Document:

Exhibit
10.18 

 

Execution Version

 

Date 25 April 2017

 

EURONAV NV

as Borrower

 

– and –

 

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1

as Lenders

 

– and –

 

DNB (UK) LIMITED

ABN AMRO BANK N.V.

ING BANK, a branch of ING-DiBa AG

as Mandated Lead Arrangers and Co-Bookrunners

 

– and –

 

DNB BANK ASA, LONDON BRANCH

as ECA Coordinator

 

– and –

 

DNB BANK ASA, LONDON BRANCH

as Agent

and Security Trustee

 

– and –

 

DNB BANK ASA, LONDON BRANCH

as K-sure Agent

 

LOAN AGREEMENT

relating to a term loan facility of up to $110,000,000

 

 

 

     

     

    

 

Index

 

	Clause	 	Page
	 	 	 
	1	Interpretation	1
	2	Facility	23
	3	Position of the Lenders	23
	4	Drawdown	24
	5	Interest	25
	6	Interest Periods	29
	7	Default Interest	30
	8	Repayment, Prepayment and Cancellation	30
	9	Conditions Precedent	34
	10	Representations and Warranties	35
	11	General Undertakings	39
	12	Corporate Undertakings	42
	13	Insurance	46
	14	Ship Covenants	50
	15	Security Cover	53
	16	Payments and Calculations	55
	17	Application of Receipts	58
	18	Application of Earnings	58
	19	Events of Default	59
	20	Fees, Expenses and K-sure Premium	63
	21	Indemnities	64
	22	No Set-Off or Tax Deduction	66
	23	Illegality, etc.	69
	24	The Agent, the Arrangers and the Reference Banks	70
	25	The Security Trustee	78
	26	K-sure Agent	92
	27	Conduct of Business by the Creditor Parties	93
	28	Sharing among the Creditor Parties	93
	29	Increased Costs	95
	30	Set- Off	97
	31	Transfers and Changes in Lending Offices	98
	32	Confidential Information	103
	33	Confidentiality of Funding Rates and Reference Bank Quotations	107
	34	Variations and Waivers	108
	35	Bail-In	109
	36	Notices	110
	37	Supplemental	112
	38	Law and Jurisdiction	113

 

	Schedules	 
	 	 
	Schedule 1 Lenders and Commitments	114
	Part A Commercial Lenders	114
	Part B K-sure Lenders	115
	Schedule 2 Drawdown Notice	116
	Schedule 3 Condition Precedent Documents	117
	Part A	117
	Part B	118
	Schedule 4 Transfer Certificate	120
	Schedule 5 Details of Ships	124
	Schedule 6 Form of Certificate of Compliance	125
	Schedule 7 Timetables	127
	 	 
	Execution	 
	 	 
	Execution Pages	128

 

     

     

    

 

THIS AGREEMENT is
made on 25 April 2017

 

BETWEEN

 

		(1)	EURONAV NV, as Borrower

 

		(2)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Part A of Schedule 1 (Lenders and
Commitments), as Commercial Lenders

 

		(3)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Part B of Schedule 1 (Lenders and
Commitments), as K-sure Lenders

 

		(4)	DNB (UK) LIMITED, ABN AMRO BANK N.V. and ING BANK, a branch of ING-DiBa AG as Mandated
Lead Arrangers

 

		(5)	DNB (UK) LIMITED, ABN AMRO BANK N.V. and ING BANK, a branch of ING-DiBa AG as Co-Bookrunners

 

		(6)	DNB BANK ASA, LONDON BRANCH as ECA Coordinator

 

		(7)	DNB BANK ASA, LONDON BRANCH, as Agent

 

		(8)	DNB BANK ASA, LONDON BRANCH, as Security Trustee

 

		(9)	DNB BANK ASA, LONDON BRANCH, as K-sure Agent

 

BACKGROUND

 

		(A)	The Lenders have agreed to make available to the Borrower a term loan facility of up to $110,000,000
for the purpose of financing up to 65 per cent. of the Fair Market Value of the Ships in two Tranches, one per Ship, with each
Tranche to be split in to a Commercial Advance and a K-sure Advance.

 

		(B)	The Lenders have agreed to share in the security to be granted to the Security Trustee pursuant
to this Agreement on the terms described herein.

 

IT IS AGREED as follows:

 

		1	Interpretation

 

		1.1	Definitions

 

Subject to Clause 1.5 (General
Interpretation), in this Agreement:

 

"Account
Charge" means a deed creating security in respect of the Earnings Account in favour of the Security Trustee in
the Agreed Form.

 

"Advance"
means the borrowing of part of a Tranche under this Agreement.

 

"Affected
Lender" has the meaning given in Clause 5.8 (Market disruption).

 

"Affiliate"
means, in relation to any person, a subsidiary of that person or a Holding Company of that person or any other subsidiary of that
Holding Company.

 

"Agent"
means DNB Bank ASA, London Branch acting in such capacity through its office at 8th Floor, The Walbrook Building, 25
Walbrook, London EC4N 8AF, or any successor of it.

 

     

     

    

 

"Agreed
Form" means in relation to any document, that document in a form agreed in writing by the Agent (acting on the
instructions of the Lenders or, if agreed in the Finance Documents, the Majority Lenders) and (if applicable) the K-sure Agent
acting pursuant to the instructions of K-sure, or if otherwise approved in accordance with any other procedure specified in the
relevant provision of any Finance Document.

 

"Anti-Corruption
Laws" means the England and Wales Bribery Act 2010, the United States Foreign Corrupt Practices Act 1977 or other
applicable anti-corruption legislation in any other jurisdictions.

 

"Approved
Classification Society" means any of DNV GL, Bureau Veritas, Lloyds Register of Shipping, American Bureau of Shipping,
Nippon Kaiji Kyokai or such other classification society which the Agent has approved or selected (with the authorisation of the
Majority Lenders).

 

"Approved
Flag" means Belgian, French, Greek, Hong Kong, Liberian and Marshall Islands flags and any other flag approved
by the Agent (acting on the instructions of the Majority Lenders).

 

"Approved
Manager" means:

 

		(a)	in relation to the technical management of each Ship:

 

		(i)	Euronav Ship Management SAS of 15 Quai Ernest Renaud, Immeuble Les Salorges 1, 44000 Nantes, France
(with a Belgian branch office at De Gerlachekaai 20, B 2000 Antwerp 1, Belgium); or

 

		(ii)	Anglo Eastern Ship Management Ltd of 23/F, 248 Queen's Road, East Wanchai, Hong Kong; or

 

		(iii)	Anglo-Eastern (Antwerp) N.V. of Sneeuwbeslaan 14, 2610 Antwerp, Belgium; or

 

		(iv)	Anglo-Eastern Tanker Management (Hong Kong) Limited of 27/F, 248 Queen's Road, East Wanchai, Hong
Kong; or

 

		(v)	Anglo-Eastern (Labuan) Limited of Unit Level 11(A), Main Office Tower, Financial Park Labuan, Jalan
Merdeka, 87000 Federal Territory of Labuan, Malaysia; or

 

		(vi)	any member of the Anglo-Eastern Univan Group; or

 

		(vii)	Wallem of 9/F Dorset House, Taikou Place, 979 King's Road, Quarry Bay, Hong Kong; or

 

		(viii)	V. Ships of 63 Queen Victoria Street, EC4N 4UA, London, England; or

 

		(ix)	Euronav Ship Management (Hellas) Ltd. (Greek Branch) of 69 Akti Miaouli Str, Piraeus 185 37, Greece;
or

 

		(x)	Northern Marine Limited, of Alba House, 2 Central Avenue, Clydebank, Glasgow, G81 2QR, Scotland;
and

 

		(b)	in relation to the commercial management of each Ship:

 

		(i)	the Borrower;

 

		(ii)	any wholly owned subsidiary of the Borrower; or

 

    	 	2	 

     

    

 

		(iii)	Tankers International LLC of 3A Panteli Modestou Street, 3090 Limassol, Cyprus,

 

or, in each case,
any other company which the Agent may, with the authorisation of the Lenders, approve from time to time as the technical or commercial
manager of that Ship (such approval not to be unreasonably withheld).

 

"Approved
Shipbroker" means Clarksons Platou Securities AS, Arrow Sale & Purchase (UK) Limited, Braemar ACM, Fearnleys,
Maersk Broker K/S or such other independent sale and purchase shipbrokers which the Agent has approved or selected (with the authorisation
of the Lenders) and to which the Borrower may agree.

 

"Arrangers"
means, together, the Mandated Lead Arrangers, the ECA Coordinator and the Co-Bookrunners.

 

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

 

"Available
Commitment" means, in relation to a Lender under each Tranche and at any time, its Commitment less its Contribution
at that time (and "Total Available Commitments" means the aggregate of the Available Commitments of all the Lenders).

 

"Availability
Period" means the period commencing on the date of this Agreement and ending on the earlier of:

 

		(a)	31 May 2017 or such later date as may be agreed between the Borrower, the Lenders and K-sure; 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 in relation to an EEA Member Country which has implemented, or which at any time implements,
Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time.

 

"Borrower"
means Euronav NV, a company incorporated in Belgium whose registered office is at De Gerlachekaai 20, B-2000 Antwerp, Belgium.

 

"Break
Costs" means the amount (if any) by which:

 

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

 

exceeds

 

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

 

    	 	3	 

     

    

 

"Business
Day" means a day on which banks are open in London, Oslo and Antwerp and, in respect of a day on which a payment
is required to be made under a Finance Document, also New York City.

 

"Change
of Control" means, in relation to the Borrower, if 2 or more persons acting in concert or any individual person
in each case other than the Permitted Holders:

 

		(a)	acquires legally and/or beneficially, and either directly or indirectly, in excess of 50 per cent.
of the issued share capital or voting rights of the Borrower; or

 

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

 

"Co-Bookrunners"
means DNB (UK) Limited, ABN Amro Bank N.V. and ING Bank, a branch of ING-DiBa AG.

 

"Code"
means the United States Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings
issued thereunder.

 

"Commercial
Advance" means, in respect of each Tranche, an Advance in an amount equal to 25 per cent. of the amount of that
Tranche.

 

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

 

"Commitment"
means:

 

		(a)	in relation to a Commercial Lender, its Commercial Lender Commitment; and

 

		(b)	in relation to a K-sure Lender, its K-sure Lender Commitment.

 

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

 

		(a)	any member of the Group or any of its advisers; or

 

		(b)	another Creditor Party, if the information was obtained by that Creditor Party directly or indirectly
from any member of the Group or any of its advisers,

 

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

 

		(i)	information that

 

		(A)	is or becomes public information other than as a direct or indirect result of any breach by that
Creditor Party of Clause 32.2 (Disclosure of Confidential Information); or

 

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

 

    	 	4	 

     

    

 

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

 

		(ii)	any Funding Rate or Reference Bank Quotation.

 

"Confidentiality
Undertaking" means a confidentiality undertaking in substantially the appropriate form recommended by the Loan
Market Association from time to time (as logically amended to reflect the terms of this Agreement) or in any other form agreed
between the Borrower and the Agent.

 

"Contractual
Currency" has the meaning given in Clause 21.4 (Currency indemnity).

 

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

 

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

 

"Creditor
Party" means the Agent, the Security Trustee, the K-sure Agent, the Mandated Lead Arrangers, the Co-Bookrunners,
the ECA Coordinator or any Lender, whether as at the date of this Agreement or at any later time.

 

"Deed
of Covenant" means, in relation to each Ship and where (in the opinion of the Agent) it is appropriate in the context
of the relevant Approved Flag, a deed of covenant collateral to the Mortgage on that Ship to be executed by the Borrower in favour
of the Security Trustee in the Agreed Form.

 

"Defaulting
Lender" means any Lender:

 

		(a)	which has failed to make available the relevant proportion of its Commitment in respect of any
Advance or has given notice to the Agent that it will not make such amount available by the relevant Drawdown Date pursuant to
Clause 4.3 (Notification to Lenders of receipt of a Drawdown Notice); or

 

		(b)	which has otherwise rescinded or repudiated a Finance Document; or

 

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

 

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

 

		(i)	its failure to pay is caused by:

 

		(A)	administrative or technical error; or

 

		(B)	a Disruption Event; and

 

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

 

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

 

"Delivery
Date" means:

 

		(a)	in respect of Ship A, 12 January 2017; and

 

    	 	5	 

     

    

 

		(b)	in respect of Ship B, 20 January 2017.

