered in its name under an Approved Flag; shall not do, omit to do or
        allow to be done anything as a result of which such registration might be cancelled or imperilled; and shall not change the name or port of registry of that Ship.

      	14.3	
              Repair and classification

            

      Each Borrower shall, and shall procure that each Approved Manager shall, keep the Ship owned by that Borrower in a good and
        safe condition and state of repair, sea and cargo worthy in all respects:

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

            

      	(b)	
              so as to maintain the highest class free of overdue recommendations and conditions, with a classification society which is a member of IACS (being one of Lloyd's Registry,
                American Bureau of Shipping, Det Norske Veritas, Bureau Veritas, Korean Register of Shipping, Nippon Kaiji Kyoykai or Registro Italiano Navale) and acceptable to the Agent; and

            

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

            

      and the Agent shall be given power of attorney in the form attached as Schedule 6 to act on behalf of that Borrower in order
        to, inspect the class records and any files held by the classification society and to require the classification society to provide the Agent or any of its nominees with any information, document or file, it might request and the classification
        society shall be fully entitled to rely hereon without any further inquiry.

      	14.4	
              Classification society undertaking

            

      Each Borrower shall instruct the classification society referred to in Clause 14.3 (and procure that the classification
        society undertakes with the Security Trustee) in relation to its Ship:

      	(a)	
              to send to the Security Trustee, following receipt of a written request from the Security Trustee, certified true copies of all original class records and any other related
                records held by the classification society in relation to the Ship owned by that Borrower;

            

      	(b)	
              to allow the Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of that Ship at the offices of the
                classification society and to take copies of them;

            

      	(c)	
              to notify the Security Trustee immediately in writing if the classification society:

            

      	

            	(i)	
              receives notification from that Borrower or any person that that Ship's classification society is to be changed; or

            

      	

            	(ii)	
              becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Ship's class under the rules or
                terms and conditions of that Borrower's or that Ship's membership of the classification society;

            

      	(d)	
              following receipt of a written request from the Security Trustee:

            

      
        53

        
          

      

      
        	

              	(i)	
                to confirm that that Borrower is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it
                  has paid in full all fees or other charges due and payable to the classification society; or

              

        	

              	(ii)	
                if that Borrower is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Security Trustee in reasonable detail the
                  facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

              

        	14.5	
                Modification

              

        Neither Borrower shall make any modification or repairs to, or replacement of, its Ship or equipment installed on it which
          would or might materially alter the structure, type or performance characteristics of that Ship or materially reduce its value.

        	14.6	
                Removal of parts

              

        Neither Borrower shall remove any material part of its Ship, or any item of equipment installed on that Ship unless the
          part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the
          Security Trustee and becomes on installation on that Ship the property of that Borrower and subject to the security constituted by the relevant Mortgage Provided that a Borrower may install equipment owned
          by a third party if the equipment can be removed without any risk of damage to the Ship owned by it.

        	14.7	
                Surveys

              

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

        	14.8	
                Inspection

              

        Each Borrower shall permit the Security Trustee (by surveyors or other persons appointed by it for that purpose) to board
          the Ship owned by that Borrower at all reasonable times to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections at the Borrowers' expense, and if the
          inspector or surveyor appointed by the Security Trustee under this Clause is of the opinion that there are any technical, commercial or operational actions being undertaken or omitted to be undertaken by the Borrower which is the owner of that
          Ship or the relevant Approved Manager which adversely affect the operation or value of that Ship, the Borrowers shall forthwith (at their expense) on the Security Trustee's demand remedy such action or inaction and provide the Security Trustee
          with evidence that it has taken such remedial action.

        	14.9	
                Prevention of and release from arrest

              

        Each Borrower shall promptly discharge:

        	(a)	
                all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Ship owned by it, the Earnings or the Insurances;

              

        
          54

          
            

        

        

        

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

              

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

              

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

        	14.10	
                Compliance with laws etc.

              

        Each Borrower shall:

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

              

        	(b)	
                not employ the Ship owned by it nor allow its employment in any manner contrary to any law or regulation in any relevant jurisdiction including but not limited to the ISM Code
                  and the ISPS Code; and

              

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

              

        	14.11	
                Provision of information

              

        Each Borrower shall promptly provide the Security Trustee with any information which it requests regarding:

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

              

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

              

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

              

        	(d)	
                any towages and salvages; and

              

        	(e)	
                its compliance, each Approved Manager's compliance and the compliance of that Ship with the ISM Code and the ISPS Code,

              

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

        	14.12	
                Notification of certain events

              

        Each Borrower shall:

        	(a)	
                before entering into:

              

        
          55

          
            

        

        

        

        	

              	(i)	
                any demise charter for any period in respect of its Ship; or

              

        	

              	(ii)	
                any other Assignable Charter,

              

        notify the Agent and provide copies of any draft charter relating to its Ship and, if applicable, any draft charter
          guarantee and that Borrower shall be entitled to enter into such charter Provided that:

        	

              	(A)	
                that Borrower executes in favour of the Security Trustee a specific assignment of all its rights, title and interest in and to such charter and any charter guarantee in the
                  form of a Charterparty Assignment;

              

        	

              	(B)	
                the charterer and any charter guarantor agree to acknowledge to the Security Trustee (1) the specific assignment of such charter and charter guarantee by executing an
                  acknowledgement substantially in the form included in the relevant Charterparty Assignment and (2) that the Mortgage over that Ship has been registered prior to the entry into such charter and the charterer provides to the Security
                  Trustee a letter of undertaking pursuant to which the charterer subordinates all its claims against the relevant Borrower and its Ship to the claims of the Creditor Parties under or in connection with the Finance Documents in the Agreed
                  Form;

              

        	

              	(C)	
                in the case where such charter is a demise charter the charterer undertakes to the Security Trustee (1) to comply with all of that Borrower's undertakings with regard to the
                  employment, insurances, operation, repairs and maintenance of its Ship contained in this Agreement, the Mortgage and the General Assignment in relation to that Ship and (2) to provide an assignment of its interest in the insurances of
                  that Ship in the Agreed Form;

              

        	

              	(D)	
                the relevant Borrower provides certified true and complete copies of the charter relating to its Ship and of any current charter guarantee, if any, immediately after its
                  execution;

              

        	

              	(E)	
                the Agent's receipt of a copy of the charter and its failure or neglect to act, delay or acquiescence in connection with the relevant Borrower's entering into such charter
                  shall not in any way constitute an acceptance by the Agent of whether or not the Earnings under the charter are sufficient to meet the debt service requirements under this Agreement nor shall it in any way affect the Agent's or the
                  Security Trustee's entitlement to exercise its rights under the Finance Documents pursuant to Clause 19 upon the occurrence of an Event of Default arising as a result of an act or omission of the charterer; and

              

        	

              	(F)	
                the Borrower delivers to the Agent such other documents equivalent to those referred to at paragraphs 2, 3, 4, 5, 8, 9 and 10 of Schedule 3, Part A as the Agent may require;
                  and

              

        	(b)	
                immediately notify the Security Trustee by letter, of:

              

        	

              	(i)	
                its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the
                  release or adverse alteration of any right of that Borrower to any Earnings;

              

        
          56

          
            

        

        

        

        	

              	(ii)	
                its entry into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, six months;

              

        	

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

              

        	

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

              

        	

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

              

        	

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

              

        	

              	(vii)	
                any intended dry docking of that Ship;

              

        	

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

              

        	

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

              

        	

              	(x)	
                its intention to de-activate or lay up its Ship; or

              

        	

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

              

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

        	14.13	
                Restrictions on chartering, appointment of managers etc.

              

        Neither Borrower shall, in relation to the Ship owned by it:

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

              

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

              

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

              

        	(d)	
                put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other
                  currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

              

        	14.14	
                Notice of Mortgage

              

        Each Borrower shall keep the Mortgage relative to its Ship registered against that Ship as a valid first preferred or, as
          the case may be, priority mortgage, carry on board that Ship a

        
          57

          
            

        

        

        

        certified copy of that Mortgage and place and maintain in a conspicuous place in the navigation room and the Master's cabin
          of that Ship a framed printed notice stating that that Ship is mortgaged by that Borrower to the Security Trustee.

        	14.15	
                Sharing of Earnings

              

        Neither Borrower shall enter into any agreement or arrangement for the sharing of any Earnings (other than (i) any profit
          sharing agreement with a charterer which takes effect above an agreed minimum charter hire rate payable to the relevant Borrower under a charter to which that Borrower is a party and (ii) any pool agreement, in either case, on bona fide arm's
          length terms).

        	14.16	
                ISPS Code

              

        Each Borrower shall comply with the ISPS Code and in particular, without limitation, shall:

        	(a)	
                procure that the Ship owned by it and the company responsible for that Ship's compliance with the ISPS Code comply with the ISPS Code; and

              

        	(b)	
                maintain for that Ship an ISSC; and

              

        	(c)	
                notify the Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC.

              

        	15	
                SECURITY COVER

              

        	15.1	
                Minimum required security cover

              

        Clause 15.2 applies if the Agent notifies the Borrowers that the Security Cover Ratio is below 130 per cent.

        	15.2	
                Prepayment; provision of additional security

              

        If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan
          as will eliminate the shortfall on or before the date falling 14 Business Days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least five calendar
          days before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is
          documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

        	15.3	
                Valuation of Ships

              

        	(a)	
                The Market Value of a Mortgaged Ship at any date is that shown by a valuation issued by an Approved Broker selected and appointed by the Agent, such valuation to be addressed
                  to the Agent and prepared:

              

        	

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

              

        	

              	(ii)	
                with or without physical inspection of that Ship (as the Agent may require); and

              

        
          58

          
            

        

        

        

        	

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

              

        	(b)	
                If a Borrower disagrees with the valuation obtained by the Agent in accordance with paragraph (a) above, it shall be entitled to obtain a second valuation from an Approved
                  Broker selected by the Borrowers and appointed by the Agent, and prepared in accordance with sub-paragraphs (i) to (iii) of paragraph (a) above. In that case the Market Value of the Mortgaged Ship shall be the arithmetic mean of the two
                  valuations issued provided that if the Borrowers do not elect to appoint an Approved Broker within 14 days after the Agent's request to receive a valuation of a Mortgaged Ship, the Market Value of
                  that Mortgaged Ship shall be that shown in the sole valuation obtained by the Agent in accordance with paragraph (a) above.

              

        	15.4	
                Value of additional vessel security

              

        The net realisable value of any additional security which is provided under Clause 15.2 and which consists of a Security
          Interest over a vessel shall be that shown by a valuation complying with the requirements of Clause 15.3.

        	15.5	
                Valuations binding

              

        Any valuation under Clause 15.2, 15.3 or 15.4 shall be binding and conclusive as regards the Borrowers, as shall be any
          valuation which the Majority Lenders make of any additional security which does not consist of or include a Security Interest.

        	15.6	
                Provision of information

              

        The Borrowers shall promptly provide the Agent and any Approved Broker or expert acting under Clause 15.3 or 15.4 with any
          information which the Agent or that Approved Broker or expert may request for the purposes of the valuation; and, if the Borrowers fail to provide the information by the date specified in the request, the valuation may be made on any basis and
          assumptions which that Approved Broker or the Majority Lenders (or the expert appointed by them) consider prudent.

        	15.7	
                Payment of valuation expenses

              

        Without prejudice to the generality of the Borrowers' obligations under Clauses 20.2, 20.3 and 21.3, the Borrowers shall,
          on demand, pay the Agent the amount of the fees and expenses of any Approved Broker or expert instructed by the Agent under this Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of
          this Clause Provided that so long as no Event of Default has occurred which is continuing the Borrowers shall not be obliged to pay any such fees and expenses in respect of more than two sets of valuations
          of each Ship in any calendar year (in addition to the set of valuations to determine the Initial Market Value of each Ship obtained prior to the Drawdown Date).