 

"Disruption
Event" means either or both of:

 

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

 

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

 

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

 

		(ii)	from communicating with other parties in accordance with the terms of the Finance Documents,

 

and which (in each case) is not caused
by, and is beyond the control of, the Party whose operations are disrupted.

 

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

 

"Drawdown
Date" means, in relation to a Tranche, the date requested by the Borrower for the Tranche to be made, or (as the
context requires) the date on which the Tranche is actually made.

 

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

 

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

 

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

 

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

 

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

 

"Earnings
Account" means an account in the name of the Borrower with the Agent in London designated "[Name of Borrower]
- Earnings Account", or any other account (with that or another office of the Agent or with a bank or financial institution
other than the Agent) which is agreed by the Agent and the Borrower as the Earnings Account for the purposes of this Agreement.

 

"ECA
Coordinator" means DNB Bank ASA, London Branch.

 

    	 	6	 

     

    

 

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

 

"Environmental
Claim" means:

 

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

 

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

 

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

 

"Environmental
Incident" means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"FATCA"
means

 

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

 

    	 	7	 

     

    

 

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

 

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

 

"FATCA
Application Date" means:

 

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

 

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

 

		(c)	in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling
within paragraphs (a) or (b) above, 1 January 2019,

 

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

 

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

 

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

 

"Fair
Market Value" means, in relation to a Ship, a valuation of its market price as determined in accordance with Clause
15.3 (Valuation of Ships).

 

"Fee Letter"
means any letter or letters dated on or about the date of this Agreement between any of the Mandated Lead Arrangers, the Agent
and the Security Trustee and the Borrower setting out any of the fees referred to in Clause 20.1 (Fees).

 

"Finance
Documents" means:

 

		(a)	this Agreement;

 

		(b)	any Fee Letter;

 

		(c)	each Drawdown Notice;

 

		(d)	the Mortgages;

 

		(e)	the Deeds of Covenant;

 

		(f)	the General Assignments;

 

		(g)	the Account Pledges;

 

		(h)	any other document (whether creating a Security Interest or not, other than a Manager’s Undertaking)
which is executed at any time by the Borrower 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; or

 

    	 	8	 

     

    

 

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

 

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

 

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

 

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

 

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

 

		(d)	any amount raised under any other transaction (including any forward sale or purchase, sale and
sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under
IFRS;

 

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

 

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

 

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

 

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

 

"Funding
Rate" means any individual rate notified by a Lender to the Agent pursuant to sub-paragraph (ii) of paragraph
(a) of Clause 5.9 (Cost of funds).

 

"General
Assignment" means, in relation to each Ship, a deed to be executed by the Borrower in favour of the Security Trustee
creating security in respect of the Earnings, the Insurances and any Requisition Compensation relating to that Ship and any Long
Term Charter in relation to that Ship and any guarantee of such charter in the Agreed Form.

 

"Group"
means the Borrower and each of its subsidiaries.

 

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

 

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

 

"Impaired
Agent" means the Agent at any time when:

 

		(a)	it has failed to make (or has notified a party to a Finance Document that it will not make) a payment
required to be made by it under the Finance Documents by the due date for payment;

 

    	 	9	 

     

    

 

		(b)	the Agent otherwise rescinds or repudiates a Finance Document;

 

		(c)	(if the Agent is also a Lender), it is a Defaulting Lender under paragraph (a) or (b) of the definition
of "Defaulting Lender"; or

 

		(d)	an Insolvency Event has occurred and is continuing with respect to the Agent;

 

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

 

		(i)	its failure to pay is caused by:

 

		(A)	administrative or technical error; or

 

		(B)	a Disruption Event; and

 

		(ii)	payment is made within 10 Business Days of its due date; or

 

		(iii)	the Agent is disputing in good faith whether it is contractually obliged to make the payment in
question.

 

"Insolvency
Event" in relation to a Lender means that Lender:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	10	 

     

    

 

		(g)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long
as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a
person or entity described in paragraph (d) above);

 

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

 

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

 

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

 

"Insurances"
means, in relation to a Ship:

 

		(a)	all policies and contracts of insurance, including entries of that Ship in any protection and indemnity
or war risks association, which are effected in respect of that Ship, its Earnings or otherwise in relation to it; and

 

		(b)	all rights and other assets relating to, or derived from, any of the foregoing, including any rights
to a return of a premium.

 

"Interest
Period" means a period determined in accordance with Clause 6 (Interest Periods).

 

"Interpolated
Screen Rate" means, in relation to the Loan or any part of the Loan, the rate (rounded to the same number of decimal
places as the two relevant Screen Rates) which results from interpolating on a linear basis between:

 

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

 

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

 

each as of the Specified Time for
dollars.

 

"ISM Code"
means the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (including the guidelines
on its implementation), adopted by the International Maritime Organisation, as the same may be amended or supplemented from time
to time (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 (ISPS) Code as adopted by the International Maritime Organization's (IMO)
Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.

 

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

 

"K-sure
Advance" means, in respect of each Tranche, an Advance in an amount equal to 75 per cent. of the amount of that
Tranche.

 

    	 	11	 

     

    

 

"K-sure"
means Korea Trade Insurance Corporation at 2-16th Floors, Korea Trade Insurance Corporation Building, 14, Jong-ro, Jongro-gu, Seoul,
03187, Republic of Korea.

 

"K-sure
Agent" means DNB Bank ASA, London Branch, as agent of the other Creditor Parties with respect to the K-sure Insurance
Policy, acting in such capacity through its office at 8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF.

 

"K-sure
Insurance Policy" means an insurance policy issued or to be issued by K-sure in favour of the K-sure Lenders together
with the General Terms and Conditions of Medium and Long Term Export Insurance (Buyer's Credit, Standard Type) and the special
terms and conditions each attached to the insurance policy providing political and commercial risks cover and otherwise setting
out the terms and conditions of K-sure's insurance cover for an amount of 95 per cent. of each K-sure Advance and accrued interest
(other than interest payable under Clause 7 (Default Interest)) on it.

 

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

 

"K-sure
Premium" means the amount of premium in respect of the K-sure Advances being payable or (as the context may require)
paid to K-sure under the terms of the K-sure Insurance Policy for such K-sure Advances on or prior to the first Drawdown Date.

 

"Lender"
means:

 

		(a)	any Commercial Lender; and

 

		(b)	any K-sure Lender,

 

acting through its branch indicated
in Schedule 1 (Lenders and Commitments) (or through another branch notified to the Borrower under Clause 31.13 (Change
of lending office) or its transferee, successor or assign.

 

"LIBOR"
means, in relation to the Loan or any part of the Loan:

 

		(a)	the applicable Screen Rate as of the Specified Time for dollars and for a period equal in length
to the Interest Period of the Loan or that part of the Loan; or

 

		(b)	as otherwise determined pursuant to Clause 5.6 (Unavailability of Screen Rate),

 

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

 

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

 

"Long Term
Charter" means any charter or other contract of employment for a Ship which is entered into by the Borrower for a term
which exceeds 36 months’ duration.

 

"Manager's
Undertaking" means, in relation to a Ship, the undertaking to be given by the Approved Manager in favour of the
Security Trustee in the Agreed Form.

 

"Mandated
Lead Arrangers" means DNB (UK) Limited, ABN Amro Bank
N.V. and ING Bank, a branch of ING-DiBa AG.

 

    	 	12	 

     

    

 

"Major
Casualty" means, in relation to a Ship, any casualty to that Ship in respect of which the claim or the aggregate
of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent
in any other currency.

 

"Majority
Lenders" means Lenders the aggregate of whose Commitments total at least 66 per cent. of the Total Commitments.

 

"Margin"
means:

 

		(a)	in respect of each Commercial Advance, 1.95 per cent. per annum; and

 

		(b)	in respect of each K-sure Advance, 1.50 per cent. per annum.

 

"Maturity
Date" means 12 January 2029.

 

"Mortgage"
means, in relation to each Ship, a first priority or preferred (as the case may be) mortgage on that Ship in the form appropriate
to the relevant Approved Flag in each case executed by the Borrower in favour of the Security Trustee (and/or such other Creditor
Parties as may be appropriate in the opinion of the Agent and in the context of the relevant Approved Flag), each such mortgage
to be in the Agreed Form and, where the relevant Approved Flag is Belgian or French flag, the amount secured by such mortgage shall
be limited to 125 per cent. of the Fair Market Value of the relevant Ship as at the date of the relevant mortgage.

 

"Non-Consenting
Lender" means any Lender which does not and continues not to consent or agree to:

 

		(a)	a request of the Borrower or the Agent (at the request of the Borrower) to give a consent in relation
to, or to agree to a waiver or amendment of, any provision of the Finance Documents;

 

		(b)	the consent, waiver or amendment in question requires the approval of all of the Lenders; and

 

		(c)	Lenders whose Commitments aggregate more than 662/3 per cent. of the Total
Commitments have consented or agreed to such waiver or amendment.

 

"Notifying
Lender" has the meaning given in Clause 23 (Illegality, etc.) or Clause 29.1 (Increased costs) as
the context requires.

 

"Payment
Currency" has the meaning given in Clause 21.4 (Currency indemnity).

 

"Parallel
Debt" means any amount which the Borrower owes to the Security Trustee under Clause 25.2 (Parallel Debt (Covenant
to pay the Security Trustee)) or under that clause as incorporated by reference or in full in any other Finance Document.

 

"Party"
means a party to this Agreement.

 

"Permitted
Holders" means each of Saverco and Victrix (and (in each case) any parallel vehicle thereof and their respective
alternative investment vehicles) and their affiliates.

 

"Permitted
Security Interests" means:

 

		(a)	Security Interests created by the Finance Documents;

 

		(b)	liens for unpaid master's and crew's wages in accordance with usual maritime practice, provided
such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the Borrower in good
faith by appropriate steps);

 

    	 	13	 

     

    

 

		(c)	liens for salvage;

 

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

 

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

 

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

 

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

 

"Pertinent
Document" means:

 

		(a)	any Finance Document;

 

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

 

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

 

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

 

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

 

		(a)	England and Wales;

 

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

 

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

 

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

 

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

 

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

 

    	 	14	 

     

    

 

"Pertinent
Matter" means:

 

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

 

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

 

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

 

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

 

"Quotation
Date" means, in relation to any Interest Period (or any other period for which an interest rate is to be determined
under any provision of a Finance Document), 3 Business days before the first day of that period or the day on which quotations
would ordinarily be given by leading banks in the London Interbank Market for deposits in the currency in relation to which such
rate is to be determined for delivery on the first day of that Interest Period or other period.

 

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

 

"Reference
Bank" means DNB Bank ASA and its successors and assigns and/or such other entities as may be appointed by the Agent
in consultation with the Borrower.

 

"Reference
Bank Quotation" means any quotation supplied to the Agent by a Reference Bank.

 

"Relevant
Person" means:

 

		(a)	the Borrower;

 

		(b)	each subsidiary of the Borrower; and

 

		(c)	all respective directors, officers, employees, agents and representatives of each of the persons
mentioned in paragraphs (a) to (b) above;

 

"Relevant
Jurisdiction" means, in relation to the Borrower:

 

		(a)	the jurisdiction under who laws the Borrower is incorporated as at the date of this Agreement;

 

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

 

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

 

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

 

"Repayment
Date" means a date on which a repayment is required to be made under Clause 8 (Repayment, Prepayment and Cancellation).

 

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

 

    	 	15	 

     

    

 

"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.

 

"Restricted
Party" means a person:

 

		(a)	that is listed on any Sanctions List (whether designated by name or by reason of being included
in a class of person);

 

		(b)	that is domiciled, registered as located or having its main place of business in, or is incorporated
under the laws of, a country which is subject to Sanctions Laws which attach legal effect to being domiciled, registered as located
or having its main place of business in such country; or

 

		(c)	that is directly or indirectly owned or controlled by a person referred to in paragraph (a) and/or
(b) above; or

 

		(d)	with which any member of the Group is prohibited from dealing or otherwise engaging in a transaction
with by any Sanctions Laws;

 

"Sanctions
Authority" means the Norwegian State, the United Nations, the United Kingdom, the European Union, the member states
of the European Union, the United States of America, Australia and Canada and any authority acting on behalf of any of them in
connection with Sanctions Laws.

 

"Sanctions
Laws" means the economic or financial sanctions laws and/or regulations, trade embargoes, prohibitions, restrictive
measures, decisions, executive orders or notices from regulators implemented, adapted, imposed, administered, enacted and/or enforced
by any Sanctions Authority.