        	15.8	
                Frequency of valuations

              

        The Borrowers acknowledge and agree that the Agent may commission valuation(s) of either Ship at such times as the Agent
          (acting on the instructions of the Lenders) shall deem necessary and, in any event, not less than once during each 6-month period of the Security Period.

        
          59

          
            

        

        

        

        	16	
                PAYMENTS AND CALCULATIONS

              

        	16.1	
                Currency and method of payments

              

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

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

              

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

              

        	(c)	
                in the case of an amount payable by a Lender to the Agent or by either Borrower to the Agent or any Lender, to the account of the Agent at J.P. Morgan Chase Bank (SWIFT Code
                  CHASUS33) (Account No. 001 1331 808 in favour of Hamburg Commercial Bank AG, SWIFT Code HSHNDEHH; Reference "MAGIC HORIZON / MAGIC NOVA") or to such other account with such other bank as the Agent may from time to time notify to the
                  Borrowers and the other Creditor Parties; and

              

        	(d)	
                in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to the Borrowers and the other Creditor Parties.

              

        	16.2	
                Payment on non-Business Day

              

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

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

              

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

              

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

        	16.3	
                Basis for calculation of periodic payments

              

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

        	16.4	
                Distribution of payments to Creditor Parties

              

        Subject to Clauses 16.5, 16.6 and 16.7:

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

              

        
          60

          
            

        

        

        

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

              

        	16.5	
                Permitted deductions by Agent

              

        Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount
          available to a Lender, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that
          Lender to pay on demand.

        	16.6	
                Agent only obliged to pay when monies received

              

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

        	16.7	
                Refund to Agent of monies not received

              

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

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

              

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

              

        	16.8	
                Agent may assume receipt

              

        Clause 16.7 shall not affect any claim which the Agent has under the law of restitution, and applies irrespective of
          whether the Agent had any form of notice that it had not received the sum which it made available.

        	16.9	
                Creditor Party accounts

              

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

        	16.10	
                Agent's memorandum account

              

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

        
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        	16.11	
                Accounts prima facie evidence

              

        If any accounts maintained under Clauses 16.9 and 16.10 show an amount to be owing by a Borrower or a Security Party to a
          Creditor Party, those accounts shall be prima facie evidence that that amount is owing to that Creditor Party.

        	17	
                APPLICATION OF RECEIPTS

              

        	17.1	
                Normal order of application

              

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

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

              

        	

              	(i)	
                firstly, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents (including, but without limitation, all
                  amounts payable by either Borrower under Clauses 20, 21 and 22 of this Agreement or by either Borrower or any Security Party under any corresponding or similar provision in any other Finance Document) other than those amounts referred to
                  at paragraphs (ii) and (iii);

              

        	

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

              

        	

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

              

        	(b)	
                SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document but which the Agent, by notice to the Borrowers (or either of them),
                  the Security Parties and the other Creditor Parties, states in its reasonable opinion will either or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in
                  accordance with the provisions of Clause 17.1(a); and

              

        	(c)	
                THIRDLY: any surplus shall be paid to the Borrowers or to any other person appearing to be entitled to it.

              

        	17.2	
                Application by any covered bond Lender

              

        If and to the extent that any Lender includes the Loan and/or a Mortgage in its covered bond register, any enforcement
          proceeds recovered under the Finance Documents and attributable to it under the relevant Finance Document shall, notwithstanding the provisions of Clause 17.1(a), be applied by it first to the part of the Loan that corresponds to that Lender's
          Contribution registered in its covered bond register and thereafter in the following order:

        	(a)	
                firstly, in or towards satisfaction of the amounts set out under Clause 17.1(a)(i);

              

        	(b)	
                secondly, in or towards satisfaction of the amounts set out under Clause 17.1(a)(ii); and

              

        	(c)	
                thirdly, in or towards satisfaction of any part of the Loan that corresponds to any unregistered part of that Lender's contribution.

              

        
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        	17.3	
                Variation of order of application

              

        The Agent may, with the authorisation of the Majority Lenders, by notice to the Borrowers, the Security Parties and the
          other Creditor Parties provide for a different manner of application from that set out in Clause 17.1 (but not, for the avoidance of doubt, that set out in Clause 17.2) either as regards a specified sum or sums or as regards sums in a specified
          category or categories.

        	17.4	
                Notice of variation of order of application

              

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

        	17.5	
                Appropriation rights overridden

              

        This Clause 17 and any notice which the Agent gives under Clause 17.3 shall override any right of appropriation possessed,
          and any appropriation made, by either Borrower or any Security Party.

        	18	
                APPLICATION OF EARNINGS

              

        	18.1	
                Payment of Earnings

              

        Each Borrower undertakes with each Creditor Party that, throughout the Security Period (and subject only to the provisions
          of the General Assignment to which it is a party):

        	(a)	
                it shall maintain the Accounts with the Account Bank;

              

        	(b)	
                it shall ensure that all Earnings of the Ship owned by it are paid to the Earnings Account for that Ship;

              

        	(c)	
                the Minimum Liquidity required pursuant to Clause 11.19 shall be maintained in the Liquidity Accounts;

              

        	(d)	
                the Dry Docking Reserve Amount required pursuant to Clause 11.20 shall be maintained in the Dry Dock Reserve Account;

              

        	18.2	
                Monthly retentions to Retention Account

              

        The Borrowers undertake with each Creditor Party to ensure that, on and from the date falling one month after each Drawdown
          Date and at monthly intervals thereafter during the Security Period, there are transferred in respect of each Advance drawn on that Drawdown Date to the Retention Account out of the Earnings received in the relevant Earnings Account during the
          preceding month:

        	(a)	
                one-third of the amount of the relevant Instalment falling due in respect of that Advance under Clause 8.1 on the next Repayment Date; and

              

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

              

        
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        and the Borrowers irrevocably authorise the Agent to make those transfers (in its sole discretion and without any
          obligation) if the Borrowers fail to do so.

        The "relevant fraction", in relation to paragraph (b), is a fraction of which the
          numerator is 1 and the denominator the number of months comprised in the then current Interest Period (or if the current Interest Period in respect of that Advance ends after the next due date for payment of interest under this Agreement, the
          number of months from the later of the commencement of the current Interest Period in respect of that Advance or the last due date for payment of interest to the next due date for payment of interest in respect of that Advance under this
          Agreement).

        	18.3	
                Shortfall in Earnings

              

        If the aggregate Earnings received in the Earnings Accounts are insufficient at any time for the required amount to be
          transferred to the Retention Account under Clause 18.2, the Borrowers shall immediately pay the amount of the insufficiency into the Retention Account.

        	18.4	
                Application of retentions

              

        Until an Event of Default or a Potential Event of Default occurs, the Agent shall, to the extent there are sufficient funds
          standing to the credit of the Retention Account, on each Repayment Date in respect of an Advance and on each due date for the payment of interest in respect of that Advance under this Agreement distribute to the Lenders in accordance with Clause
          16.4 so much of the then balance on the Retention Account as equals:

        	(a)	
                the Instalment in respect of the relevant Advance due on that Repayment Date pursuant to Clause 8.1; or

              

        	(b)	
                the amount of interest in respect of the relevant Advance payable on that interest payment date,

              

        in discharge of the Borrowers' liability for that Instalment or that interest.

        	18.5	
                Interest accrued on the Accounts

              

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

        	18.6	
                Release of accrued interest

              

        Interest accruing under Clause 18.5 shall be credited to the relevant Account and may be released to a Borrower pursuant to
          Clause 18.10.

        	18.7	
                Location of Accounts

              

        Each Borrower shall promptly:

        	(a)	
                comply with any requirement of the Agent as to the location or re-location of the Accounts (or any of them); and

              

        
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        	(b)	
                execute any documents which the Agent specifies to create or maintain in favour of the Security Trustee a Security Interest over (and/or rights of set-off, consolidation or
                  other rights in relation to) the Accounts.

              

        	18.8	
                Debits for fees, expenses etc.

              

        The Agent shall be entitled (but not obliged) from time to time to debit any Earnings Account without prior notice in order
          to discharge any amount due and payable under Clauses 20 or 21 to a Creditor Party or payment of which any Creditor Party has become entitled to demand under Clauses 20 or 21.

        	18.9	
                Borrowers' obligations unaffected

              

        The provisions of this Clause 18 (as distinct from a distribution effected under Clause 18.4) do not affect:

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

              

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

              

        	18.10	
                Restriction on withdrawal

              

        During the Security Period no sum may be withdrawn by a Borrower from any Liquidity Account, the Dry Dock Reserve Account
          or the Retention Account (other than interest pursuant to Clause 18.6 and/or any sums withdrawn in accordance with, and pursuant to, the terms of Clauses 11.19(c) and/or 11.20(d)), provided that no Event of Default or Potential Event of Default
          has occurred which is continuing), without the prior written consent of the Agent.

        The Borrowers may, in any calendar month, after having transferred and/or after having taken into account all amounts due
          or which will become due to the Retention Account in such calendar month in accordance with Clause 18.2, withdraw any surplus (a "Surplus") from the Earnings Accounts as they may think fit for purposes
          permitted by this Agreement and the other Finance Documents Provided always no Event of Default or Potential Event of Default has occurred which is continuing in which case any Surplus shall remain on the
          Earnings Accounts and the Borrowers may only withdraw the Surplus (or any part thereof) with the prior written consent of the Agent (acting upon the instructions of the Majority Lenders) in order to satisfy the documented and properly incurred
          operating expenses of the Ships.

        	19	
                EVENTS OF DEFAULT

              

        	19.1	
                Events of Default

              

        An Event of Default occurs if:

        	(a)	
                any Borrower or any Security Party fails to pay when due or (if so payable) on demand any sum payable under a Finance Document or under any document relating to a Finance
                  Document unless:

              

        	

              	(i)	
                its failure to pay is caused by administrative or technical error or a Disruption Event; and

              

        	

              	(ii)	
                payment is made within three Business Days; or

              

        
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        	(b)	
                any breach occurs of Clause 2.3, 9.2, 11.2, 11.3, 11.18, 11.19, 11.21, 12.2, 12.3 or 15.2; or

              

        	(c)	
                any breach by any Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs (a) or (b)) which, in the opinion of
                  the Majority Lenders, is capable of remedy, and such default continues unremedied 15 Business Days after written notice from the Agent requesting action to remedy the same; or

              

        	(d)	
                (subject to any applicable grace period specified in the Finance Documents) any breach by any Borrower or any Security Party occurs of any provision of a Finance Document
                  (other than a breach falling within paragraphs (a), (b) or (c)); or

              

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

              

        	(f)	
                any of the following occurs in relation to any Financial Indebtedness which, (other than in the case of the Borrowers) exceeds in aggregate $500,000 (or its equivalent in any
                  other currency) of a Relevant Person:

              

        	

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

              

        	

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

              

        	

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

              

        	

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

              

        	

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

              

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

              

        	

              	(i)	
                a Relevant Person becomes, in the opinion of the Majority Lenders, unable to pay its debts as they fall due; or

              

        	

              	(ii)	
                any assets of a Relevant Person are subject to any form of execution, attachment, arrest, sequestration or distress or any form of freezing order; or

              

        	

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

              

        	

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

              

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

              

        	

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

              

        	

              	(vii)	
                a resolution is passed, an administration notice is given or filed, an application or petition to a court is made or presented or any other step is taken by (aa) a Relevant
                  Person, (bb) the members or directors of a Relevant Person, (cc) a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person, or (dd) a government minister or public or regulatory
                  authority of a Pertinent Jurisdiction for or with a view to the winding up of that or another Relevant Person or the appointment of a provisional liquidator or administrator in respect of that or another Relevant Person, or that or
                  another Relevant Person ceasing or suspending business operations or payments to creditors, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than the Borrowers or the Corporate Guarantor
                  which is, or is to be, effected for the purposes of an amalgamation or reconstruction previously approved by the Majority Lenders and effected not later than three months after the commencement of the winding up; or