 

"Sanctions
List" means any list of persons or entities published in connection with Sanctions Laws by or on behalf of any
Sanctions Authority as amended, revised, supplemented or substituted from time to time.

 

"Saverco"
means Saverco NV, a company incorporated in Belgium whose registered office is at de Gerlachekaai 20, B-2000 Antwerp, Belgium.

 

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

 

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

 

    	 	16	 

     

    

 

"Security
Interest" means:

 

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

 

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

 

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

 

"Security
Party" means any person other than the Borrower (except a Creditor Party) who, as a surety or mortgagor, as a party
to any subordination or priorities arrangement, or in any similar capacity, executes a document falling within the last paragraph
of the definition of "Finance Documents".

 

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

 

		(a)	all amounts which have become due for payment by the 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 and all Commitments have terminated;

 

		(c)	neither the Borrower nor any Security Party has any future or contingent liability under Clause
20 (Fees, Expenses), Clause 21 (Indemnities) or Clause 22 (No Set-Off or Tax Deduction) or any other provision
of this Agreement or another Finance Document; and

 

		(d)	the Agent, the Security Trustee and the Majority Lenders, acting reasonably, consider that there
is no significant risk that any payment or transaction under a Finance Document would be set aside, or would have to be reversed
or adjusted, in any present or possible future bankruptcy of the Borrower or a Security Party or in any present or possible future
proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created by a Finance
Document.

 

"Security
Property" means:

 

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

 

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

 

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

 

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

 

    	 	17	 

     

    

 

except:

 

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

 

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

 

"Security
Trustee" means DNB Bank ASA, London Branch, acting in such capacity through its office at 8th Floor,
The Walbrook Building, 25 Walbrook, London EC4N 8AF, or any successor of it.

 

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

 

"Ship"
means Ship A or Ship B.

 

"Ship
A" means m.v. ARDECHE, details of which are set out opposite its name in Schedule 5 (Details of Ships).

 

"Ship
B" means m.v. AQUITAINE, details of which are set out opposite its name in Schedule 5 (Details of Ships).

 

"Shipbuilding
Contract" means:

 

		(a)	in respect of Ship A, the Shipbuilding Contract dated 20 January 2014 and originally made between
Hyundai Samho Heavy Industries Co., Ltd. and Prosperous Shipping LLC as subsequently novated to the Borrower pursuant to a novation
agreement dated 24 August 2016; and

 

		(b)	in respect of Ship B, the Shipbuilding Contract dated 20 January 2014 and originally made between
Hyundai Samho Heavy Industries Co., Ltd. and Select Shipping LLC as subsequently novated to the Borrower pursuant to a novation
agreement dated 24 August 2016.

 

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

 

"Tankers
International Pool" means the Tankers International tanker pool governed by a pooling agreement entered into in
January 2000 (as amended and supplemented from time to time) made between the participants in the pool and Tankers International
LLC of 3A Panteli Modestou Street, 3090 Limassol, Cyprus.

 

"Tax
Deduction" has the meaning given in Clause 22.5 (Tax Deduction).

 

"Third
Parties Act" has the meaning given in Clause 37.4 (Third Party rights).

 

"Total
Commitments" means the aggregate of the Total Commercial Lender Commitments and the Total K-sure Lender Commitments.

 

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

 

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

 

		(b)	any expropriation, confiscation, requisition or acquisition of that Ship, whether for full consideration,
a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government
or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding
a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is within 90 days redelivered
to the Borrower's full control;

 

    	 	18	 

     

    

 

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

 

		(d)	any arrest, capture, seizure or detention of that Ship (including piracy or theft) unless it is
within 90 days redelivered to the Borrower's (as the case may be) full control.

 

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

 

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

 

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

 

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

 

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

 

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

 

"Tranche"
means the principal amount of each borrowing by the Borrower under this Agreement.

 

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

 

"Transfer
Certificate" has the meaning given in Clause 31.2 (Transfer by a Lender).

 

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

 

"VAT"
means:

 

		(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system
of value added tax (EC Directive 2006/112); and

 

		(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 

"Victrix"
means Victrix NV, a company incorporated in Belgium whose registered office is at Le Grellelei 20, 2600 Berchem, Belgium.

 

"Write-down
and Conversion Powers" means:

 

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

 

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

 

    	 	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.

 

		1.2	Construction of certain terms

 

In this Agreement:

 

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

 

"approved"
means, for the purposes of Clause 13 (Insurance), approved in writing by the Agent acting with the authorisation of the
Majority Lenders (which authorisation shall not be unreasonably withheld).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"months" shall be
construed in accordance with Clause 1.3 (Meaning of "month").

 

    	 	20	 

     

    

 

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

 

"parent company"
has the meaning given in Clause 1.4 (Meaning of "subsidiary").

 

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

 

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

 

"protection
and indemnity risks" means the usual risks covered by a protection and indemnity association including pollution risks
and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under
the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (01/11/02
or 01/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/11/1995 or 1/10/83) or the Institute Amended Running Down Clause
(1/10/71) or any equivalent provision.

 

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

 

"subsidiary" has
the meaning given in Clause 1.4 (Meaning of "subsidiary").

 

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

 

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

 

		1.3	Meaning of "month"

 

A period of 1 or more "months"
ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started
("the numerically corresponding day"), but:

 

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

 

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

 

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

 

		1.4	Meaning of "subsidiary"

 

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

 

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

 

    	 	21	 

     

    

 

		(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:

 

		(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;

 

		(d)	Clauses 1.1 (Definitions) to 1.5 (General Interpretation) apply unless the contrary
intention appears;

 

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

 

		(f)	The Borrower acknowledges that:

 

		(i)	in relation to matters which would adversely impact on the K-sure Insurance Policy or would result
in a derogation from express requirements of the K-sure Insurance Policy (a K-sure Approval Matter), each of the Agent and
the K-sure Lenders may be required to act or refrain from acting and to exercise any right, power, authority or discretion vested
in it under the Finance Documents in accordance with the K-sure Insurance Policy and with instructions duly given to it by K-sure
under or in connection with the K-sure Insurance Policy;

 

		(ii)	if and whenever any such Creditor Party is expressed to be required to act "reasonably"
that Creditor Party shall be deemed to have so acted if it relates to a K-sure Approval Matter and if, and to the extent that,
it acts on the instructions of K-sure; and

 

		(iii)	in the event of any conflict of inconsistency between the terms of this Agreement and the K-sure
Insurance Policy, the terms of the K-sure Insurance Policy shall prevail.

 

		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.

 

    	 	22	 

     

    

 

		2	Facility

 

		2.1	Amount of facility

 

Subject to the other provisions of
this Agreement, the Lenders shall make available to the Borrower a term loan facility in an amount not exceeding the Total Commitments
in two Tranches, each Tranche to be in an amount equal to the lesser of (i) $55,000,000 and (ii) 65 per cent. of the Fair Market
Value of the Ship to which the Tranche relates calculated by reference to the valuations provided pursuant to Clause 9.1(a). Each
Tranche shall be split into (i) a Commercial Advance in the amount equal to 25 per cent. of the Tranche and (ii) a K-sure Advance
in the amount equal to 75 per cent. of the Tranche.

 

		2.2	Lenders' participations

 

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

 

		2.3	Purpose of Tranches

 

The Borrower undertakes with each
Creditor Party to use each Tranche only for the purposes stated in the preamble to this Agreement.

 

		2.4	No obligations imposed on K-sure

 

K-sure shall not have any obligations
or liabilities under this Agreement unless and until it becomes a Lender in accordance with the terms of Clause 31.19 (Transfers
to K-sure) of this Agreement in which event its obligations and liabilities shall be limited to those it has as a Lender.

 

		2.5	Obligations of the Borrower

 

The obligations of the Borrower under
this Agreement shall constitute absolute, unconditional and irrevocable financial obligations of the Borrower to the Creditor Parties.
Such obligations are independent and separate obligations to be performed or enforced irrespective of whether or not any person
has performed its obligations under any Shipbuilding Contract.

 

		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 Borrower to it under a Finance Document without joining the Agent, the
Security Trustee, any Arranger or any other Lender as additional parties in the proceedings.

 

		3.3	Proceedings requiring Majority Lender consent

 

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

 

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

 

    	 	23	 

     

    

 

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

 

		3.5	Security Trustee as joint and several creditor

 

		(a)	The Borrower and each of the Creditor Parties agrees that the Security Trustee shall be the joint
creditor ("hoofdelijke schuldeiser") together with each other Creditor Party of each liability and obligation
of the Borrower towards any Creditor Party under any Finance Document, and that accordingly the Security Trustee will have its
own independent right to demand performance by the Borrower of those liabilities and obligations. However, any discharge of any
liability or obligation of the Borrower to one of the Security Trustee or another Creditor Party shall, to the same extent, discharge
the corresponding liability or obligation owing to the others.

 

		(b)	Without limiting or affecting the Security Trustee's rights against the Borrower (whether under
this paragraph or under any other provision of the Finance Documents), the Security Trustee agrees with each other Creditor Party
(on a several and separate basis) that, subject as set out in the next sentence, it will not exercise its rights as a joint creditor
with a Creditor Party except with the consent of the relevant Creditor Party. However, for the avoidance of doubt, nothing in the
previous sentence shall in any way limit the Security Trustee's right to act in the protection or preservation of rights under
or to enforce any Finance Document (or to do any act reasonably incidental to any of the foregoing).

 

		(c)	Subject to the provisions of this Clause 3.5 (Security Trustee as joint and several creditor),
the Security Trustee holds any security created by a Finance Document in its name and the Security Trustee shall have full and
unrestricted title to and authority in respect of that security, subject always to the terms of the Finance Documents.

 

		4	Drawdown

 

		4.1	Request for advance of a Tranche

 

Subject to the following conditions,
the Borrower may request that a Tranche be made by ensuring that the Agent receives a completed Drawdown Notice not later than
11.00 a.m. (London time) 3 Business Days prior to the intended Drawdown Date.

 

		4.2	Availability

 

The conditions referred to in Clause
4.1 (Request for advance of a Tranche) are that:

 

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

 

		(b)	the amount of the Tranche complies with the requirements of Clause 2.1 (Amount of facility);

 

		(c)	the Commercial Advance and K-sure Advance in respect of a Tranche shall be drawn down on the same
Drawdown Date;

 

		(d)	the aggregate amount of the Tranches outstanding at any time shall not exceed the Total Commitments
at that time.

 

		4.3	Notification to Lenders of receipt of a Drawdown Notice

 

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

 

		(a)	the amount of the Tranche (and the Advances within that Tranche) and the Drawdown Date;

 

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

 

    	 	24	 

     

    

 

		(c)	the duration of the Interest Period for that Tranche.

 

		4.4	Notice to K-sure

 

The Agent shall promptly after each
drawdown notify the K-sure Agent of the amount of the relevant Tranche and of the Drawdown Date.

 

		4.5	Drawdown Notice irrevocable

 

A Drawdown Notice must be signed
by a duly authorised person on behalf of the Borrower; and once served, a Drawdown Notice cannot be revoked without the prior consent
of the Agent, acting with the authorisation of the Majority Lenders.

 

		4.6	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 Borrower
the amount due from that Lender on that Drawdown Date under Clause 2.2 (Lenders' participations).

 

		4.7	Disbursement of a Tranche

 

Subject to the provisions of this
Agreement, the Agent shall on each Drawdown Date pay to, or for the account of, the Borrower the amounts which the Agent receives
from the Lenders under Clause 4.6 (Lenders to make available Contributions); and that payment shall be made to the account
which the Borrower specifies in the Drawdown Notice.

 

		4.8	Disbursement of Tranche to third party

 

A payment by the Agent under Clause
4.7 (Disbursement of a Tranche) shall constitute the making of the relevant Tranche and the Borrower shall thereupon become
indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender's Contribution.

 

		4.9	Cancellation of Commitments

 

The Commitments which are not utilised
at the end of the Availability Period shall then be cancelled.

 

		5	Interest

 

		5.1	Payment of normal interest

 

Subject to the provisions of this
Agreement, interest on each Tranche in respect of an Interest Period shall be paid by the Borrower on the last date of that Interest
Period.

 

		5.2	Normal rate of interest

 

Subject to the provisions of this
Agreement, the rate of interest on each Advance in respect of a Tranche in respect of an Interest Period shall be the aggregate
of the applicable Margin and LIBOR for that Interest Period.