              

        	

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

              

        	

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

              

        	

              	(x)	
                any meeting of the members or directors, or of any committee of the board or senior management, of a Relevant Person is held or summoned for the purpose of considering a
                  resolution or proposal to authorise or take any action of a type described

              

        
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        in paragraphs (iv) to (ix) or a step preparatory to such action, or (with or without such a meeting) the members, directors
          or such a committee resolve or agree that such an action or step should be taken or should be taken if certain conditions materialise or fail to materialise; or

        	

              	(xi)	
                in a country other than England, any event occurs, any proceedings are opened or commenced or any step is taken which, in the opinion of the Majority Lenders is similar to any
                  of the foregoing; or

              

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

              

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

              

        	

              	(i)	
                for any Borrower or any Security Party to discharge any liability under a Finance Document or to comply with any other obligation which the Majority Lenders consider material
                  under a Finance Document; or

              

        	

              	(ii)	
                for the Agent, the Security Trustee or the Lenders to exercise or enforce any right under, or to enforce any Security Interest created by, a Finance Document; or

              

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

              

        	(k)	
                it appears to the Majority Lenders that, without their prior consent, a Change of Control has occurred or probably has occurred after the date of this Agreement in respect of a
                  Security Party; or

              

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

              

        	(m)	
                a Relevant Person rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or evidences an intention to rescind or repudiate a Finance
                  Document;

              

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

              

        	(o)	
                any other event occurs or any other circumstances arise or develop including, without limitation:

              

        	

              	(i)	
                a change in the financial position, state of affairs or prospects of any Borrower, the Corporate Guarantor or any other Security Party; or

              

        	

              	(ii)	
                any accident or other event involving any Ship or another vessel owned, chartered or operated by a Relevant Person (other than Castor Ships); or

              

        	

              	(iii)	
                the threat or commencement of legal or administrative action involving a Borrower, a Ship, any of the Approved Managers or any Security Party; or

              

        
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              	(iv)	
                the withdrawal of any material license or governmental or regulatory approval in respect of a Ship, a Borrower, any Approved Manager or any Borrower's or Approved Manager's
                  business (unless such withdrawal can be contested with the effect of suspension and is in fact so contested in good faith by the Borrowers or any Approved Manager),

              

        which constitutes a Material Adverse Change.

        	19.2	
                Actions following an Event of Default

              

        On, or at any time after, the occurrence of an Event of Default:

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

              

        	

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

              

        	

              	(ii)	
                serve on the Borrowers a notice stating that all or part of the Loan together with accrued interest and all other amounts accrued or owing under this Agreement are immediately
                  due and payable or are due and payable on demand; and/or

              

        	

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

              

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

              

        	19.3	
                Termination of Commitments

              

        On the service of a notice under Clause 19.2(a)(i), the Commitments and all other obligations of each Lender to the
          Borrowers under this Agreement shall be cancelled.

        	19.4	
                Acceleration of Loan

              

        On the service of a notice under Clause 19.2(a)(ii), all or, as the case may be, the part of the Loan specified in the
          notice together with accrued interest and all other amounts accrued or owing from the Borrowers or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable
          on demand.

        	19.5	
                Multiple notices; action without notice

              

        The Agent may serve notices under Clauses 19.2(a)(i) or 19.2(a)(ii) simultaneously or on different dates and it and/or the
          Security Trustee may take any action referred to in Clause 19.2 if no such notice is served or simultaneously with or at any time after the service of both or either of such notices.

        
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        	19.6	
                Notification of Creditor Parties and Security Parties

              

        The Agent shall send to each Lender, the Security Trustee and each Security Party a copy or the text of any notice which
          the Agent serves on the Borrowers under Clause 19.2; but the notice shall become effective when it is served on the Borrowers, and no failure or delay by the Agent to send a copy or the text of the notice to any other person shall invalidate the
          notice or provide any Borrower or any Security Party with any form of claim or defence.

        	19.7	
                Creditor Party rights unimpaired

              

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

        	19.8	
                Exclusion of Creditor Party liability

              

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

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

              

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

              

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

        	19.9	
                Relevant Persons

              

        In this Clause 19, a "Relevant Person" means a Borrower, the Corporate Guarantor,
          any Security Party and any member of the Group.

        	19.10	
                Interpretation

              

        In Clause 19.1(f) references to an event of default or a termination event include any event, howsoever described, which is
          similar to an event of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(g) "petition" includes an application.

        	20	
                FEES AND EXPENSES

              

        	20.1	
                Structuring and commitment fees:

              

        The Borrowers shall pay to the Agent:

        	(a)	
                on the earlier of (i) the Drawdown Date and (ii) the last day of the Availability Period, a non-refundable structuring fee in the amount equal to $152,900 (representing 1.0 per cent. of the Total Commitments as at the date of this Agreement) for distribution among the Lenders pro rata to their Commitments;

              

        
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        	(b)	
                a non-refundable commitment fee, at the rate of 1.00 per cent. per annum on the undrawn or uncancelled amount of the Total Commitments, payable quarterly in arrears for
                  distribution among the Lenders pro rata to their Commitments, during the period from (and including)18 December 2020 (being the date of the Borrowers' acceptance of the firm offer letter in respect of the Loan) to the earlier of (i) the
                  last Drawdown Date to occur under this Agreement and (ii) the last day of the Availability Period which is the last to expire.

              

        	20.2	
                Costs of negotiation, preparation etc.

              

        The Borrowers shall pay to the Agent on its demand the amount of all legal and other expenses incurred by the Agent or the
          Security Trustee in connection with the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document.

        	20.3	
                Costs of variations, amendments, enforcement etc.

              

        The Borrowers shall pay to the Agent, on the Agent's demand, for the account of the Creditor Party concerned, the amount of
          all legal and other expenses incurred by a Creditor Party in connection with:

        	(a)	
                the response to, or the evaluation, negotiation or implementation of, any amendment or supplement (or any proposal for such an amendment or supplement):

              

        	

              	(i)	
                requested (or, in the case of a proposal, made) by or on behalf of the Borrowers and relating to a Finance Document or any other Pertinent Document; or

              

        	

              	(ii)	
                which is contemplated in Clause 27.4;

              

        	(b)	
                any consent, waiver or suspension of rights by the Lenders, the Majority Lenders or the Creditor Party concerned or any proposal for any of the foregoing requested (or, in the
                  case of a proposal, made) by or on behalf of the Borrowers under or in connection with a Finance Document or any other Pertinent Document;

              

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

              

        	(d)	
                any step taken by the Lender concerned with a view to the preservation, protection, exercise or enforcement of any rights or Security Interest created by a Finance Document or
                  for any similar purpose including, without limitation, any proceedings to recover or retain proceeds of enforcement or any other proceedings following enforcement proceedings until the date all outstanding indebtedness to the Creditor
                  Parties under the Finance Documents and any other Pertinent Document is repaid in full.

              

        There shall be recoverable under paragraph (d) the full amount of all legal expenses, whether or not such as would be
          allowed under rules of court or any taxation or other procedure carried out under such rules.

        	20.4	
                Documentary taxes

              

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

        
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        	20.5	
                Certification of amounts

              

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

        	21	
                INDEMNITIES

              

        	21.1	
                Indemnities regarding borrowing and repayment of Loan

              

        The Borrowers shall fully indemnify the Agent and each Lender on the Agent's demand and the Security Trustee on its demand
          in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of, or in
          connection with:

        	(a)	
                an Advance not being borrowed on the date specified in the relevant Drawdown Notice for any reason other than a default by the Lender claiming the indemnity after the relevant
                  Drawdown Notice has been served in accordance with the provisions of this Agreement;

              

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

              

        	(c)	
                any failure (for whatever reason) by the Borrowers (or any of them) to make payment of any amount due under a Finance Document on the due date or, if so payable, on demand
                  (after giving credit for any default interest paid by the Borrowers on the amount concerned under Clause 7) including but not limited to any costs and expenses of enforcing any Security Interests created by the Finance Documents and any
                  claims, liabilities and losses which may be brought against, or incurred by, a Creditor Party when enforcing any Security Interests created by the Finance Documents; and

              

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

              

        and in respect of any tax (other than tax on its overall net income (and a FATCA Deduction) for which a Creditor Party is
          liable in connection with any amount paid or payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document.

        	21.2	
                Break Costs

              

        If a Lender (the "Notifying Lender") notifies the Agent that as a consequence of
          receipt or recovery of all or any part of the Loan (a "Payment") on a day other than the last day of an Interest Period applicable to the sum received or recovered the Notifying Lender has or will, with
          effect from a specified date, incur Break Costs:

        	(a)	
                the Agent shall promptly notify the Borrowers of a notice it receives from a Notifying Lender under this Clause 21.2;

              

        	(b)	
                the Borrowers shall, within five Business Days of the Agent's demand, pay to the Agent for the account of the Notifying Lender the amount of such Break Costs; and

              

        
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        	(c)	
                the Notifying Lender shall, as soon as reasonably practicable, following a request by the Borrowers, provide a certificate confirming the amount of the Notifying Lender's Break
                  Costs for the Interest Period in which they accrue, such certificate to be, in the absence of manifest error, conclusive and binding on the Borrowers.

              

        In this Clause 21.2, "Break Costs" means, in relation to a Payment the amount (if
          any) by which:

        	

              	(i)	
                the interest which the Notifying Lender, should have received in accordance with Clause 5 in respect of the sum received or recovered from the date of receipt or recovery of
                  such Payment to the last day of the then current Interest Period applicable to the sum received or recovered had such Payment been made on the last day of such Interest Period;

              

        exceeds

        	

              	(ii)	
                the amount which the Notifying Lender, would be able to obtain by placing an amount equal to such Payment on deposit with a leading bank in the Relevant Interbank Market for a
                  period commencing on the Business Day following receipt or recovery of such Payment (as the case may be) and ending on the last day of the then current Interest Period applicable to the sum received or recovered.

              

        	21.3	
                Other breakage costs

              

        Without limiting its generality, Clause 21.1 covers any claim, expense, liability or loss, including (without limitation) a
          loss of a prospective profit, incurred by a Lender in borrowing, liquidating or re-employing deposits from third parties acquired, contracted for or arranged to fund, effect or maintain all or any part of its Contribution and/or any overdue
          amount (or an aggregate amount which includes its Contribution or any overdue amount) other than claims, expenses, liabilities and losses which are shown to have been directly and mainly caused by the gross negligence or wilful misconduct of the
          officers or employees of the Creditor Party concerned.

        	21.4	
                Miscellaneous indemnities

              

        The Borrowers shall fully indemnify each Creditor Party severally on their respective demands, without prejudice to any of
          their other rights under any of the Finance Documents, in respect of all claims, expenses, liabilities and losses which may be made or brought against or sustained or incurred by a Creditor Party, in any country, as a result of or in connection
          with:

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

              

        	(b)	
                investigating any event which the Creditor Party concerned reasonably believes constitutes an Event of Default or Potential Event of Default;

              

        	(c)	
                acting or relying on any notice, request or instruction which the Creditor Party concerned reasonably believes to be genuine, correct and appropriately authorised; or

              

        	(d)	
                any other Pertinent Matter,

              

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

        
          73

          
            

        

        

        

        	21.5	
                Environmental Indemnity

              

        Without prejudice to the generality of Clause 21.4, this Clause 21.5 covers any claims, demands, proceedings, liabilities,
          taxes, losses, liabilities or expenses of every kind which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code or the ISPS Code, any Environmental Law.

        	21.6	
                Currency indemnity

              

        If any sum due from a Borrower or any Security Party to a Creditor Party under a Finance Document or under any order, award
          or judgment relating to a Finance Document (a "Sum") has to be converted from the currency in which the Finance Document provided for the Sum to be paid (the "Contractual
            Currency") into another currency (the "Payment Currency") for the purpose of:

        	(a)	
                making, filing or lodging any claim or proof against a Borrower or any Security Party, whether in its liquidation, any arrangement involving it or otherwise; or

              

        	(b)	
                obtaining an order, judgment or award from any court or other tribunal in relation to any litigation or arbitration proceedings; or

              

        	(c)	
                enforcing any such order, judgment or award,

              

        the Borrowers shall as an independent obligation, within three Business Days of demand, indemnify the Creditor Party to
          whom that Sum is due against any cost, loss or liability arising when the payment actually received by that Creditor Party is converted at the available rate of exchange back into the Contractual Currency including any discrepancy between (A) the
          rate of exchange actually used to convert the Sum from the Payment Currency into the Contractual Currency and (B) the available rate of exchange.

        In this Clause 21.6, the "available rate of exchange" means the rate at which the
          Creditor Party concerned is able at the opening of business (London time) on the Business Day after it receives the Sum to purchase the Contractual Currency with the Payment Currency.

        Each Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency
          other than that in which it is expressed to be payable.

        If any Creditor Party receives any Sum in a currency other than the Contractual Currency, the Borrowers shall indemnify in
          full the Creditor Party concerned against any cost, loss or liability arising directly or indirectly from any conversion of such Sum to the Contractual Currency.

        This Clause 21.6 creates a separate liability of that Borrower which is distinct from its other liabilities under the
          Finance Documents and which shall not be merged in any judgment or order relating to those other liabilities.

        	21.7	
                Certification of amounts

              

        A notice which is signed by two officers of a Creditor Party, which states that a specified amount, or aggregate amount, is
          due to that Creditor Party under this Clause 21 and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima
            facie evidence that the amount, or aggregate amount, is due.

        
          74

          
            

        

        
          	21.8	
                  Sums deemed due to a Lender

                

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

          	22	
                  NO SET-OFF OR TAX DEDUCTION

                

          	22.1	
                  No deductions

                

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

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

                

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

                

          	22.2	
                  Grossing-up for taxes

                

          If, at any time, a Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any
            payment due under a Finance Document:

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

                

          	(b)	
                  the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the making of such tax deduction, each Creditor Party receives on
                    the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such tax deduction been required to be made; and

                

          	(c)	
                  that Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority promptly in accordance with the relevant law, regulation or
                    regulatory requirement, and in any event before any fine or penalty arises.

                

          	22.3	
                  Indemnity and evidence of payment of taxes

                

          The Borrowers shall fully indemnify each Creditor Party on the Agent's demand in respect of all claims, expenses,
            liabilities and losses incurred by any Creditor Party by reason of any failure of the Borrowers (or either of them) to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance
            with Clause 22.2.  Within 30 days after making any tax deduction, the Borrowers or, as the case may be, the relevant Borrower shall deliver to the Agent any receipts, certificates or other documentary evidence satisfactory to the Agent that the
            tax had been paid to the appropriate taxation authority.

          	22.4	
                  Exclusion of tax on overall net income

                

          In this Clause 22 "tax deduction" means any deduction or withholding from any
            payment due under a Finance Document for or on account of any present or future tax except:

          	(a)	
                  tax on a Creditor Party's overall net income; and

                

          	(b)	
                  a FATCA Deduction.

                

          
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          	22.5	
                  FATCA Information

                

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

                

          	

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

                

          	

                	(A)	
                  a FATCA Exempt Party; or

                

          	

                	(B)	
                  not a FATCA Exempt Party; and

                

          	

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

                

          	

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

                

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

                

          	(c)	
                  Paragraph (a) above shall not oblige any Creditor Party to do anything and sub-paragraph (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 a Lender knows or has reason to know that a Borrower is a US Tax Obligor, or where the Agent reasonably believes that its obligations under FATCA require it, each Lender
                    shall, within ten Business Days of:

                

          	

                	(i)	
                  where the Lender knows or has reason to know that a Borrower is a US Tax Obligor and the relevant Lender is a Party as at the date of this Agreement, the date of this
                    Agreement;

                

          	

                	(ii)	
                  where the Lender knows or has reason to know that a Borrower is a US Tax Obligor and the relevant Lender became a Party after the date of this Agreement, the date on which
                    the relevant Transfer Certificate became effective; or

                

          	

                	(iii)	
                  the date of a request from the Agent,

                

          
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          supply to the Agent:

          	

                	(iv)	
                  a withholding certificate on US Internal Revenue Service Form W-8 or Form W-9 (or any successor form) (as applicable); or

                

          	

                	(v)	
                  any withholding statement and other documentation, authorisations and waivers as the Agent may require to certify or establish the status of such Lender under FATCA.

                

          The Agent shall provide any withholding certificate, withholding statement, documentation, authorisations and waivers it
            receives from a Lender pursuant to this paragraph (e) to the Borrowers, to the extent required for compliance with FATCA or any other law or regulation, and shall be entitled to rely on any such withholding certificate, withholding statement,
            documentation, authorisations and waivers provided without further verification. The Agent shall not be liable for any action taken by it under or in connection with this paragraph (e).

          	(f)	
                  Each Lender agrees that if any withholding certificate, withholding statement, documentation, authorisations and waivers provided to the Agent pursuant to paragraph (e) above
                    is or becomes materially inaccurate or incomplete, it shall promptly update such withholding certificate, withholding statement, documentation, authorisations and waivers or promptly notify the Agent in writing of its legal inability to
                    do so.  The Agent shall provide any such updated withholding certificate, withholding statement, documentation, authorisations and waivers to the Borrowers, to the extent required for compliance with FATCA or any other law or
                    regulation.  The Agent shall not be liable for any action taken by it under or in connection with this paragraph (f).

                

          	22.6	
                  FATCA Deduction

                

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

                

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

                

          	23	
                  ILLEGALITY, ETC.

                

          	23.1	
                  Illegality

                

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

          	(a)	
                  unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing law is or will be
                    interpreted or applied; or

                

          	(b)	
                  contrary to, or inconsistent with, any regulation,

                

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

          
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          	23.2	
                  Notification of illegality

                

          The Agent shall promptly notify the Borrowers, the Security Parties, the Security Trustee and the other Lenders of the
            notice under Clause 23.1 which the Agent receives from the Notifying Lender.

          	23.3	
                  Prepayment; termination of Commitment

                

          On the Agent notifying the Borrowers under Clause 23.2, the Notifying Lender's Commitment shall be immediately cancelled;
            and thereupon or, if later, on the date specified in the Notifying Lender's notice under Clause 23.1 as the date on which the notified event would become effective the Borrowers shall prepay the Notifying Lender's Contribution on the last day
            of the then current Interest Period in accordance with Clauses 8.10 and 8.11(a).

          	24	
                  INCREASED COSTS

                

          	24.1	
                  Increased costs

                

          This Clause 24 applies if a Lender (the "Notifying Lender") notifies the Agent
            that the Notifying Lender considers that as a result of:

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

                

          	(b)	
                  complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Notifying Lender allocates
                    capital resources to its obligations under this Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement; or

                

          	(c)	
                  the implementation or application of or compliance with the "International Convergence of Capital Measurement and Capital Standards, a Revised Framework" published by the
                    Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (the "Basel II Accord") or any other law or regulation implementing the Basel II Accord or
                    any of the approaches provided for and allowed to be used by banks under or in connection with the Basel II Accord, in each case when compared to the cost of complying with such regulations as determined by the Agent (or parent company
                    of it) on the date of this Agreement (whether such implementation, application or compliance is by a government, regulator, supervisory authority, the Notifying Lender or its holding company); or

                

          	(d)	
                  the implementation or application of or compliance with Basel III or any law or regulation which implements or applies Basel III (regardless of the date on which it is
                    enacted, adopted or issued and regardless of whether any such implementation, application or compliance is by a government, regulator, the Notifying Lender or any of its affiliates),

                

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

          	24.2	
                  Meaning of "increased cost"

                

          In this Clause 24, "increased cost" means, in relation to a Notifying Lender:

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

                

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

                

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

                

          	(d)	
                  a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or receivable by the Notifying Lender under this Agreement,

                

          but not an item attributable to a change in the rate of tax on the overall net income of the Notifying Lender (or a
            parent company of it) or an item covered by the indemnity for tax in Clause 21.1 or by Clause 22 or a FATCA Deduction required to be made by a Party.

          For the purposes of this Clause 24.2 the Notifying Lender may in good faith allocate or spread costs and/or losses among
            its assets and liabilities (or any class of its assets and liabilities) on such basis as it considers appropriate.

          	24.3	
                  Notification to Borrowers of claim for increased costs

                

          The Agent shall promptly notify the Borrowers and the Security Parties of the notice which the Agent received from the
            Notifying Lender under Clause 24.1.

          	24.4	
                  Payment of increased costs

                

          The Borrowers shall pay to the Agent, within 5 days on the Agent's demand, for the account of the Notifying Lender the
            amounts which the Agent from time to time notifies the Borrowers that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost.

          	24.5	
                  Notice of prepayment

                

          If the Borrowers are not willing to continue to compensate the Notifying Lender for the increased cost under Clause 24.4,
            the Borrowers may give the Agent not less than 14 days' notice of their intention to prepay the Notifying Lender's Contribution at the end of an Interest Period.

          	24.6	
                  Prepayment; termination of Commitment

                

          A notice under Clause 24.5 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrowers'
            notice of intended prepayment; and:

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

                

          
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          	(b)	
                  on the date specified in its notice of intended prepayment, the Borrowers shall prepay (without premium or penalty) the Notifying Lender's Contribution, together with accrued
                    interest thereon at the applicable rate plus the Margin and the Mandatory Cost (if any).

                

          	24.7	
                  Application of prepayment

                

          Clause 8 shall apply in relation to the prepayment.

          	25	
                  SET-OFF

                

          	25.1	
                  Application of credit balances

                

          Each Creditor Party may without prior notice to the Borrowers but with prior notice to the Agent:

          	(a)	
                  apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of a Borrower at any office in any country of that Creditor
                    Party in or towards satisfaction of any sum then due from that Borrower to that Creditor Party under any of the Finance Documents; and

                

          	(b)	
                  for that purpose:

                

          	

                	(i)	
                  break, or alter the maturity of, all or any part of a deposit of that Borrower;

                

          	

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

                

          	

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

                

          	25.2	
                  Existing rights unaffected

                

          No Creditor Party shall be obliged to exercise any of its rights under Clause 25.1; and those rights shall be without
            prejudice and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document).

          	25.3	
                  Sums deemed due to a Lender

                

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

          	25.4	
                  No Security Interest

                

          This Clause 25 gives the Creditor Parties a contractual right of set-off only, and does not create any equitable charge
            or other Security Interest over any credit balance of either Borrower.

          	26	
                  TRANSFERS AND CHANGES IN LENDING OFFICES

                

          	26.1	
                  Transfer by Borrowers

                

          Neither Borrower may assign or transfer any of its rights, liabilities or obligations under any Finance Document.

          
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          	26.2	
                  Transfer by a Lender

                

          Subject to this Clause 26, a Lender (the "Transferor Lender") may at any time,
            without needing the consent or approval of the Borrowers or any Security Party (but with prior consultation with the Borrowers), cause:

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

                

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

                

          	(c)	
                  a combination of (a) and (b); or

                

          	(d)	
                  all or part of its credit risk under this Agreement and the other Finance Documents,

                

          to be syndicated to or (in the case of its rights) assigned, pledged or transferred to, or (in the case of its
            obligations) pledged or assumed by, any other bank or financial institution or to a trust, fund or other entity, provided such other entity is regularly engaged in, or established for the purpose of, making, purchasing or investing in loans,
            securities or other financial assets (a "Transferee Lender") by delivering to the Agent a completed certificate in the form set out in Schedule 5 with any modifications approved or required by the Agent
            (a "Transfer Certificate") executed by the Transferor Lender and the Transferee Lender Provided that:

          prior consultation with the Borrowers shall not be required for an assignment or transfer by a Transferor Lender under
            this Clause 26 if the assignment or transfer is to (a) another Lender or an affiliate of a Lender or (b) made at a time when an Event of Default has occurred.