 

		5.3	Notification of rates of interest

 

		(a)	The Agent shall notify the Borrower and each Lender of each rate of interest as soon as practicable
after each is determined.

 

		(b)	The Agent shall promptly notify the Borrower of each Funding Rate relating to the Loan, any part
of the Loan or any Unpaid Sum.

 

    	 	25	 

     

    

 

		5.4	Role of Reference Banks

 

		(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the
Agent.

 

		(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance
Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

 

		(c)	No Party (other than the relevant Reference Bank) may take any proceedings against any officer,
employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any
act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation,
and any officer, employee or agent of each Reference Bank may rely on this Clause 5.4 (Role of Reference Banks) subject
to Clause 37.4 (Third Party rights) and the provisions of the Third Parties Act.

 

		5.5	Third Party Reference Banks

 

A Reference Bank which is not a Party
may rely on Clause 5.4 (Role of Reference Banks), Clause 5.13 (Replacement of Screen Rate) and Clause 33 (Confidentiality
of Funding Rates and Reference Bank Quotations) subject to Clause 37.4 (Third Party rights) and the provisions of the
Third Parties Act.

 

		5.6	Unavailability of Screen Rate

 

		(a)	Interpolated Screen Rate: If no Screen Rate is available for LIBOR for the Interest Period
of the Loan or any part of the Loan, the applicable LIBOR shall be the Interpolated Screen Rate for a period equal in length to
the Interest Period of the Loan or that part of the Loan.

 

		(b)	Reference Bank Rate: If no Screen Rate is available for LIBOR for:

 

		(i)	dollars; or

 

		(ii)	the Interest Period of the Loan or any part of the Loan and it is not possible to calculate the
Interpolated Screen Rate,

 

the applicable LIBOR shall be the
Reference Bank Rate as of the Specified Time and for a period equal in length to the Interest Period of the Loan or that part of
the Loan.

 

		(c)	Cost of funds: If paragraph (b) above applies but no Reference Bank Rate is available for
dollars or the relevant Interest Period there shall be no LIBOR for the Loan or that part of the Loan (as applicable) and Clause
5.9 (Cost of funds) shall apply to the Loan or that part of the Loan for that Interest Period.

 

		5.7	Calculation of Reference Bank Rate

 

		(a)	Subject to paragraph (b) below, if LIBOR is to be determined on the basis of a Reference Bank Rate
but a Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated on the basis
of the quotations of the remaining Reference Banks.

 

		(b)	If at or about noon on the Quotation Date none or only one of the Reference Banks supplies a quotation,
there shall be no Reference Bank Rate for the relevant Interest Period.

 

    	 	26	 

     

    

 

		5.8	Market disruption

 

If before close of business in London
on the Quotation Date for the relevant Interest Period the Agent receives notification from a Lender or Lenders (whose participations
in the Loan or the relevant part of the Loan exceed 50 per cent. of the Loan or the relevant part of the Loan as appropriate) (the
"Affected Lender") that the cost to it of funding its participation in the Loan or that part of the Loan from
whatever source it may reasonably select would be in excess of LIBOR then Clause 5.9 (Cost of funds) shall apply to the
Loan or that part of the Loan (as applicable) for the relevant Interest Period.

 

		5.9	Cost of funds

 

		(a)	If this Clause 5.9 (Cost of funds) applies, the rate of interest on each Lender's share
of the Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the
sum of:

 

		(i)	the applicable Margin; and

 

		(ii)	the weighted average of the rates notified to the Agent by each Lender as soon as practicable and
in any event before interest is due to be paid in respect of that Interest Period to be that which expresses as a percentage rate
per annum the cost to the relevant Lender of funding its participation in the Loan or that part of the Loan from whatever source
it may reasonably select.

 

		(b)	If paragraph (c) below does not apply and any rate notified to the Agent under sub-paragraph (ii)
of paragraph (a) above is less than zero, the relevant rate shall be deemed to be zero.

 

		(c)	If this Clause ‎5.9 (Cost of funds) applies pursuant to Clause 5.8 (Market disruption)
and:

 

		(i)	a Lender's Funding Rate is less than LIBOR; or

 

		(ii)	a Lender does not supply a quotation by the time specified in sub-paragraph ‎(ii) of paragraph
(a) above,

 

the cost to that Lender of funding
its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of paragraph
(a) above, to be LIBOR.

 

		5.10	Break Costs

 

		(a)	The Borrower shall, within three Business Days of demand by a Creditor Party, pay to that Creditor
Party its Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrower on a day other than
the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum.

 

		(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate
confirming the amount of its Break Costs for any Interest Period in which they accrue.

 

		5.11	Notification of market disruption

 

The Agent shall notify the Borrower
and each of the Lenders stating the circumstances falling within Clause 5.8 (Market disruption) which have caused its notice
to be given.

 

		5.12	Suspension of drawdown

 

If the Agent’s notice under
Clause 5.11 (Notification of market disruption) is served before a Tranche is advanced the Lenders’ obligations to
make or participate in that Tranche (as the case may be) shall be suspended while the circumstances referred to in the Agent’s
notice continue.

 

    	 	27	 

     

    

 

		5.13	Replacement of Screen Rate

 

		(a)	If the Screen Rate is not available for dollars, any amendment or waiver which relates to providing
for another benchmark rate to apply in relation to dollars, in place of that Screen Rate (or which relates to aligning any provision
of a Finance Document to the use of that benchmark rate) may be made with the consent of the Majority Lenders and the Borrower.

 

		(b)	If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a)
above within three Business Days (unless the Borrower and the Agent agree to a longer time period in relation to any request) of
that request being made:

 

		(i)	its Commitment shall not be included for the purpose of calculating the Total Commitments when
ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and

 

		(ii)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement
of any specified group of Lenders has been obtained to approve that request.

 

		5.14	Negotiation of alternative rate of interest

 

If the Agent’s notice under
Clause 5.11 (Notification of market disruption) is served after a Tranche is advanced, the Borrower, the Agent and the Lenders
or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within the 15 days after the date on which
the Agent serves its notice under Clause 5.11 (Notification of market disruption) (the "Negotiation Period"),
an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected
Lender to fund or continue to fund their or its Contribution during the relevant Interest Period concerned.

 

		5.15	Application of agreed alternative rate of interest

 

Any alternative interest rate or
an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed and shall,
with the prior consent of all the Lenders and the Borrower, be binding on all Parties.

 

		5.16	Alternative rate of interest in absence of agreement

 

If an alternative interest rate or
alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing at the end of the
Negotiation Period, then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an
interest period and interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in
Dollars or in any available currency of their or its Contribution plus the applicable Margin; and the procedure provided for by
this Clause 5.16 (Alternative rate of interest in absence of agreement) shall be repeated if the relevant circumstances
are continuing at the end of the interest period so set by the Agent.

 

		5.17	Notice of prepayment

 

If the Borrower does not agree with
an interest rate set by the Agent under Clause 5.16 (Alternative rate of interest in absence of agreement), the Borrower
may give the Agent not less than 10 Business Days’ notice of its intention to prepay the relevant Advance at the end of the
interest period set by the Agent.

 

		5.18	Prepayment

 

A notice under Clause 5.17 (Notice
of prepayment) shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected
Lender of the Borrower's notice of intended prepayment; and on the last Business Day of the interest period set by the Agent, the
Borrower shall prepay (without premium or penalty) the relevant Advance, together with accrued interest thereon at the applicable
rate plus the applicable Margin.

 

    	 	28	 

     

    

 

		5.19	Application of prepayment

 

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

 

		6	Interest Periods

 

		6.1	Commencement of Interest Periods

 

The first Interest Period applicable
to a Tranche shall commence on the Drawdown Date relating to that Tranche. Any Interest Period selected in respect of a Tranche
prior to the first Repayment Date for that Tranche which would otherwise extend beyond the first Repayment Date shall instead end
on that first Repayment Date. Each subsequent Interest Period shall commence on the expiry of the preceding Interest Period.

 

		6.2	Duration of normal Interest Periods

 

Subject to Clauses 6.3 (Duration
of Interest Periods for repayment instalments) and 6.4 (No Interest Period to extend beyond Maturity Date), each Interest
Period shall be:

 

		(a)	1, 3 or 6 months as notified by the Borrower to the Agent not later than 11.00 a.m. (London time)
3 Business Days before the commencement of the Interest Period; or

 

		(b)	3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or

 

		(c)	in the case of the first Interest Period applicable to the second Tranche, a period ending on the
last day of the Interest Period applicable to the first Tranche;

 

		(d)	in respect of a Commercial Tranche, such other period as the Agent (with the authorisation of all
the Lenders) may agree with the Borrower and, in respect of a K-sure Advance, such other period that is not more than 6 months
as the Agent (with the authorisation of all the K-sure Lenders) may agree with the Borrower.

 

		6.3	Duration of Interest Periods for repayment instalments

 

In respect of an amount due to be
repaid under Clause 8 (Repayment, Prepayment and Cancellation) on a particular Repayment Date, an Interest Period shall
end on that Repayment Date.

 

		6.4	No Interest Period to extend beyond Maturity Date

 

No Interest Period shall end after
the Maturity Date and any Interest Period which would otherwise extend beyond the Maturity Date shall instead end on the Maturity
Date.

 

		6.5	Non-availability of matching deposits for Interest Period selected

 

If, after the Borrower has selected
and the Lenders have agreed an Interest Period longer than 3 months, any Lender notifies the Agent by 11.00 a.m. (London time)
on the second Business Day before the commencement of that Interest Period that it is not satisfied that deposits in Dollars for
a period equal to that Interest Period will be available to it in the London Interbank Market when that Interest Period commences,
that Interest Period shall be of 3 months unless otherwise agreed by the Agent (acting on the instructions of the Lenders) and
the Borrower.

 

    	 	29	 

     

    

 

		6.6	Non-Business Days

 

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

 

		7	Default Interest

 

		7.1	Default interest

 

		(a)	If the Borrower fails to pay any amount payable by it under a Finance Document on its due date,
interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at
a rate which, subject to paragraph (b) below, is two per centage points. per annum higher than the rate which would have been payable
if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive
Interest Periods, each of a duration selected by the Agent. Any interest accruing under this Clause 7.1 (Default interest)
shall be immediately payable by the Borrower on demand by the Agent.

 

		(b)	If an Unpaid Sum consists of all or part of the Loan which became due on a day which was not the
last day of an Interest Period relating to the Loan or that part of the Loan:

 

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

 

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

 

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

 

		8	Repayment, Prepayment and Cancellation

 

		8.1	Amount of repayment instalments

 

		(a)	The Borrower shall repay each of the K-sure Advances by 24 equal consecutive semi-annual instalments
of $1,718,750 each.

 

		(b)	The Borrower shall repay each of the Commercial Advances by 24 equal consecutive semi-annual instalments
of $114,585 each together with a balloon instalment of $10,999,960 payable simultaneously with the 24th and last such
instalment.

 

		(c)	If less than the maximum amount of a Tranche is advanced, the repayment instalments for each Advance
under that Tranche, including the balloon instalment if applicable, shall be reduced proportionally.

 

		8.2	Repayment dates

 

		(a)	The first instalment in respect of the K-sure Advance and the Commercial Advance under the first
Tranche to be drawn down shall be repaid on the date falling 6 months after the Delivery Date of the Ship to which that Tranche
relates and subsequent instalments shall be paid at semi-annual intervals. The last instalment and, if applicable, the balloon,
shall be repaid on the Maturity Date.

 

    	 	30	 

     

    

 

		(b)	The first instalment in respect of the K-sure Advance and the Commercial Advance under the second
Tranche to be drawn down shall be repaid on the first Repayment Date in respect of the first Tranche and subsequent instalments
shall be paid at semi-annual intervals. The last instalment and, if applicable, the balloon instalment shall be repaid on the Maturity
Date.

 

		(c)	The Facility Agent will provide a repayment schedule to the Lenders and the Borrower following
receipt of the first Drawdown Notice.

 

		8.3	Maturity Date

 

On the Maturity Date, the Borrower
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

 

		(a)	Subject to the following conditions in Clauses 8.5 (Conditions for voluntary prepayment),
8.6 (Effect of notice of prepayment) and 8.7 (Notification of notice of prepayment), the Borrower may prepay the
whole or any part of the Loan.

 

		(b)	Any voluntary prepayment pursuant to this Clause 8.4 (Voluntary prepayment) shall be applied
pro rata to each Tranche and, within each Tranche, pro rata to each Advance and pro rata to each repayment instalment then outstanding
(including any balloon) under each Advance.