          However, any rights and obligations of the Transferor Lender in its capacity as Agent or Security Trustee will have to be
            dealt with separately in accordance with the Agency and Trust Agreement.

          	26.3	
                  Transfer Certificate, delivery and notification

                

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

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

                

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

                

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

                

          	26.4	
                  Effective Date of Transfer Certificate

                

          A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date
            Provided that it is signed by the Agent under Clause 26.3 on or before that date.

          	26.5	
                  No transfer without Transfer Certificate

                

          Except as provided in Clause 26.17, no assignment or transfer of any right or obligation of a Lender under any Finance
            Document is binding on, or effective in relation to, either Borrower,

          
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          any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer
            Certificate.

          	26.6	
                  Lender re-organisation

                

          However, if a Lender enters into any merger, de-merger or other reorganisation as a result of which all its rights or
            obligations vest in another person (the "successor"), the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender only upon receipt by the Agent of
            a notice to this effect and evidence that all rights and obligations have automatically and by operation of law vested in the successor by virtue of the merger, de-merger or other reorganisation, without the need for the execution and delivery
            of a Transfer Certificate; the Agent shall in that event inform the Borrowers and the Security Trustee accordingly.

          	26.7	
                  Effect of Transfer Certificate

                

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

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

                

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

                

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

                

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

                

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

                

          	(f)	
                  the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to the Lenders generally, including but not limited to those
                    relating to the Majority Lenders and those under Clause 5.7 and Clause 20, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and

                

          	(g)	
                  in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any misrepresentation made in or in connection with a Finance
                    Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it

                

          
            82

            
              

          

          

          

          as a result of the breach or misrepresentation, irrespective of whether the original Lender would have incurred a loss of
            that kind or amount.

          The rights and equities of either Borrower or any Security Party referred to above include, but are not limited to, any
            right of set off and any other kind of cross-claim.

          	26.8	
                  Maintenance of register of Lenders

                

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

          	26.9	
                  Reliance on register of Lenders

                

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

          	26.10	
                  Authorisation of Agent to sign Transfer Certificates

                

          The Borrowers, the Security Trustee, each Lender irrevocably authorises the Agent to sign Transfer Certificates on its
            behalf.  The Borrower and each Security Party irrevocably agree to the transfer procedures set out in this Clause 26 and to the extent the cooperation of the Borrowers and/or any Security Party shall be required to effect any such transfer, the
            Borrowers and such Security Party shall take all necessary steps to afford such cooperation Provided that this shall not result in any additional costs to the Borrowers or such Security Party.

          	26.11	
                  Registration fee

                

          In respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $2,500 from the
            Transferor Lender or (at the Agent's option) the Transferee Lender.

          	26.12	
                  Sub-participation; subrogation assignment

                

          A Lender may sub-participate or include in a securitisation or similar transaction all or any part of its rights and/or
            obligations under or in connection with the Finance Documents without the Borrowers' prior consent and without serving a notice thereon; the Lenders may assign without the Borrowers' prior consent and without serving a notice thereon all or any
            part of the rights referred to in the preceding sentence to an insurer or surety who has become subrogated to them.

          	26.13	
                  Sub-division, split, modification or re-tranching

                

          Any Lender may, in its sole discretion, sub-divide, split, sever, modify or re-tranche its Contribution into one or more
            parts subject to the overall cost of its Contribution to the Borrowers remaining unchanged, if such changes are necessary in order to achieve a successful execution of a securitisation, syndication or any other capital market exit in respect of
            its Contribution (or any applicable part thereof).

          
            83

            
              

          

          

          

          	26.14	
                  Disclosure of information

                

          	(a)	
                  A Lender may, without the prior consent of the Borrowers, the Corporate Guarantor or any other Security Party, disclose to a potential Transferee Lender or sub participant as
                    well as, where relevant, to rating agencies, trustees and accountants, any financial or other information which that Lender has received in relation to the Loan, the Borrowers (or either of them), the Corporate Guarantor and any other
                    Security Party or their affairs and collateral or security provided under or in connection with any Finance Document, their financial circumstances and any other information whatsoever, as that Lender may deem reasonably necessary or
                    appropriate in connection with the potential syndication, the assessment of the credit risk and the ongoing monitoring of the Loan by any potential Transferee Lender and that Lender shall be released from its obligation of secrecy and
                    from banking confidentiality.

                

          	(b)	
                  In the event any such potential Transferee Lender, sub-participant, rating agency, trustee or accountant is not already bound by any legal obligation of secrecy or banking
                    confidentiality, the Lender concerned shall require such other party to sign a confidentiality agreement.  The Borrowers shall, and shall procure that the Corporate Guarantor and any other Security Party shall:

                

          	

                	(i)	
                  provide the Creditor Parties (or any of them) with all information deemed, reasonably, necessary by the Creditor Parties (or any of them)
                    for the purposes of any transfer, syndication or sub-participation to be effected pursuant to this Clause 26; and

                

          	

                	(ii)	
                  procure that the directors and officers of each Borrower, the Corporate Guarantor or any other Security Party, are available to participate in any meeting with any Transferee
                    Lender, sub-participant, rating agency, trustee or accountant at such times and places as the Creditor Parties may reasonably request following prior notice (to be served on the Borrowers reasonably in advance) to that Borrower, the
                    Corporate Guarantor or that Security Party.

                

          	(c)	
                  The Borrowers shall not, and shall ensure that no Security Party will, publish any details regarding the Loan or any of the Finance Documents without the Agent's prior
                    written consent.

                

          	(d)	
                  The permission of disclosure set out in this Clause 26.14 is granted for the purposes of providing relief from banking secrecy and confidentiality requirements. It is not
                    intended as, and is no declaration of, consent in accordance with the DS GVO (EU Regulation 2016/679, General Data Protection Regulation).

                

          	26.15	
                  Change of lending office

                

          A Lender may change its lending office by giving notice to the Agent and the change shall become effective on the later
            of:

          	(a)	
                  the date on which the Agent receives the notice; and

                

          	(b)	
                  the date, if any, specified in the notice as the date on which the change will come into effect.

                

          	26.16	
                  Notification

                

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

          
            84

            
              

          

          

          

          	26.17	
                  Security over Lenders' rights

                

          In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or
            obtaining consent from, either Borrower or any Security Party, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to
            secure obligations of that Lender including, without limitation:

          	(a)	
                  any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and

                

          	(b)	
                  in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of obligations
                    owed, or securities issued, by that Lender as security for those obligations or securities;

                

          except that no such charge, assignment or Security Interest shall:

          	

                	(i)	
                  release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest for the Lender
                    as a party to any of the Finance Documents; or

                

          	

                	(ii)	
                  require any payments to be made by either Borrower or any Security Party or grant to any person any more extensive rights than those required to be made or granted to the
                    relevant Lender under the Finance Documents.

                

          	26.18	
                  Replacement of a Reference Bank

                

          If any Reference Bank ceases to be a Lender or is unable on a continuing basis to supply quotations for the purposes of
            Clause 5 then, unless the Borrowers, the Agent and the Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and after consulting the Borrowers, shall appoint another bank (whether or not a Lender) to
            be a replacement Reference Bank; and, when that appointment comes into effect, the first-mentioned Reference Bank's appointment shall cease to be effective.

          	26.19	
                  Securitisation

                

          Each Borrower shall, and the Borrowers shall procure that each Security Party will, assist the Agent and/or any Lender in
            achieving a successful securitisation (or similar transaction) in respect of the Loan and the Finance Documents and such Security Party's reasonable costs for providing such assistance shall be met by the relevant Lender. The Borrowers, if requested by the Agent, shall provide documentation evidencing the purchase price of each Ship when acquired by the relevant Borrower.

          	26.20	
                  No additional costs

                

          If a Transferor Lender assigns or transfers any of its rights or obligations under the Finance Documents and as a result
            of circumstances existing at the date the assignment or transfer occurs, a Borrower or a Security Party would be obliged to make a payment to the Transferee Lender under Clause 26.2 or under that clause as incorporated by reference or in full
            in any other Finance Document, then the Transferee Lender is only entitled to receive payment under that clause to the same extent as the Transferor Lender would have been if the assignment or transfer had not occurred.

          
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          	27	
                  VARIATIONS AND WAIVERS

                

          	27.1	
                  Required consents

                

          	(a)	
                  Subject to Clause 27.2 and Clause 27.4, any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Borrowers and any
                    such amendment or waiver will be binding on all Creditor Parties and the Borrowers.

                

          	(b)	
                  Any instructions given by the Majority Lenders will be binding on all the Creditor Parties.

                

          	(c)	
                  The Agent may effect:

                

          	

                	(i)	
                  on behalf of the Borrowers and any Creditor Party, any amendment or waiver permitted by Clause 27.4; and

                

          	

                	(ii)	
                  on behalf of any Creditor Party, any amendment or waiver permitted by any other provision of this Clause 27.

                

          	27.2	
                  Exceptions

                

          	(a)	
                  An amendment or waiver that has the effect of changing or which relates to:

                

          	

                	(i)	
                  the definition of "Majority Lenders" or "Finance Documents" or "Screen Rate Replacement Event" or "Replacement Benchmark" in Clause
                    1.1 (Definitions);

                

          	

                	(ii)	
                  an extension to the date of payment of any amount under the Finance Documents;

                

          	

                	(iii)	
                  a reduction in the Margin or a reduction in the amount of any payment of principal, interest fees, commission or other amount payable under any of the Finance Documents;

                

          	

                	(iv)	
                  an increase in or an extension of any Lender's Commitment;

                

          	

                	(v)	
                  any provision which expressly requires the consent of all the Lenders;

                

          	

                	(vi)	
                  Clause 3 (Position of the Lenders), Clause 11.5 (Information provided to be accurate),
                    Clause 11.6 (Provision of financial statements), Clause 11.7 (Form of financial statements), Clause 11.16 (Provision of
                      Further Information), Clause 26 (Transfers and Changes in Lending Offices), this Clause 27.2 (Exceptions)
                    or Clause 27.4 (Replacement of Screen Rate);

                

          	

                	(vii)	
                  any release of any Security Interest, guarantee, indemnities or subordination arrangement created by any Finance Document;

                

          	

                	(viii)	
                  any change of the currency in which the Loan is provided or any amount is payable under any of the Finance Documents;

                

          	

                	(ix)	
                  any change to the Screen Rate pursuant to Clause 27.4 (Replacement of Screen Rate);

                

          	

                	(x)	
                  an extension of the Availability Period; or

                

          	

                	(xi)	
                  a change in Clauses 16.4 (Distribution of payment to Creditor Parties) or 22.2 (Grossing-up),

                

          
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          may not be effected without the prior written consent of all Lenders.

          	(b)	
                  An amendment or waiver which relates to the rights or obligations of the Agent, the Mandated Lead Arranger or the Security Trustee may not be effected without the consent of
                    the Agent, the Mandated Lead Arranger or the Security Trustee, as the case may be.

                

          	27.3	
                  Exclusion of other or implied variations

                

          Except for a document which satisfies the requirements of any of Clauses 27.1, 27.2 and 27.4, no document, no act, course
            of conduct, failure or neglect to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf
            of any of them) being taken to have varied, waived, suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising:

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

                

          	(b)	
                  an Event of Default; or

                

          	(c)	
                  a breach by a Borrower or a Security Party of an obligation under a Finance Document or the general law; or

                

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

                

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

          	27.4	
                  Replacement of Screen Rate

                

          	(a)	
                  If a Screen Rate Replacement Event has occurred in relation to the Screen Rate the Agent (acting on the instructions of all Lenders) shall be entitled to:

                

          	

                	(i)	
                  replace the Screen Rate with a Replacement Benchmark;

                

          	

                	(ii)	
                  adjust the pricing on the Replacement Benchmark by the amendment of the Margin or otherwise, in each case at its discretion, 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); and

                

          	

                	(iii)	
                  amend this Agreement for the purpose of any of:

                

          	

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

                

          	

                	(B)	
                  aligning any provision to the use of that Replacement Benchmark;

                

          	

                	(C)	
                  enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any

                

          
            87

            
              

          

          

          

          consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement);

          	

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

                

          	

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

                

          	

                	(F)	
                  adjusting the pricing in accordance with paragraph (ii) above.

                

          	(b)	
                  The Agent shall promptly notify the Borrowers and each Creditor Party of any replacement of the Screen Rate, any adjustment of pricing and any amendment of this Agreement
                    made pursuant to paragraph (a) above, which shall take effect immediately as from (and including) the date specified in such notification.

                

          	(c)	
                  If required by the Agent (acting on the instructions of all Lenders), the Borrowers shall (and shall procure that each other Security Party shall) enter into such
                    supplemental, replacement or other agreement in relation to any Finance Document as the Agent may specify to extend the effect of any of the amendments referred to in paragraph (a) above to such Finance Document.

                

          	28	
                  NOTICES

                

          	28.1	
                  General

                

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

          	28.2	
                  Addresses for communications

                

          A notice by letter or fax shall be sent:

          	
                  (a)

                	
                  to the Borrowers:

                	
                  c/o Castor Ships S.A.

                  25 Foinikos Str. 14564

                  Nea Kifissia, Athens, Greece

                  Fax No: + 357 25357796

                
	 	 	 
	
                  (b)

                	
                  To a Lender:

                	
                  At the address next to its name in Schedule 1 or (as the case may require) in the relevant Transfer Certificate.

                
	 	 	 
	
                  (c)

                	
                  To the Agent and Security Trustee:

                	 
	 	 	 
	 	
                  for general matters:

                	
                  Hamburg Commercial Bank AG

                  UB 25 Shipping

                  Shipping Clients [Domestic/International]

                  Gerhart-Hauptmann-Platz 50

                  20095 Hamburg

                  Germany

                   

                   

                

          
            88

            
              

          

          
            	 	 	
                    Attention: Minas Peramatzis

                    Fax No: +30 210 4295-323

                  
	 	 	 
	 	
                    For credit administrative matters:

                  	
                    Hamburg Commercial Bank AG

                    Gerhart-Hauptmann-Platz 50

                    20095 Hamburg

                    Germany

                     

                    Fax No: +49 40 3333 34167

                  
	 	 	 

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

            	28.3	
                    Effective date of notices

                  

            Subject to Clauses 28.4 and 28.5:

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

                  

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

                  

            	28.4	
                    Service outside business hours

                  

            However, if under Clause 28.3 a notice would be deemed to be served:

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

                  

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

                  

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

            	28.5	
                    Illegible notices

                  

            Clauses 28.3 and 28.4 do not apply if the recipient of a notice notifies the sender within one hour after the time at
              which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect.

            	28.6	
                    Valid notices

                  

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

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

                  

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

                  

            
              89

              
                

            

            
              	28.7	
                      Electronic communication

                    

              	(a)	
                      Any communication from the Agent or the other Creditor Parties made by electronic means will be sent unsecured and without electronic signature, however, the Borrowers
                        may request the Agent and the other Creditor Parties at any time in writing to change the method of electronic communication from unsecured to secured electronic mail communication.

                    

              	(b)	
                      The Borrowers hereby acknowledge and accept the risks associated with the use of unsecured electronic mail communication including, without limitation, risk of delay,
                        loss of data, confidentiality breach, forgery, falsification and malicious software.  The Agent and the other Creditor Parties shall not be liable in any way for any loss or damage or any other disadvantage suffered by the Borrowers
                        resulting from such unsecured electronic mail communication.

                    

              	(c)	
                      If the Borrowers (or any of them) or any other Security Party wish to cease all electronic communication, they shall give written notice to the Agent and the other
                        Creditor Parties accordingly after receipt of which notice the Parties shall cease all electronic communication.

                    

              	(d)	
                      For as long as electronic communication is an accepted form of communication, the Parties shall:

                    

              	

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

                    

              	

                    	(ii)	
                      notify each other of any change to their respective addresses or any other such information supplied to them; and

                    

              in case electronic communication is sent to recipients with the domain <domain with ending>, the parties shall
                without undue delay inform each other if there are changes to the said domain or if electronic communication shall thereafter be sent to individual e-mail addresses.

              	(e)	
                      Each Borrower undertakes and declares that any documents to fulfil the disclosure of the financial circumstances according to Sec. 18 of the German Banking Act (KWG) that
                        were or are hereinafter submitted to the Hamburg Commercial Bank AG electronically or on data carriers through the Borrowers or any other Security Party or any of them or a third party are complete and correct. It further agrees and
                        declares that:

                    

              	

                    	(i)	
                      it is irrelevant whether such documents were submitted with or without signature;

                    

              	

                    	(ii)	
                      documents submitted to Hamburg Commercial Bank AG electronically or on data carriers according to Sec. 18 of the German Banking Act (KWG) have the same legal significance
                        as documents with signature in paper form; and

                    

              	

                    	(iii)	
                      until written revocation, the declaration under this Clause 28.7 shall remain valid.

                    

              	28.8	
                      English language

                    

              Any notice under or in connection with a Finance Document shall be in English.

              	28.9	
                      Meaning of "notice"

                    

              In this Clause 28, "notice" includes any demand, consent, authorisation,
                approval, instruction, waiver or other communication.

              
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              	29	
                      JOINT AND SEVERAL LIABILITY

                    

              	29.1	
                      General

                    

              All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be
                several and, if and to the extent consistent with Clause 29.2, joint.

              	29.2	
                      No impairment of Borrower's obligations

                    

              The liabilities and obligations of a Borrower shall not be impaired by:

              	(a)	
                      this Agreement being or later becoming void, unenforceable or illegal as regards the other Borrower;

                    

              	(b)	
                      any Lender or the Security Trustee entering into any rescheduling, refinancing or other arrangement of any kind with the other Borrower;

                    

              	(c)	
                      any Lender or the Security Trustee releasing the other Borrower or any Security Interest created by a Finance Document; or

                    

              	(d)	
                      any combination of the foregoing.

                    

              	29.3	
                      Principal debtors

                    

              Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts
                owing under this Agreement and the Finance Documents and neither Borrower shall in any circumstances be construed to be a surety for the obligations of the other Borrower under this Agreement.

              	29.4	
                      Subordination

                    

              Subject to Clause 29.5, during the Security Period, neither Borrower shall:

              	(a)	
                      claim any amount which may be due to it from the other Borrower whether in respect of a payment made, or matter arising out of, this Agreement or any Finance Document, or
                        any matter unconnected with this Agreement or any Finance Document; or

                    

              	(b)	
                      take or enforce any form of security from the other Borrower for such an amount, or in any other way seek to have recourse in respect of such an amount against any asset
                        of the other Borrower; or

                    

              	(c)	
                      set off such an amount against any sum due from it to the other Borrower; or

                    

              	(d)	
                      prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving the other Borrower or other Security Party; or

                    

              	(e)	
                      exercise or assert any combination of the foregoing.

                    

              	29.5	
                      Borrowers' required action

                    

              If during the Security Period, the Agent, by notice to a Borrower, requires it to take any action referred to in
                paragraphs (a) to (d) of Clause 29.4, in relation to the other Borrower, that Borrower shall take that action as soon as practicable after receiving the Agent's notice.

              
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              	30	
                      SUPPLEMENTAL

                    

              	30.1	
                      Rights cumulative, non-exclusive

                    

              The rights and remedies which the Finance Documents give to each Creditor Party are:

              	(a)	
                      cumulative;

                    

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

                    

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

                    

              	30.2	
                      Severability of provisions

                    

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

              	30.3	
                      Counterparts

                    

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

              	30.4	
                      Third party rights

                    

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

              	30.5	
                      Benefit and binding effect

                    

              The terms of this Agreement shall be binding upon, and shall enure to the benefit of, the Parties and their
                respective (including subsequent) successors and permitted assigns and transferees.

              
                	31	
                        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.

                      

              

              
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              	32	
                      LAW AND JURISDICTION

                    

              	32.1	
                      English law

                    

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

              	32.2	
                      Exclusive English jurisdiction

                    

              Subject to Clause 32.3, the courts of England shall have exclusive jurisdiction to settle any Dispute.

              	32.3	
                      Choice of forum for the exclusive benefit of the Creditor Parties

                    

              Clause 32.2 is for the exclusive benefit of the Creditor Parties, each of which reserves the right:

              	(a)	
                      to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to that Dispute; and

                    

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

                    

              Neither Borrower shall commence any proceedings in any country other than England in relation to a Dispute.

              	32.4	
                      Process agent

                    

              Each Borrower irrevocably appoints Hill Dickinson Services (London) Limited, at its registered office for the time
                being presently at The Broadgate Tower, 20 Primrose Street, London EC2A 2EW, England to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected
                with a Dispute.

              	32.5	
                      Creditor Party rights unaffected

                    

              Nothing in this Clause 32 shall exclude or limit any right which any Creditor Party may have (whether under the law
                of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction.

              	32.6	
                      Meaning of "proceedings" and "Dispute"

                    

              In this Clause 32, "proceedings" means proceedings of any kind, including an
                application for a provisional or protective measure and a "Dispute" means any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or
                termination of this Agreement) or any non-contractual obligation arising out of or in connection with this Agreement.

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

              
                93

                
                  

              

              
                SCHEDULE 1

                  

                  

                  LENDERS AND COMMITMENTS

                

                

                	
                        Lender

                      	
                        Lending Office

                      	
                        Commitment

                          (US Dollars)

                      
	
                        Hamburg Commercial Bank AG

                      	
                        Gerhart-Hauptmann-Platz 50

                          20095 Hamburg

                          Germany

                      	
                        $15,290,000

                      

                

                

                
                  94

                  
                    

                

                

                

              

            

          

        

      

    

  

  
    SCHEDULE 2

      

      

      DRAWDOWN NOTICE

    	
            To:

          	
            Hamburg Commercial Bank AG

            Gerhart-Hauptmann-Platz 50

            20095 Hamburg

            Germany

            Attention: Loans Administration

          
	 	 

    [—] 2021

    DRAWDOWN NOTICE

    	1	
            We refer to the loan agreement (the "Loan Agreement") dated [—] and made between ourselves, as joint and several Borrowers, the Lenders referred to therein, and yourselves as Agent, Mandated
                Lead Arranger, Security Trustee in connection with a facility of up to US$15,290,000. Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice.

          

    	2	
            We request to borrow as follows:

          

    	(a)	
            Amount of Advance in relation to Ship [A] [B]: US$[—];

          

    	(b)	
            Drawdown Date: [—];

          

    	(c)	
            Duration of the first Interest Period shall be [—] months; and

          

    	(d)	
            Payment instructions: account in our name and numbered [—] with [—]
              of [—].

          

    	3	
            We represent and warrant that:

          

    	(a)	
            the representations and warranties in Clause 10 of the Loan Agreement would remain true and not misleading if repeated on the date of this Drawdown Notice with reference to the
              circumstances now existing; and

          

    	(b)	
            no Event of Default or Potential Event of Default has occurred or will result from the borrowing of that Advance.

          

    	4	
            This Drawdown Notice cannot be revoked without the prior consent of the Majority Lenders.

          

    	5	
            We authorise you to deduct the structuring and commitment fees payable pursuant to Clause 20.1(a) and (b).