 

		8.5	Conditions for voluntary prepayment

 

The conditions referred to in Clause
8.4 (Voluntary prepayment) are that:

 

		(a)	a partial prepayment shall be $1,000,000 or a higher integral multiple of $1,000,000;

 

		(b)	the Agent has received from the Borrower at least 3 Business Days' prior written notice specifying
the amount to be prepaid and the date on which the prepayment is to be made; and

 

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

 

		8.6	Effect of notice of prepayment

 

A prepayment notice may not be withdrawn
or amended without the consent of the Agent, given with the authorisation of the Majority Lenders, and the amount specified in
the prepayment notice shall become due and payable by the Borrower on the date for prepayment specified in the prepayment notice.

 

		8.7	Notification of notice of prepayment

 

The Agent shall notify the Lenders
promptly upon receiving a prepayment notice, and shall provide any Lender which so requests with a copy of any document delivered
by the Borrower under paragraph (c) of Clause 8.5 (Conditions for voluntary prepayment).

 

		8.8	Mandatory prepayment on sale or Total Loss

 

		(a)	If a Ship is sold or becomes a Total Loss, the Borrower shall be obliged to prepay the outstanding
amount of the Tranche in respect of that Ship:

 

    	 	31	 

     

    

 

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

 

		(ii)	in the case of a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date
and the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss.

 

		(b)	This Clause 8.8 (Mandatory prepayment on sale or Total Loss) is without prejudice to the
provisions of Clause 15.1 (Minimum required security cover).

 

		8.9	Mandatory prepayment and cancellation on Change of Control

 

If there is a Change of Control,
the Borrower shall be obliged to prepay the Loan in full and the Commitments shall terminate not later than 60 days following the
occurrence of the Change of Control.

 

		8.10	Mandatory prepayment and cancellation on breach of financial covenants

 

If the Borrower is not in compliance
with the financial covenants in Clause 12.5 (Financial Covenants) at any time during the Security Period, the Borrower shall
be obliged to repay the Loan in full (and the Commitments shall be cancelled) not later than 5 days following a request in writing
from the Agent (acting on the instructions of the Majority Lenders) to the Borrower to repay the Loan.

 

		8.11	Termination of K-sure Insurance Policy

 

If at any time during the Security
Period:

 

		(a)	the K-sure Insurance Policy is terminated, repudiated, disclaimed, cancelled, becomes invalid or
unenforceable as against K-sure or otherwise ceases to be in full force and effect for whatever reason or it becomes unlawful or
impossible for K-sure to fulfil any of the obligations expressed to be assumed by it in the K-sure Insurance Policy; or

 

		(b)	the Korean Government is no longer under a statutory obligation to cover the deficit incurred by
the “Trade Insurance Fund” managed by K-sure,  

 

then the Agent
shall promptly notify the Borrower and as of the time of such notification:

 

		(i)	the Lenders shall not be obliged to make any Tranche available;

 

		(ii)	the Total Commitments shall be automatically cancelled; and

 

		(iii)	the Borrower shall be obliged to prepay each K-sure Advance in full within 30 days or, if such
event is of a type that falls under paragraph (b), within 90 days.

 

		8.12	Amounts payable on prepayment

 

A prepayment shall be made together
with accrued interest (and any other amount payable under Clause 21 (Indemnities) or otherwise) in respect of the amount
prepaid and, if the prepayment is not made on the last day of an applicable Interest Period, together with any sums payable under
Clause 21.1(b) but without premium or penalty.

 

		8.13	Reborrowing

 

No amount repaid may be reborrowed.

 

    	 	32	 

     

    

 

		8.14	Voluntary cancellation of Commitments

 

Subject to the following conditions,
the Borrower may cancel the whole or any part of the Total Available Commitments.

 

		8.15	Conditions for cancellation of Commitments

 

The conditions referred to in Clause
8.14 (Voluntary cancellation of Commitments) are that:

 

		(a)	a partial cancellation shall be $1,000,000 or a higher integral multiple of $1,000,000; and

 

		(b)	the Agent has received from the Borrower at least 3 Business Days' prior written notice specifying
the amount of the Total Commitments to be cancelled and the date on which the cancellation is to take effect.

 

		8.16	Effect of notice of cancellation

 

The service of a cancellation notice
given under Clause 8.15 (Conditions for cancellation of Commitments) shall cause the amount of the Total Commitments specified
in the notice to be permanently cancelled and any partial cancellation shall be applied against the Commitment of each Lender pro
rata and the amount of the relevant Tranche(s).

 

		8.17	Put option

 

		(a)	Subject to paragraphs (b) and (c) below, a Lender may, by giving not less than 180 days prior written
notice to the Facility Agent, the other Lenders and K-sure require the Borrower to prepay its Contribution in respect of the Commercial
Advances and/or the K-sure Advances (the "Relevant Contribution")
on the seventh anniversary of the Delivery Date of Ship A such prepayment to be made together with accrued interest (and any other
amount payable under Clause 21 (Indemnities) or otherwise) in respect of the amount prepaid.

 

		(b)	In addition to a Lender's right to give a notice prior to the 180 day period referred to in paragraph
(a) above, if another Lender has given a notice under paragraph (a), each other Lender shall have an additional 15 days to serve
such a notice (notwithstanding that that notice may be given less than 180 days before the seventh anniversary of the first Drawdown
Date).

 

		(c)	A Lender may only serve a notice pursuant to paragraph (a) above in respect of its Contribution
in the K-sure Advances if such a notice has already been served by it in respect of its Contribution in the Commercial Advances.

 

		(d)	If a Lender (the "Outgoing Lender")
serves a notice pursuant to paragraph (a) above, each other Lender shall have the option exercisable within 90 days of receipt
of such notice to assume the Relevant Contribution in such proportions to be agreed between the other Lenders.

 

		(e)	If no Lender wishes to assume the Relevant Contribution or an agreement cannot be reached between
the other Lenders as to the proportions that will be assumed within 90 days of receipt of a notice pursuant to paragraph (a) above,
the Borrower may suggest another bank, financial institution, trust, fund or other entity (the "Replacement
Lender") to assume the Relevant Contribution, such Replacement Lender to be reasonably acceptable to the Lenders
(other than the Outgoing Lender) and K-sure.

 

		(f)	The Relevant Contribution shall be transferred to the other Lenders or the Replacement Lender,
as applicable, no later than the seventh anniversary of the first Drawdown Date, pursuant to a Transfer Certificate to be executed
and delivered to the Agent by the Outgoing Lender and the other Lenders or the Replacement Lender, as applicable, as transferee
lenders and the provisions of Clauses 31.3 (Transfer Certificate, delivery and notification), 31.4 (Effective Date of
Transfer Certificate), 31.7 (Effect of Transfer Certificate) and 31.10 (Authorisation of Agent to sign Transfer Certificates)
shall apply to a transfer effected pursuant to this Clause.

 

    	 	33	 

     

    

 

		8.18	Right of repayment and cancellation in relation to a single Lender

 

		(a)	So long as no Potential Event of Default or Event of Default has occurred and is continuing, if:

 

		(i)	any sum payable to any Lender by the Borrower is required to be increased under paragraph (c) of
Clause 22.2 (Grossing-up for taxes) or under that clause as incorporated by reference or in full in any other Finance Document;
or

 

		(ii)	any Lender claims indemnification from the Borrower under Clause 21.1 (e) (Indemnities regarding
borrowing and repayment of Loan) or Clause 29 (Increased Costs);

 

the Borrower may whilst the circumstance
giving rise to the requirement for that increase or indemnification continues give the Agent notice of cancellation of the Commitment
of that Lender and its intention to procure the repayment of that Lender's participation in the Loan.

 

		(b)	On receipt of a notice of cancellation referred to in paragraph (a) above, any Commitment of that
Lender shall immediately be reduced to zero.

 

		(c)	On the last day of each Interest Period which ends after the Borrower has given notice of cancellation
under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the Borrower
shall repay that Lender's participation in the Loan.

 

		9	Conditions Precedent

 

		9.1	Documents, fees and no default

 

Each Lender's obligation to contribute
to a Tranche is subject to the following conditions precedent:

 

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

 

		(b)	that, on or before the Drawdown Date for each Ship:

 

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

 

		(ii)	during the period from 31 December 2016 to the date of the initial Drawdown Notice and the relevant
Drawdown Date, nothing shall have occurred (and neither the Agent nor any of the Lenders shall have become aware of any condition
or circumstance not previously known to it or them) which the Agent or the Lenders shall determine has had, or could reasonably
be expected to have, a material adverse effect (A) on the rights or remedies of the Lenders, (B) on the performance of the Borrower
and its subsidiaries of their respective obligations to the Lenders, (C) with respect to the Loan or (D) on the property, assets,
nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower or the Group;

 

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

 

    	 	34	 

     

    

 

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

 

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

 

		(iii)	the Agent has not received, through the K-sure Agent, any notice from K-sure requesting the Lenders
to suspend the utilisation of the facility.

 

		(iv)	none of the circumstances contemplated by Clause 5.8 (Market disruption) has occurred and
is continuing; and

 

		(v)	since the filing of the latest audited financial statements, nothing shall have occurred (and neither
the Facility Agent nor any of the Lenders shall have become aware of any condition or circumstance not previously known to it or
them) which the Lenders shall determine has had, or could reasonably be expected to have, a material adverse effect (v) on the
rights or remedies of the Lenders, (w) on the performance of the Borrower and its subsidiaries of their obligations to the Lenders,
(x) with respect to this Agreement or (y) on the property, assets, nature of assets, operations, liabilities or condition (financial
or otherwise) of the Borrower and its subsidiaries;

 

		(d)	that, if the ratio set out in Clause 15.1 (Minimum required security cover) were applied
on the basis of the most recently provided valuations and immediately following the making of the relevant Tranche, the Borrower
would not be obliged to provide additional security or prepay part of the Loan under that Clause; and

 

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

 

		9.2	Waiver of conditions precedent

 

If the Majority Lenders, at their
discretion, permit a Tranche to be borrowed before certain of the conditions referred to in Clause 9.1 (Documents, fees and
no default) are satisfied, the Borrower shall ensure that those conditions are satisfied within 5 Business Days after the relevant
Drawdown Date (or such other period as the Agent may, with the authorisation of the Majority Lenders, specify).

 

		10	Representations and Warranties

 

		10.1	General

 

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

 

		10.2	Status

 

It is duly incorporated,
validly existing and in good standing under the laws of, and has the centre of its main interests in, Belgium.

 

		10.3	Corporate power

 

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

 

		(a)	to execute the Finance Documents to which it is a party; and

 

    	 	35	 

     

    

 

		(b)	to borrow under this Agreement and to make all the payments contemplated by, and to comply with,
those Finance Documents.

 

		10.4	Consents in force

 

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

 

		10.5	Legal validity; effective Security Interests

 

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

 

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

 

		(b)	create legal, valid and binding Security Interests enforceable in accordance with their respective
terms over all the assets to which they, by their terms, relate;

 

subject to any relevant mandatory
insolvency laws affecting creditors' rights generally and to general equity principles.

 

		10.6	No third party Security Interests

 

Without limiting the generality of
Clause 10.5 (Legal validity; effective Security Interests), at the time of the execution and delivery of each Finance Document:

 

		(a)	the 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.

 

		10.7	No conflicts

 

The execution by the Borrower of
each Finance Document to which it is a party, and the borrowing by the Borrower of the Loan, and the Borrower's compliance with
each Finance Document to which it is a party will not involve or lead to a contravention of:

 

		(a)	any law or regulation; or

 

		(b)	the constitutional documents of the Borrower; or

 

		(c)	any contractual or other obligation or restriction which is binding on the Borrower or any of its
subsidiaries or any of their respective assets.

 

		10.8	No default

 

No Event of Default or Potential
Event of Default has occurred and is continuing.

 

		10.9	Information

 

All information which has been provided
in writing by or on behalf of the Borrower or any Security Party to the Mandated Lead Arrangers or any other Creditor Party in
connection with any Finance Document satisfied the requirements of Clause 11.4 (Information provided to be accurate); all
audited and unaudited accounts which have been so provided satisfied the requirements of Clause 11.6 (Form of financial statements);
and there has been no material adverse change in the property, assets, nature of assets, operations, liabilities or condition (financial
or otherwise) of the Borrower and its subsidiaries since 31 December 2016.