          

    [Name of Signatory]

    

    

    

    

    for and on behalf of

    Pocahontas Shipping Co. and

    Jumaru Shipping Co.

    
      95

      
        

    

    

    

    SCHEDULE 3

      

      

      CONDITION PRECEDENT DOCUMENTS

    PART A

    The following are the documents referred to in Clause 9.1(a) required before service of the first Drawdown Notice.

    	1	
            A duly executed original of:

          

    	(a)	
            this Agreement;

          

    	(b)	
            the Corporate Guarantee;

          

    	(c)	
            the Agency and Trust Agreement;

          

    	(d)	
            any Subordination Agreement;

          

    	(e)	
            any Subordinated Debt Security;

          

    	(f)	
            the Side Letter; and

          

    	(g)	
            the Account Pledges.

          

    	2	
            Copies of the certificate of incorporation and constitutional documents of each Borrower, the Corporate Guarantor and any other Security Party and any company
              registration documents in respect of either Borrower, the Corporate Guarantor or, any other Security Party (including, without limitation, any corporate register excerpts) required by the Agent and a list of all members of the Group.

          

    	3	
            Copies of resolutions of the shareholders and directors of each Borrower, the Corporate Guarantor and any other Security Party authorising the execution of each of
              the Finance Documents to which that Borrower, the Corporate Guarantor or that Security Party is a party and, in the case of each Borrower, authorising named officers to give the Drawdown Notice(s) and other notices under this Agreement.

          

    	4	
            The original of any power of attorney under which any Finance Document is executed on behalf of a Borrower, the Corporate Guarantor or any other Security Party.

          

    	5	
            Copies of all consents which either Borrower, the Corporate Guarantor or any other Security Party requires to enter into, or make any payment under, any Finance
              Document.

          

    	6	
            Evidence satisfactory to the Agent that the Accounts have been opened.

          

    	7	
            The originals of any mandates or other documents required in connection with the opening or operation of the Accounts.

          

    	8	
            Documentary evidence that the agent for service of process named in Clause 32 has accepted its appointment.

          

    	9	
            Copies of each Underlying Document and of all documents signed or issued by the Borrowers or any party thereto (or any of them) under or in connection with such
              documents together,

          

    
      96

      
        

    

    

    

    with such documentary evidence as the Agent and its legal advisers may require in relation to the due
      authorisation and execution of all such documents by the parties thereto.

    	10	
            Any documents required by the Agent in respect of each Borrower, the Corporate Guarantor and any other Security Party (other than Castor Ships) to satisfy the
              Lenders' "know your customer" requirements.

          

    	11	
            Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of the Republic of the Marshall Islands, England and such other
              relevant jurisdictions as the Agent may require.

          

    	12	
            Documents establishing that each Ship is managed by the relevant Approved Manager on terms acceptable to the Lenders.

          

    	13	
            If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent.

          

    
      97

      
        

    

    

    

    PART B

    The following are the documents referred to in Clause 9.1(b) required before each Drawdown Date.  In Part B of this Schedule 3, the following
      definitions have the following meanings:

    	(a)	
            "Relevant Borrower" means the Borrower which is or is to become the owner of the Relevant Ship; and

          

    	(b)	
            "Relevant Ship" means the Ship which is relevant to the Advance being borrowed on the relevant Drawdown Date.

          

    	1	
            A duly executed original of the Mortgage, the General Assignment and any Charterparty Assignment relating to any Assignable Charter (and of each document to be delivered by each of
              them) each in respect of the Relevant Ship.

          

    	2	
            Documentary evidence that:

          

    	(a)	
            the Relevant Ship is definitively and permanently registered in the name of the Relevant Borrower under an Approved Flag in accordance with the laws of the applicable Approved Flag
              State;

          

    	(b)	
            the Relevant Ship is in the absolute and unencumbered ownership of the Relevant Borrower save as contemplated by the Finance Documents;

          

    	(c)	
            the Relevant Ship maintains the class specified in Clause 14.3(b) with a first class classification society which is a member of IACS (being one of Lloyd's Registry, American
              Bureau of Shipping, Det Norske Veritas, Bureau Veritas, Korean Register of Shipping, Nippon Kaiji Kyoykai or Registro Italiano Navale) as the Agent may approve free of all overdue recommendations and conditions of such classification society;

          

    	(d)	
            the Mortgage relating to the Relevant Ship has been duly registered or recorded against the Relevant Ship as a valid first preferred or, as the case may be, priority mortgage in
              accordance with the laws of the applicable Approved Flag State;

          

    	(e)	
            the Relevant Ship is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with; and

          

    	(f)	
            the Relevant Ship has been delivered to the relevant charterer after the registration or recordation of the Relevant Ship's Mortgage and that any charterer has acknowledged such
              prior registration or recordation or has subordinated in writing all its claims against the Relevant Ship and the Relevant Borrower to the rights of the Creditor Parties.

          

    	3	
            In relation to an Approved Manager and the Relevant Ship:

          

    	(a)	
            the Approved Manager's Undertaking relative thereto; and

          

    	(b)	
            copies of the Approved Manager's Document of Compliance and of that Ship's Safety Management Certificate (together with any other details of the applicable safety management system
              which the Agent requires).

          

    	4	
            The Initial Market Value of the Relevant Ship as shown by a valuation prepared by an Approved Broker selected and appointed by the Agent and otherwise pursuant to
              Clause 15.3, stated to be for the purposes of this Agreement, which shows a value of the Relevant Ship in an amount

          

    
      98

      
        

    

    

    

    which will be sufficient to satisfy the Borrowers' obligations under Clause 15.1 Provided that If the Borrowers do not agree with the amount of such valuation, they may request, within 14 days after the date on which the Agent notifies the Borrowers of such valuation (the "Drawdown
        Request Period"), a second valuation to be commissioned from any Approved Broker selected by the Borrowers but appointed by the Agent, such second valuation shall be also prepared in accordance with Clause 15.3, Provided further that:

    	

          	(i)	
            if the Borrowers request such valuation but fail to select the second Approved Broker within the Drawdown Request Period, then the Initial Market
                Value of the Relevant Ship shall be that shown in the sole valuation obtained by the Agent; or

          

    	

          	(ii)	
            if the Borrowers do select a second Approved Broker within the Drawdown Request Period, the Initial Market Value of the Relevant Ship in such circumstances shall be the arithmetic
              mean of both valuations Provided even further that if the difference between such two valuations is greater than 15 per cent., a third valuation shall be
                commissioned from a third Approved Broker appointed and selected by the Agent (prepared in accordance with Clause 15.3) and the Initial Market Value of the Relevant Ship in such circumstances shall be the arithmetic mean of all three
                valuations.

          

    	5	
            Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of the relevant Approved Flag State and such other relevant
              jurisdictions as the Agent may require.

          

    	6	
            A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for the Relevant Ship as the Agent
              may require.

          

    	7	
            Evidence satisfactory to the Agent that the Minimum Liquidity is standing to the credit of the Liquidity Accounts pursuant to Clause 11.19.

          

    	8	
            If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent.

          

    	9	
            Evidence satisfactory to the Agent of payment of all fees due and payable in accordance with Clause 9 of this
                Agreement.

          

    	10	
            A recent survey report (or comparable inspection report satisfactory to the Agent ) in respect of each Relevant Ship.

          

    	11	
            Copies of any memorandum of agreement in respect of a Relevant Ship (and any addenda thereto) or, as the case may be, shipbuilding contracts of a Relevant Ship.

          

    Each of the documents specified in paragraphs 3 and 4 of Part A shall be notarised or legalised by a competent authority acceptable to the Agent
      and every other copy document delivered under this Schedule shall be certified as a true and up to date copy by the secretary (or equivalent officer) of the relevant Borrower.

    
      99

      
        

    

    

    

    SCHEDULE 4

      

      

      MANDATORY COST FORMULA

    

    

    	1	
            The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Financial Services Authority (or any other
              authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank.

          

    	2	
            On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a rate (the "Additional Cost Rate") for each Lender, in accordance with the paragraphs set out below.  The Mandatory Cost will be calculated by the Agent as a weighted
                average of the Lenders' Additional Cost Rates (weighted in proportion to the percentage participation of each Lender in the relevant Advance) and will be expressed as a percentage rate per annum.

          

    	3	
            The Additional Cost Rate for any Lender lending from a lending office in a Participating Member State will be the percentage notified by that Lender to the Agent. 
              This percentage will be certified by that Lender in its notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender's participation in all Advances made from that lending office) of complying
              with the minimum reserve requirements of the European Central Bank in respect of loans made from that lending office.

          

    	4	
            The Additional Cost Rate for any Lender lending from a lending office in the United Kingdom will be calculated by the Agent as follows:

          

    per cent. per annum

    Where:

    	

          	E	
            is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge supplied by the
              Reference Banks to the Agent pursuant to paragraph 6 below and expressed in pounds per £1,000,000.

          

    	5	
            For the purposes of this Schedule:

          

    	(a)	
            "Eligible Liabilities" and "Special Deposits" have the meanings given to them from time to time
              under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank of England;

          

    	(b)	
            "Fee Tariffs" means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or
              zero rated fee required pursuant to the Fees Rules but taking into account any applicable discount rate);

          

    	(c)	
            "Fees Rules"  means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force
              from time to time in respect of the payment of fees for the acceptance of deposits;

          

    
      100

      
        

    

    

    

    	(d)	
            "Participating Member State" means any member state of the European Union that adopts or has adopted the euro as its lawful currency in
              accordance with legislation of the European Union relating to European Monetary Union; and

          

    	(e)	
            "Tariff Base" has the meaning given to it in, and will be calculated in accordance with, the Fees Rules.

          

    	6	
            If requested by the Agent, the Reference Banks shall, as soon as practicable after publication by the Financial Services Authority, supply to the Agent, the rate of
              charge payable by the Reference Banks to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by the Reference Banks as being
              the average of the Fee Tariffs applicable to the Reference Banks for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of the Reference Banks.

          

    	7	
            Each Lender shall supply any information required by the Agent for the purpose of calculating its Additional Cost Rate.  In particular, but without limitation, each
              Lender shall supply the following information in writing on or prior to the date on which it becomes a Lender:

          

    	(a)	
            the jurisdiction of its lending office; and

          

    	(b)	
            any other information that the Agent may reasonably require for such purpose.

          

    Each Lender shall promptly notify the Agent in writing of any change to the information provided by it pursuant to this
      paragraph.

    	8	
            The rates of charge of the Reference Banks for the purpose of E above shall be determined by the Agent based upon the information supplied to it pursuant to
              paragraph 6 above and on the assumption that, unless a Lender notifies the Agent to the contrary, each Lender's obligations in relation to cash ratio deposits and special Deposits are the same as those of a typical bank from its jurisdiction
              of incorporation with a lending office in the same jurisdiction as its lending office.

          

    	9	
            The Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender
                and shall be entitled to assume that the information provided by any Lender or the Reference Banks pursuant to paragraphs 3, 6 and 7 above is true and correct in all respects.

          

    	10	
            The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate
                for each Lender based on the information provided by each Lender and the Reference Banks pursuant to paragraphs 3, 6 and 7 above.

          

    	11	
            Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender
              shall, in the absence of manifest error, be conclusive and binding on all parties.

          

    	12	
            The Agent may from time to time, after consultation with the Borrowers and the Lenders, determine and notify to all parties any amendments which are required to be
              made to this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces
              all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties.

          

    
      101

      
        

    

    
      SCHEDULE 5

        

        

        TRANSFER CERTIFICATE

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

      	To:	
              Hamburg Commercial Bank AG for itself and for and on behalf of each Borrower, each Security Party, the Security Trustee, each Lender, as defined in the Loan Agreement referred to
                below.