 

    	 	36	 

     

    

 

 

		10.10	No litigation

 

No litigation, arbitration or administrative
proceedings (including, but not limited to, investigative proceedings) involving the Borrower has been commenced or taken or, to
the Borrower's knowledge, is likely to be commenced or taken which, in any case, would be likely to have a material adverse effect
on the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower and its
subsidiaries or on the ability of the Borrower to perform its obligations under the Finance Documents.

 

		10.11	Compliance with certain undertakings

 

At the date of this Agreement, the
Borrower is in compliance with Clauses 11.2 (Title; negative pledge) and 11.12 (Principal place of business).

 

		10.12	Taxes paid

 

The Borrower has paid all taxes applicable
to, or imposed on or in relation to, the Borrower and its business.

 

		10.13	No money laundering

 

Without prejudice to the generality
of Clause 2.3 (Purpose of Tranche), in relation to the utilisation by the Borrower of the Tranches granted or to be granted
to it under this Agreement, the performance and discharge of its obligations and liabilities under the Finance Documents to which
it is a party, and the transactions and other arrangements effected or contemplated by the Finance Documents to which it is a party,
the Borrower confirms that it is acting for its own account and that the foregoing will not involve or lead to contravention of
any law, official requirement or other regulatory measure or procedure implemented to combat "money laundering" (as defined
in Article 1 of the Directive 2005/60/EC of the European Parliament and of the Council of the European Union of 26 October 2005).

 

		10.14	Anti-Corruption Laws

 

The Borrower has conducted its business
in compliance with all applicable Anti-Corruption Laws and has instituted and maintained policies and procedures designed to promote
and achieve compliance with such laws.

 

		10.15	Sanctions

 

Each Relevant Person has been and
is in compliance with all Sanctions Laws and no Relevant Person:

 

		(a)	is a Restricted Party, or is involved in any transaction through which it is likely to become a
Restricted Party; or

 

		(b)	has received formal notice in writing of any inquiry, claim, action, suit, proceeding or investigation
against it with respect to Sanctions Laws.

 

		10.16	ISM Code and ISPS Code compliance

 

All requirements of the ISM Code
and the ISPS Code as they relate to the Borrower, the Approved Manager and the Ships have been, or will be, complied with at the
time of the Drawdown Date relating to each Ship.

 

    	 	37	 

     

    

 

 

		10.17	Pari passu obligations

 

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

 

		10.18	Environmental matters

 

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

 

		(a)	the Borrower has complied with the provisions of all Environmental Laws;

 

		(b)	the Borrower has obtained all Environmental Approvals and is in compliance with all Environmental
Approvals;

 

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

 

		(d)	there is no Environmental Claim pending or, to the best of the Borrower's knowledge and belief
(having made due enquiry), threatened against the Borrower or either Ship; and

 

		(e)	no Environmental Incident which could or might give rise to any Environmental Claim has occurred.

 

		10.19	Deduction of Tax

 

The Borrower is
not required to make any Tax Deduction from any payment it may make under any Finance Document.

 

		10.20	No filing or stamp taxes

 

Under the laws of its relevant jurisdiction
it is not necessary that the Finance Documents to which the Borrower is a party be filed, recorded or enrolled with any court or
other authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in relation
to the Finance Documents to which it is a party or the transactions contemplated by those Finance Documents except any filing,
recording or enrolling or any tax or fee payable in relation to any Finance Document which is referred to in any legal opinion
and which will be made or paid promptly after the date of the relevant Finance Document except the registration of each Mortgage
at the registry.

 

		10.21	Governing law and enforcement

 

		(a)	The choice of governing law of each Finance Document to which the Borrower is a party will be recognised
and enforced in its relevant jurisdictions.

 

		(b)	Subject to any limitations set out in any legal opinion delivered pursuant to Clause 9 (Conditions
Precedent) any judgment obtained in relation to a Finance Document to which the Borrower is a party in the jurisdiction of the
governing law of that Finance Document will be recognised and enforced in its relevant jurisdictions.

 

		10.22	Insolvency

 

No corporate action, legal proceeding
or other procedure or step described in paragraph (e) of Clause 19.1 (Event of Default) has been taken or, to its knowledge, threatened
in relation to the Borrower which would be likely to have a material adverse effect on the property, assets, nature of assets,
operations, liabilities or condition (financial or otherwise) of the Borrower and its subsidiaries or on the ability of the Borrower
to perform its obligations under the Finance Documents.

 

    	 	38	 

     

    

 

 

		10.23	No breach of laws

 

The Borrower has not breached any
law or regulation which would be likely to have a material adverse effect on the property, assets, nature of assets, operations,
liabilities or condition (financial or otherwise) of the Borrower and its subsidiaries or on the ability of the Borrower to perform
its obligations under the Finance Documents.

 

		11	General Undertakings

 

		11.1	General

 

The Borrower undertakes with each
Creditor Party to comply with the following provisions of this Clause 11 (General Undertakings) at all times during the
Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit.

 

		11.2	Title; negative pledge

 

The Borrower shall hold the legal
title to, and own the entire beneficial interest in each Ship, its Earnings and Insurances, free from all Security Interests and
other interests and rights of every kind, except for those created by the Finance Documents and the effect of assignments contained
in the Finance Documents and except for Permitted Security Interests.

 

		11.3	Disposal of assets

 

The Borrower will not transfer, lease
or otherwise dispose of all or a substantial part of its assets, whether by one transaction or a number of transactions, whether
related or not except in the usual course of its business and for fair market value.

 

		11.4	Information provided to be accurate

 

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

 

		11.5	Provision of financial statements

 

The Borrower will
send to the Agent:

 

		(a)	as soon as possible, but in no event later than 120 days after the end of each financial year of
the Borrower from and including the financial year ending 31 December 2016, the audited consolidated accounts of the Group;

 

		(b)	as soon as possible, but in no event later than 75 days after the end of each financial half-year
of the Borrower (which half-year end shall, for the avoidance of doubt, occur annually), the unaudited consolidated semi-annual
accounts of the Group certified as to its correctness by the chief financial officer of the Borrower;

 

		(c)	as soon as possible, but in no event later than 60 days after the end of each financial quarter
of the Borrower and provided that these documents have not been published on the Borrower’s website or sent to the Lenders
in the form of a press release, unaudited consolidated income statements of the Group certified as to their correctness by the
chief financial officer of the Borrower and unaudited individual income statements of the Borrower certified as to their correctness
by an officer or director of the Borrower;

 

 

    	 	39	 

     

    

 

 

		(d)	as soon as possible, but not later than 120 days after the end of each financial year of the Borrower,
a financial projection for the Group for the next 3 years in a format which is acceptable to the Agent; and

 

		(e)	together with each set of accounts referred to in paragraphs (a) to (d), a compliance certificate
(together with supporting schedules, if any) signed by the chief financial officer of the Borrower in the form attached as Schedule
6 (Form of Certificate of Compliance) (or in any other format which the Agent may approve and with such other information
as the Agent may require) evidencing compliance with the financial undertakings in Clause 12.5 (Financial Covenants) and
also listing the Fair Market Value of each of the Ships.

 

		11.6	Form of financial statements

 

The audited accounts delivered under
Clause 11.5 (Provision of financial statements) will:

 

		(a)	be prepared in accordance with all applicable laws and IFRS consistently applied;

 

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

 

		(c)	fully disclose or provide for all significant liabilities of the Borrower.

 

		11.7	Provision of further information

 

		(a)	The Borrower will, as soon as practicable after receiving a request from the Agent provide the
Agent with such additional financial information in relation to the Group which may be reasonably requested by the Agent, K-sure
or any Lender through the Agent.

 

		(b)	The Borrower shall supply to the Agent, promptly upon becoming aware of them, the details of any
claim, action, suit, proceeding or investigation with respect to Sanctions Laws against it, any of its direct or indirect owners,
subsidiaries or any of their respective directors, officers, employees, agents or representatives.

 

		11.8	Creditor notices

 

The Borrower will send the Agent,
at the same time as they are despatched, copies of all material communications which are despatched to all of the Borrower's shareholders
or creditors or to the whole of any class of them.

 

		11.9	Consents

 

The 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 the Borrower to perform its obligations under any Finance Document to which it is a party;

 

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

 

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

 

		11.10	Maintenance of Security Interests

 

The Borrower will:

 

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

 

    	 	40	 

     

    

 

 

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

 

		11.11	Notification of litigation

 

The Borrower will provide the Agent
with details of any legal or administrative action involving the Borrower, any Security Party or a Ship as soon as such action
is instituted or it becomes apparent to the Borrower that it is likely to be instituted, unless it is clear that the legal or administrative
action cannot be considered material in the context of any Finance Document.

 

		11.12	Principal place of business

 

The Borrower will notify the Agent
if it has a place of business in any jurisdiction which would require a Finance Document to which it is a party to be registered,
filed or recorded with any court or authority in that jurisdiction or if the centre of its main interests changes.

 

		11.13	Notification of default

 

The Borrower will notify the Agent
as soon as it becomes aware of:

 

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

 

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

 

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

 

		11.14	Access to books and records

 

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

 

		11.15	Press releases

 

The Borrower will send to the Agent,
at the same time as they are dispatched, copies of all press releases which are issued by it.

 

		11.16	Pari passu ranking

 

The Borrower's payment obligations
under this Agreement and any other Finance Document to which it is a party shall rank at least pari passu with the claims of all
its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

 

		11.17	Conduct of business; compliance with laws

 

The Borrower shall conduct its business
in a proper and efficient manner in compliance with:

 

		(a)	its constitutional documents;

 

		(b)	all Sanctions Laws;

 

    	 	41	 

     

    

 

 

		(c)	all Anti-Corruption Laws;

 

		(d)	all Environmental Laws; and

 

		(e)	all other laws and regulations applicable to its business,

 

and shall notify the Agent immediately
upon becoming aware of any breach of any such document, law or regulation.

 

		11.18	Know your customer requirements

 

Promptly upon the Agent's request
the Borrower will supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent
in order for each Creditor Party to carry out and be satisfied with the results of all necessary "know your client" or
other checks which it is required to carry out in relation to the transactions contemplated by the Finance Documents and to the
identity of any parties to the Finance Documents (other than Creditor Parties) and their directors and officers.

 

		11.19	Compliance with Sanctions Laws

 

The Borrower shall:

 

		(a)	ensure that neither it nor any of its subsidiaries is or will become a Restricted Party;

 

		(b)	use reasonable endeavours to procure that no director, officer, employee, agent or representative
of it or any of its subsidiaries is or will become a Restricted Party; and

 

		(c)	procure that no proceeds of any Tranche shall be made available, directly or indirectly, to or
for the benefit of a Restricted Party nor shall they otherwise be applied in a manner for a purpose prohibited by Sanctions Laws.

 

		11.20	K-sure notification and information

 

		(a)	The Borrower shall promptly notify the Agent and the K-sure Agent by facsimile confirmed by letter
of the occurrence of any event involving a political or commercial risk covered by and listed in Article 2 of the K-sure Insurance
Policy and shall:

 

		(i)	pay upon demand by the K-sure Agent any resulting additional premium that is due and payable to
K-sure in respect of the K-sure Insurance Policy; and

 

		(ii)	cooperate with the Agent and the K-sure Agent on its reasonable request to take all steps necessary
on the part of the Borrower to ensure the K-sure Insurance Policy remains in full force and effect throughout the Security Period.

 

		(b)	The Borrower shall promptly provide the Agent and the K-sure Agent with copies of all financial
or other information required by the K-sure Agent to satisfy any request for information by K-sure pursuant to the K-sure Insurance
Policy to the extent that such information is not available on the Borrower's website.

 

		12	Corporate Undertakings

 

		12.1	General

 

The Borrower also undertakes with
each Creditor Party to comply with the following provisions of this Clause 12 (Corporate Undertakings) at all times during
the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit.

 

    	 	42	 

     

    

 

 

		12.2	Maintenance of status

 

The Borrower will maintain its separate
corporate existence under the laws of, and the centre of its main interests in, Belgium and the Borrower shall maintain its listing
on the First Market of Euronext Brussels and the New York Stock Exchange or such other reputable international stock exchange approved
by the Agent (acting on the instructions of the Majority Lenders) in writing, such approval not to be unreasonably withheld or
delayed.

 

		12.3	No change of business

 

The Borrower will not operate outside
the scope of its Articles of Association as at the date of this Agreement.

 

		12.4	No merger etc.

 

The Borrower will not, and will procure
that none of its subsidiaries will, enter into any form of merger, sub-division, amalgamation or other reorganisation which may,
in the reasonable opinion of the Majority Lenders, have a material adverse effect on the financial position the Borrower.

 

		12.5	Financial Covenants

 

The Borrower will ensure that the
consolidated financial position of the Group shall at all times during the Security Period be such that:

 

		(a)	Consolidated Working Capital shall not be less than $0;

 

		(b)	Free Liquid Assets are not less than the higher of:

 

		(i)	$50,000,000;

 

		(ii)	5 per cent. of Total Indebtedness;

 

		(c)	the amount of Cash shall equal or exceed US$30,000,000; and

 

		(d)	the ratio of Stockholders’ Equity to Total Assets is not less than 30 per cent.

 

In this Clause 12.5 (Financial
Covenants):

 

"Cash"
means, at any date of determination under this Agreement, the aggregate value of the Group's credit balances on any deposit, savings
or current account and cash in hand with recognised and reputable banks or financial institutions but excluding any such credit
balances and cash subject to a Security Interest at any time;

 

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

 

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

 

"Consolidated
Working Capital" means Consolidated Current Assets less Consolidated Current Liabilities;

 

    	 	43	 

     

    

 

 

"Free
Liquid Assets" means, at any date of determination under this Agreement, the aggregate amount of cash and cash
equivalents of the Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet but
excluding any of those assets subject to a Security Interest (other than a Security Interest in favour of the Security Trustee
pursuant to this Agreement) at any time and, for the avoidance of doubt, "cash and cash equivalents" include any amounts
available under committed credit lines having remaining maturities of more than 6 months;

 

"Latest
Balance Sheet" means, at any date, the consolidated balance sheet of the Group most recently delivered to the Agent
pursuant to Clause 11.5 (Provision of financial statements) and/or most recently made publicly available;

 

"Stockholders'
Equity" means, at any date of determination under this Agreement, the amount of the capital and reserves of the
Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet;

 

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

 

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

 

		12.6	Change in IFRS

 

If, at any time after the date of
this Agreement, any mandatory change is made to IFRS or any applicable law relating to the financial reporting (including but not
limited to accounting bases, policies, practices and procedures or reference periods) of the Group generally or any member of the
Group individually and the effect of complying with that change would result in the value for "Cash", "Consolidated
Current Assets", "Consolidated Current Liabilities", "Consolidated Working Capital", "Free Liquid
Assets", "Stockholders' Equity", "Total Assets" and/or "Total Indebtedness" being materially
different from its value if calculated in accordance with IFRS and all applicable laws in effect at the date of this Agreement
and of which the Lenders would reasonably expect to have been informed, the Borrower shall immediately notify the Agent of that
change and procure that, as soon as reasonably practicable thereafter, the Borrower's auditors deliver to the Agent:

 

		(a)	a description of the change and what adjustments would need to be made to the financial statements
of the Group following that change in order to reverse the effects of that change so that the values of "Cash", "Consolidated
Current Assets", "Consolidated Current Liabilities", "Consolidated Working Capital", "Free Liquid
Assets", "Stockholders' Equity", "Total Assets" and/or "Total Indebtedness" will be the same
as if calculated in accordance with IFRS and all applicable laws in effect at the date of this Agreement; and

 

		(b)	such information, in form and substance acceptable to the Agent, as may be required:

 

		(i)	to enable the Lenders to determine whether there is a breach of any of the financial covenants
in respect of the Group set out in Clause 12.5 (Financial Covenants) (based on IFRS and all applicable laws in effect at
the date of this Agreement); and

 

		(ii)	to assist the Lenders in making an accurate comparison between the financial position of the Group
indicated in the financial statements prepared following the change and those prepared prior to it.

 

In the event that the Lenders are
satisfied that, based on the information provided by the Borrower’s auditors, the financial covenants in Clause 12.5 (Financial
Covenants) have been complied with, the Lenders and the Borrower shall enter into discussions with a view to agreeing amendments
to this Agreement so as to mitigate the effect of the change.

 

    	 	44	 

     

    

 

 

		12.7	Change of accounting period

 

The Borrower shall not change its
fiscal year end date being 31 December.

 

		12.8	Restrictions on dividends

 

The Borrower may only pay a dividend
or make a distribution and/or buy-back its own common stock subject to the following conditions:

 

		(a)	no Event of Default has occurred and is continuing or would result upon payment of the proposed
dividend, distribution or buy-back; and

 

		(b)	the payment of such dividend or distribution would not cause any breach of any of the financial
covenants set out in Clause 12.5 (Financial Covenants).

 

		12.9	Payment of taxes

 

The Borrower shall pay when due all
taxes applicable to, or imposed on or in relation to it, its business or a Ship to be owned by it.

 

		12.10	Negative undertakings

 

The Borrower will not:

 

		(a)	change its legal name, type of organisation or jurisdiction of incorporation; and

 

		(b)	provide any form of credit or financial assistance to any person or enter into any transaction
with or involving any person on terms which are, in any respect, less favourable to the Borrower than those which it could obtain
in a bargain made at arms' length.

 

		12.11	Notification of Sanctions

 

The Borrower shall:

 

		(a)	supply to the Agent, promptly upon becoming aware of them, the details of any inquiry, claim, action,
suit, proceeding or investigation pursuant to Sanction Laws against (a) the Borrower, (b) any other Relevant Person or (c) any
owners of any Relevant Person (other than any owner of the Borrower), as well as information on what steps are being taken with
regards to answering or opposing the same;

 

		(b)	inform the Agent promptly upon becoming aware that any of (a) the Borrower, (b) any other Relevant
Person or (c) any owners of any Relevant Person (other than any owner of the Borrower), has become or is likely to become a Restricted
Party.

 

		12.12	Incurrence of Financial Indebtedness

 

The Borrower shall
not, without the prior consent of the Majority Lenders, incur any Financial Indebtedness or grant any guarantee in respect of Financial
Indebtedness if, as a result of incurring that Financial Indebtedness or incurring the contingent liability under that guarantee
(as assessed in accordance with IFRS), an Event of Default would occur, or one or more of the financial covenants in respect of
the Borrower set out in Clause 12.5 (Financial Covenants) would be breached, on the date of such incurrence.

 

		12.13	Other transactions

 

The Borrower shall
not enter into any transaction with an Affiliate on terms which are, in any respect, less favourable to it that those which it
could obtain in a bargain made at arm’s length.

 

    	 	45	 

     

    

 

 

		12.14	K-sure requirements

 

The Borrower shall not act (or omit
to act) in a manner that is inconsistent with any requirement of K-sure under or in connection with the K-sure Insurance Policy
and, in particular:

 

		(a)	the Borrower shall do all that is necessary to ensure that all requirements of K-sure under or
in connection with the K-sure Insurance Policy are complied with; and

 

		(b)	the Borrower will refrain from acting in any manner which could result in a breach of any requirements
of K-sure under or in connection with the K-sure Insurance Policy or affect the validity of it.

 

		12.15	K-sure Insurance Policy protection

 

If at any time, in the opinion of
the K-sure Agent, any provision of a Finance Document contradicts or conflicts with any provision of the K-sure Insurance Policy,
the Borrower will:

 

		(a)	take all steps as the Agent, the K-sure Agent and/or K-sure shall require to remove such contradiction
or conflict; and

 

		(b)	take all steps as the Agent, the K-sure Agent and/or K-sure shall require to ensure that the K-sure
Insurance Policy remains in full force and effect.

 

		13	Insurance

 

		13.1	General

 

The Borrower also undertakes with
each Creditor Party to comply with the following provisions of Clause 13 (Insurance) at all times during the Security Period
(in the case of each Ship after the Drawdown Date applicable to it) except as the Agent may, with the authorisation of the Majority
Lenders, otherwise permit.

 

		13.2	Maintenance of obligatory insurances

 

The Borrower shall keep each Ship
insured at its own expense against:

 

		(a)	fire and usual marine risks and war risks (including hull and machinery, hull and freight interest,
piracy, terrorism, missing vessel cover, blocking and trapping and confiscation); and

 

		(b)	protection and indemnity risks (including pollution risks), on "full entry terms".

 

		13.3	Terms of obligatory insurances

 

The Borrower shall, effect such insurances
in respect of each Ship:

 

		(a)	in Dollars;

 

		(b)	in the case of fire and usual marine risks and war risks (including coverage for war protection
and indemnity with a separate limit for the same amounts insured under war hull), in an amount on an agreed value basis at least
the greater of (i) when aggregated with such insurances on the other Ships which are subject to a Mortgage, 120 per cent. of the
Loan and (ii) the Fair Market Value of that Ship;

 

		(c)	in the case of hull and machinery insured values of each Ship in an amount not less than 70 per
cent. of the total insured value of that Ship;

 

    	 	46	 

     

    

 

 

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

 

		(e)	in relation to protection and indemnity risks in respect of the Ship's full tonnage on full entry
terms;

 

		(f)	on approved terms; and

 

		(g)	through approved brokers and with approved insurance companies and/or underwriters or, in the case
of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

 

		13.4	Further protections for the Creditor Parties

 

In addition to the terms set out
in Clause 13.3 (Terms of obligatory insurances), the Borrower shall procure that the obligatory insurances shall:

 

		(a)	in relation to the obligatory insurances for fire and usual marine risks and war risks, whenever
the Security Trustee requires, name (or be amended to name) the Security Trustee as additional named assured for its rights and
interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Trustee, but without
the Security Trustee thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect
of such insurance;

 

		(b)	name the Security Trustee as loss payee with such directions for payment as the Security Trustee
may specify;

 

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

 

		(d)	provide that such obligatory insurances shall be primary without right of contribution from other
insurances which may be carried by the Security Trustee or any other Creditor Party; and

 

		(e)	provide that the Security Trustee may make proof of loss if the Borrower fails to do so.

 

		13.5	Renewals

 

The Borrower shall ensure that:

 

		(a)	before the expiry of any obligatory insurance, that obligatory insurance is renewed; and

 

		(b)	promptly after each such renewal, there is provided to the Security Trustee details of the terms
and conditions on which such obligatory insurances have been renewed.

 

If there is a change in the insurers
and/or markets through whom the obligatory insurances are placed the Borrower shall procure that the Security Trustee is notified
within a reasonable time of the names of the insurers and/or markets employed for the purposes of the renewal of the obligatory
insurance and of the amounts in which they are renewed.

 

		13.6	Letters of undertaking

 

In relation to all obligatory insurances
effected from time to time under Clause 13.2 (Maintenance of obligatory insurances), the Borrower shall ensure that all
brokers and any protection and indemnity or war risks associations in which a Ship is entered, in each case being approved by the
Security Trustee (such approval not to be unreasonably withheld), provide the Security Trustee with letters of undertaking:

 

    	 	47	 

     

    

 

 

		(a)	in the case of a broker, in a form standard in the insurance market in which such broker operates
or any professional association of which that approved broker is a member;

 

		(b)	in the case of a protection and indemnity or war risks association, in its standard form.

 

If any of the obligatory insurances
referred to in Clause 13.2(a) and/or 13.2(b) form part of a fleet cover, the Borrower will procure that any letter of undertaking
referred to in paragraph (a) of this Clause 13.6 (Letters of undertaking) is amended to provide that the relevant brokers
shall undertake to the Security Trustee that they shall neither set-off against any claims in respect of the relevant Ship any
premiums due in respect of other vessels under such fleet cover or any premiums due for other insurances, nor cancel the insurance
for reason of non-payment of premiums for other vessels under such fleet cover or of premiums for such other insurances.

 

		13.7	Copies of certificates of entry

 

The Borrower shall ensure that any
protection and indemnity and/or war risks associations in which each Ship is entered provides the Security Trustee with a certified
copy of the certificate of entry for that Ship.

 

		13.8	Deposit of original policies

 

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

 

		13.9	Payment of premiums

 

The Borrower shall ensure that (taking
account of any applicable grace periods) all premiums, calls or contributions or other sums of money from time to time due in respect
of any obligatory insurances are paid in full and produce all relevant receipts when so required by the Security Trustee.

 

		13.10	Guarantees

 

The Borrower shall arrange for the
execution and delivery of all guarantees and indemnities as may from time to time be required by a Ship's P&I Club or war risks
association.