            

      [—]

      	1	
              This Certificate relates to a Loan Agreement (the "Loan Agreement") dated [—] and
                made between (1) Pocahontas Shipping Co. and Jumaru Shipping Co. (together, the "Borrowers") as joint and several Borrowers, (2) the banks and financial institutions named therein as Lenders, (3)
                Hamburg Commercial Bank AG as Agent, (4) Hamburg Commercial Bank AG as Mandated Lead Arranger and (5) Hamburg Commercial Bank AG as Security Trustee for a loan facility of up to US$15,290,000.

            

      	2	
              In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears, have the same meanings and:

            

      "Relevant Parties" means the Agent, each
        Borrower, each Security Party, the Security Trustee, each Lender;

      "Transferor" means [full name] of [lending office]; and

      "Transferee" means [full name] of [lending office].

      	3	
              The effective date of this Certificate is [—] Provided that this Certificate shall not come into effect unless it is signed by the Agent on or before that date.

            

      	4	
              [The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent) which the Transferor has as Lender
                  under or by virtue of the Loan Agreement and every other Finance Document in relation to [—] per cent. of its Contribution, which
                  percentage represents $[—].

            

      	5	
              [By virtue of this Certificate and Clause 26 of the Loan Agreement, the Transferor is discharged [entirely
                  from its Commitment which amounts to $[—]] [from [—] per cent. of its Commitment, which percentage represents $[—]] and, subject to Clause 26.7 of the Loan Agreement, from all obligations connected therewith, the Transferee acquires a Commitment of $[—].]

            

      	6	
              The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe and perform all the obligations
                  under the Finance Documents which Clause 26 of the Loan Agreement provides will become binding on it upon this Certificate taking effect.

            

      	7	
              The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and for and on behalf of every other
                  Relevant Party, this Certificate as a Transfer Certificate taking effect in accordance with Clause 26 of the Loan Agreement.

            

      
        102

        
          

      

      

      

      	8	
              The Transferor:

            

      	(a)	
              warrants to the Transferee and each Relevant Party that:

            

      	

            	(i)	
              the Transferor has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which are in connection with this transaction; and

            

      	

            	(ii)	
              this Certificate is valid and binding as regards the Transferor;

            

      	(b)	
              warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the rights and interests covered by the assignment in paragraph 4 above; and

            

      	(c)	
              undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in any relevant
                jurisdiction the Transferee's title under this Certificate or for a similar purpose.

            

      	9	
              The Transferee:

            

      	(a)	
              confirms that it has received a copy of the Loan Agreement and each of the other Finance Documents;

            

      	(b)	
              agrees that it will have no rights of recourse on any ground against either the Transferor, the Agent, the Mandated Lead Arranger, the Security Trustee, any Lender in the event
                that:

            

      	

            	(i)	
              any of the Finance Documents prove to be invalid or ineffective;

            

      	

            	(ii)	
              either Borrower or any Security Party fails to observe or perform its obligations, or to discharge its liabilities, under any of the Finance Documents;

            

      	

            	(iii)	
              it proves impossible to realise any asset covered by a Security Interest created by a Finance Document, or the proceeds of such assets are insufficient to discharge the
                liabilities of the Borrowers or any Security Party under the Finance Documents;

            

      	(c)	
              agrees that it will have no rights of recourse on any ground against the Agent, the Mandated Lead Arranger, the Security Trustee, any Lender in the event that this Certificate
                proves to be invalid or ineffective;

            

      	(d)	
              warrants to the Transferor and each Relevant Party that:

            

      	

            	(i)	
              it has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which it needs to take or obtain in connection with this
                transaction; and

            

      	

            	(ii)	
              this Certificate is valid and binding as regards the Transferee; and

            

      	(e)	
              confirms the accuracy of the administrative details set out below regarding the Transferee.

            

      	10	
              The Transferor and the Transferee each undertake with the Agent, the Mandated Lead Arranger and the Security Trustee severally, on demand, fully to indemnify the
                Agent and/or the Security Trustee and/or the Mandated Lead Arranger in respect of any claim, proceeding, liability or expense (including all legal expenses) which they or either of them may incur in connection with this Certificate or any
                matter arising out of it, except such as are shown to

            

      
        103

        
          

      

      

      

      have been mainly and directly caused by the gross and culpable negligence or
        dishonesty of the Agent's, the Mandated Lead Arranger's or the Security Trustee's own officers or employees.

      	11	
              The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under paragraph 10 as exceeds one-half of the amount demanded by
                the Agent, the Mandated Lead Arranger or the Security Trustee in respect of a claim, proceeding, liability or expense which was not reasonably foreseeable at the date of this Certificate; but nothing in this paragraph shall affect the
                liability of each of the Transferor and the Transferee to the Agent, the Mandated Lead Arranger or the Security Trustee for the full amount demanded by it.

            

      	
              [Name of Transferor]

            	
              [Name of Transferee]

            
	
              By:

            	
              By:

            
	
              Date:

            	
              Date:

            
	 	 

      Agent

      Signed for itself and for and on behalf of itself

      as Agent and for every other Relevant Party

      

      

      Hamburg Commercial Bank AG

      By:

      Date:

      
        104

        
          

      

      
        Administrative Details of Transferee

        Name of Transferee:

        Lending Office:

        Contact Person

        (Loan Administration Department):

        Telephone:

        Fax:

        Contact Person

        (Credit Administration Department):

        Telephone:

        Fax:

        Account for payments:

        Notes:

        This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the Transferor's interest in the security
          constituted by the Finance Documents in the Transferor's or Transferee's jurisdiction.  It is the responsibility of each Lender to ascertain whether any other documents are required for this purpose.

        Paragraph 4 deals with assignment of rights and can be used together with paragraph 5 if the parties have agreed to a combination of
          assignment of rights and transfer of obligations.

        Paragraph 5 deals with transfer of obligations and should be removed if the parties have agreed to an assignment only.

        

        
          105

          
            

        

        

        

        SCHEDULE 6

          

          

          POWER OF ATTORNEY

        Know all men by these presents that [Pocahontas Shipping Co.][Jumaru Shipping Co.] (the "Company"), a
          corporation incorporated in the Republic of the Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 irrevocably and by way of security appoints Hamburg
          Commercial Bank AG (the "Attorney") of Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany its attorney, to act in the name of the Company and to exercise any right, entitlement or power of the Company in
          relation to [name of classification society] (the "Classification Society") and/or to the classification records of any vessel owned, controlled or operated by the Company including, without limitation,
          such powers or entitlement as the Company may have to inspect the class records and any files held by the Classification Society in relation to any such vessel and to require the Classification Society to provide to the Attorney or to any of its
          nominees any information, document or file which the Attorney may request

        Ratification of actions of attorney.  For the avoidance of doubt and without limiting the generality
          of the above, it is confirmed that the Company hereby ratifies any action which the Attorney takes or purports to take under this Power of Attorney and the Classification Society shall be entitled to rely hereon without further enquiry.

        Delegation.  The Attorney may exercise its powers hereunder through any officer or through any nominee
          and/or may sub-delegate to any person or persons (including a receiver and persons designated by him) all or any of the powers (including the discretions) conferred on the Attorney hereunder, and may do so on terms authorising successive
          sub-delegations.

        This Power of Attorney was executed by the Company as a Deed on [date].

        

        

        	
                EXECUTED as a DEED by

              	
                )

              
	
                [Pocahontas] [Jumaru] Shipping Co.

              	
                )

              
	
                acting by President or Secretary

              	
                )

              
	 	
                )

              

        In the presence of:

        

        

        
          106

          
            

        

        

        

        SCHEDULE 7

          

          

          FORM OF COMPLIANCE CERTIFICATE

        	
                To:

              	
                Hamburg Commercial Bank AG

                Gerhart-Hauptmann-Platz 50

                D-20095 Hamburg

                Germany

              
	 	 

        [—] 2021

        Dear Sirs

        We refer to a loan agreement dated [—] (the "Loan
            Agreement") made between (amongst others) yourselves and ourselves in relation to a term loan facility of up to $15,290,000.

        Words and expressions defined in the Loan Agreement shall have the same meaning when used in this compliance certificate.

        Each Borrower and the Corporate Guarantor represent that no Event of Default or Potential Event of Default has occurred as at the date of this
          certificate [except for the following matter or event [set out all material details of matter or event]].  In addition as of [—], each Borrower and the Corporate Guarantor confirms
          compliance with the minimum liquidity requirements set out in Clause 11.19 [,] [and] the minimum security cover requirement set out in Clause 15.1 [and][list here any other financial covenants which are applicable to the relevant transaction], of
          the Loan Agreement for the [6-month] period ending on the date of this certificate.

        We now certify that, as at [—]:

        	(a)	
                the aggregate of the Minimum Liquidity standing to the credit of the Liquidity Account is $[—];

              

        	(b)	
                the Security Cover Ratio is [—] per cent.; and

              

        This certificate shall be governed by, and construed in accordance with, English law.

        	 	 	 

        [—]

        CASTOR MARITIME INC.

        Chief Financial Officer

        
          
            107

            
              

          

          EXECUTION PAGES

          

          

          	
                  BORROWERS

                	 
	 	 
	
                  SIGNED by

                	
                  )

                
	
                  Viktoria Poziopoulov

                	
                  )   /s/ Viktoria Poziopoulov

                
	
                  Its  attorney-in-fact

                	
                  )

                
	
                  for and on behalf of

                	
                  )

                
	
                  POCAHONTAS SHIPPING CO.

                	
                  )

                
	
                  In the presence of:

                	
                  )   /s/ Eleni Antonakou

                
	 	 
	 	 
	
                  SIGNED by

                	
                  )

                
	
                  Viktoria Poziopoulov

                	
                  )   /s/ Viktoria Poziopoulov

                
	
                  Its  attorney-in-fact

                	
                  )

                
	
                  for and on behalf of

                	
                  )

                
	
                  JUMARU SHIPPING CO.

                	
                  )

                
	
                  In the presence of:

                	
                  )   /s/ Eleni Antonakou

                
	 	 
	 	 
	
                  LENDERS

                	 
	 	 
	
                  SIGNED by

                	
                  )

                
	
                  Anthi Kekatou

                	
                  )   /s/ Anthi Kekatou

                
	
                  for and on behalf of

                	
                  )

                
	
                  HAMBURG COMMERCIAL BANK AG

                	
                  )

                
	
                  In the presence of:

                	
                  )   /s/ Eleni Antonakou

                
	 	 
	 	 
	
                  AGENT

                	 
	 	 
	
                  SIGNED by

                	
                  )

                
	
                  Anthi Kekatou

                	
                  )   /s/ Anthi Kekatou

                
	
                  for and on behalf of

                	
                  )

                
	
                  HAMBURG COMMERCIAL BANK AG

                	
                  )

                
	
                  In the presence of:

                	
                  )   /s/ Eleni Antonakou

                
	 	 
	 	 
	
                  MANDATED LEAD ARRANGER

                	 
	 	 
	
                  SIGNED by

                	
                  )

                
	
                  Anthi Kekatou

                	
                  )   /s/ Anthi Kekatou

                
	
                  for and on behalf of

                	
                  )

                
	
                  HAMBURG COMMERCIAL BANK AG

                	
                  )

                
	
                  In the presence of:

                	
                  )   /s/ Eleni Antonakou

                
	 	 
	 	 

          

          

          
            108

            
              

          

          

          

          	
                  SECURITY TRUSTEE

                	 
	 	 
	
                  SIGNED by

                	
                  )

                
	
                  Anthi Kekatou

                	
                  )   /s/ Anthi Kekatou

                
	
                  for and on behalf of

                	
                  )

                
	
                  HAMBURG COMMERCIAL BANK AG

                	
                  )

                
	
                  In the presence of:

                	
                  )   /s/ Eleni Antonakou

                

          

          

          

          

          

          

        

      

    

  

  

  

  

  

  

  

  

  

  

  

  109

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}]]