 

		13.11	Compliance with terms of insurances

 

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

 

		(a)	the Borrower shall take all necessary action and comply with all requirements which may from time
to time be applicable to the obligatory insurances, and ensure that the obligatory insurances are not made subject to any exclusions
or qualifications to which the Security Trustee has not given its prior approval;

 

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

 

		(c)	the Borrower shall make (and on request 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 a Ship it is entered
to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil
Pollution Act 1990 or any other applicable legislation); and

 

    	 	48	 

     

    

 

 

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

 

		13.12	Alteration to terms of insurances

 

The Borrower will procure that:

 

		(a)	no adverse alteration is made to any obligatory insurance (which alteration is, in the reasonable
opinion of the Security Trustee, likely to materially adversely affect the Lenders) without the prior written consent of the Security
Trustee; and

 

		(b)	all the steps under its control are taken to seek to avoid the occurrence of any act or omission
which would enable cancellation of any obligatory insurance or render any obligatory insurance invalid, void or unenforceable or
render any sum paid out under any obligatory insurance repayable in whole or in part.

 

		13.13	Settlement of claims

 

The Borrower shall not settle, compromise
or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and the Borrower shall do all things
necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which
at any time become payable in respect of the obligatory insurances.

 

		13.14	Provision of information

 

The 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) reasonably requests for the purpose of:

 

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

 

		(b)	effecting or renewing any such insurances as are referred to in Clause 13.15 (Mortgagee's interest
and additional perils insurances) or dealing with or considering any matters relating to any such insurances;

 

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

 

		13.15	Mortgagee's interest and additional perils insurances

 

The Agent for the benefit of the
Security Trustee, or the Security Trustee itself, shall effect, maintain and renew a mortgagee's interest additional perils insurance
and a mortgagee's interest marine insurance in such amounts on such terms reasonably available in the market, through such insurers
and generally in such manner as the Security Trustee may from time to time consider appropriate and the Borrower shall upon demand
fully indemnify the Agent or the Security Trustee (as the case may be) in respect of all reasonable premiums and other reasonable
expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing
with, or considering, any matter arising out of any such insurance Provided that the cover in respect of the mortgagee’s
interest marine insurance shall not exceed 110 per cent. of the Loan.

 

    	 	49	 

     

    

 

 

Notwithstanding the above, if at
any time the Agent or Security Trustee proposes to effect any insurances of the nature referred to in this Clause, it shall first
notify the Borrower of the insurance which it proposes to effect, the terms on which it requires it to be effected and the date
from which it requires it to be so effected. If, before the date on which the Agent or Security Trustee (as the case may be) requires
that insurance to be effected, the Borrower can demonstrate to the Agent or Security Trustee (as the case may be) that a firm of
insurance brokers with a reputation acceptable to the Agent or the Security Trustee (as the case may be) is able to arrange that
insurance upon the same terms, before that date, for a price lower than that for which any firm of insurance brokers nominated
by the Agent or Security Trustee is prepared to arrange that insurance and with underwriters acceptable to the Agent or Security
Trustee (as the case may be), and if that firm of insurance brokers will enter into such agreements with the Agent or Security
Trustee (as the case may be) as it may require taking into account the identity of that firm of insurance brokers, the Agent or
Security Trustee (as the case may be) shall not unreasonably refuse to effect that insurance through that firm of insurance brokers
so nominated by the Borrower.

 

		14	Ship Covenants

 

		14.1	General

 

The Borrower also undertakes with
each Creditor Party to comply with the provisions of this Clause 14 (Ship Covenants) at all times during the Security Period
except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit (such permission not to be unreasonably
withheld in the case of Clause 14.2 (Ship's name and registration), 14.12 (Restrictions on chartering, appointment of
managers etc.) and 14.14 (Sharing of Earnings).

 

		14.2	Ship's name and registration

 

The Borrower shall keep each Ship
registered in its name on an Approved Flag; and shall not do or allow to be done anything as a result of which such registration
might be cancelled or imperilled and shall not change the name or country of registry of the Ship Provided that the Borrower
may change the registry of the Ship to any Approved Flag without the consent of the Lenders subject to the Borrower providing the
Creditor Parties with replacement security at the time of such transfer (in form and substance satisfactory to the Agent) so that
the Creditor Parties have the same security on the Ship and subject to any appropriate consequential amendments to the Finance
Documents.

 

		14.3	Repair and classification

 

The Borrower shall keep each Ship
in a good safe condition and state of repair:

 

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

 

		(b)	so as to maintain that Ship's class as at the date of this Agreement free of overdue recommendations
and conditions affecting that Ship's class with a classification society which has been approved by the Agent; and

 

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

 

		14.4	Modification

 

The Borrower shall not make any modification
or repairs to, or replacement of, a Ship or equipment installed on it which would or might materially and adversely alter the structure,
type or performance characteristics of a Ship or reduce its value.

 

    	 	50	 

     

    

 

 

		14.5	Removal of parts

 

The Borrower shall not remove any
material part of a Ship, or any item of equipment installed on a Ship, except in the normal course of maintenance and repair, unless
the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition
than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security
Trustee and becomes on installation on a Ship the property of the Borrower and subject to the security constituted by the relevant
Mortgage Provided that the Borrower may install equipment owned by a third party if the equipment can be removed without
any risk of damage to the Ship concerned.

 

		14.6	Surveys

 

The Borrower shall submit each Ship
regularly to such periodical or other surveys which may be required for that Ship's classification purposes and shall comply with
all conditions and recommendations affecting that Ship's class of the relevant classification society in accordance with their
terms unless waived.

 

		14.7	Inspection

 

The Borrower shall permit the Agent
(by surveyors or other persons appointed by it for that purpose, at the Borrower’s expense once per year) to board a Ship
at all reasonable times to inspect its condition (without interfering with that Ship's operation) or to satisfy themselves about
proposed or executed repairs and shall afford all proper facilities for such inspections.

 

		14.8	Prevention of and release from arrest

 

The Borrower shall promptly discharge,
unless the same is being contested in good faith by the Borrower:

 

		(a)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable
against any such Ship, its Earnings or the Insurances in relation any such Ship;

 

		(b)	all taxes, dues and other amounts charged in respect of any such Ship, its Earnings or the Insurances
in relation to any such Ship; and

 

		(c)	all other outgoings whatsoever in respect of any such Ship, its Earnings or the Insurances in relation
to any such Ship;

 

and, forthwith upon receiving notice
of the arrest of a Ship, or of its detention in exercise or purported exercise of any lien or claim, unless the same is being contested
in good faith by the Borrower, the Borrower shall as soon as possible or in any event within 30 days (or such greater period as
may be agreed by the Agent) procure its release by providing bail or otherwise as the circumstances may require.

 

		14.9	Compliance with laws etc.

 

The Borrower shall:

 

		(a)	comply, or procure compliance with all laws or regulations:

 

		(i)	relating to its business generally; and

 

		(ii)	relating to each Ship, its ownership, employment, operation, management and registration,

 

including the ISM Code, the ISPS
Code, all Environmental Laws, all Sanctions Laws and the laws of the Approved Flag in relation to each Ship;

 

    	 	51	 

     

    

 

		(b)	obtain, comply with and do all that is necessary to maintain in full force and effect any consents
required to be obtained and maintained by the Borrower in connection with any Environmental Laws;

 

		(c)	without limiting paragraph (a) above, not employ a Ship nor allow its employment, operation or
management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental
Laws and all Sanctions Laws; and

 

		(d)	procure that neither it nor any member of the Group is or becomes a Restricted Party.

 

		14.10	Provision of information

 

The Borrower shall promptly provide
the Agent with any information which it reasonably requests regarding:

 

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

 

		(b)	the Earnings and payments and amounts due to a Ship's master and crew;

 

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

 

		(d)	any towages and salvages;

 

		(e)	the Borrower, the Approved Managers' or a Ship's compliance with the ISM Code and/or the ISPS Code,

 

and, upon the Agent's request, to
provide copies of any current charter relating to a Ship and of any current charter guarantee (unless the Borrower is prohibited
to do so under applicable confidentiality provisions and if there is any such confidentiality provision, the Borrower shall use
all reasonable endeavours to provide such copies) and copies of a Ship's Safety Management Certificate.

 

		14.11	Notification of certain events

 

The Borrower shall immediately notify
the Agent by email, confirmed forthwith by letter, of:

 

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

 

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

 

		(c)	any requirement or recommendation made by any insurer or classification society or by any competent
authority in respect of a Ship which is not complied with within the applicable time limit;

 

		(d)	any arrest or detention of a Ship, any exercise of any lien on a Ship or its Earnings or any requisition
of a Ship for hire which may be material in the context of this Agreement;

 

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

 

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

 

		(g)	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;

 

    	 	52	 

     

    

 

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

 

		14.12	Restrictions on chartering, appointment of managers etc.

 

The Borrower shall not:

 

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

 

		(b)	enter into any charter in relation to a Ship under which more than 2 months' hire (or the equivalent)
is payable in advance;

 

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

 

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

 

		(e)	put a Ship into the possession of any person for the purpose of work being done upon it in an amount
exceeding or likely to exceed $5,000,000 (or the equivalent in any other currency) unless either:

 

		(i)	that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking
not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason; or

 

		(ii)	the cost of such work is covered by insurances; or

 

		(iii)	the Borrower establishes to the reasonable satisfaction of the Agent that it has sufficient funds
to pay for the cost of such work.

 

		14.13	Notice of Mortgage

 

The Borrower shall keep each Mortgage
registered against a Ship as a valid first priority mortgage, carry on board that Ship a certified copy of the Mortgage and place
and maintain in a conspicuous place in the navigation room and the Master's cabin of that Ship a framed printed notice stating
that that Ship is mortgaged by the Borrower to the Security Trustee.

 

		14.14	Sharing of Earnings

 

The Borrower will not enter into
any agreement or arrangement for the sharing of any Earnings other than pursuant to a pooling agreement relating to the Tankers
International Pool.

 

		14.15	Green passport

 

The Borrower shall ensure that at
all times each Ship carries an inventory or similar document of all potentially hazardous materials on board that Ship or any equivalent
document as may be required by that Ship's classification society.

 

		15	Security Cover

 

		15.1	Minimum required security cover

 

Clause 15.2 (Provision of additional
security; prepayment) applies if the Agent notifies the Borrower that:

 

    	 	53	 

     

    

 

		(a)	the aggregate of the Fair Market Values (determined as provided in Clause 15.3 (Valuation of
Ships) of each Ship subject to a Mortgage; plus

 

		(b)	the net realisable value of any additional security previously provided under this Clause 15 (Security
Cover);

 

is below 125 per cent. of the Loan.

 

		15.2	Provision of additional security; prepayment

 

If the Agent serves a notice on the
Borrower under Clause 15.1 (Minimum required security cover), the Borrower shall, within 30 days after the date on which
the Agent's notice is served:

 

		(a)	provide, or ensure that a third party provides, acceptable additional security which, in the reasonable
opinion of the Majority Lenders, has a net realisable value (taking into account the amount of any prepayment made pursuant to
paragraph (b) of Clause 15.2 (Provision of additional security; prepayment) in response to the same notice) at least equal
to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require
and, for this purpose, it is agreed that acceptable additional security shall include cash collateral in Dollars valued at par;
and/or

 

		(b)	prepay such part of the Loan as will eliminate the shortfall (taking into account the net realisable
value of any additional security provided pursuant to paragraph (a) of Clause 15.2 (Provision of additional security; prepayment)
in response to the same notice).

 

		15.3	Valuation of Ships

 

The Fair Market Value of a Ship at
any date is that shown by the average of 2 valuations:

 

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

 

		(b)	by an Approved Shipbroker;

 

		(c)	without physical inspection of that Ship;

 

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

 

		(e)	after deducting the estimated amount of the usual and reasonable expenses which would be incurred
in connection with the sale.

 

If one valuation
in respect of a Ship differs by at least 10 per cent. from the other valuation, then a third valuation for that Ship shall be obtained
by an Approved Shipbroker selected by the Agent and the Fair Market Value of that Ship shall be the average of all three valuations.

 

The Borrower shall provide (at its
own cost) the valuations addressed to the Agent of each Ship which are required to determine its Fair Market Value pursuant to
this Clause 15.3 (Valuation of Ships) at the same time as the Borrower provides to the Agent the compliance certificates
pursuant to paragraph (e) of Clause 11.5 (Provision of financial statements) in respect of the financial statements provided
in accordance with paragraphs (a) and (b) of Clause 11.5 (Provision of financial statements) and after the occurrence of
an Event of Default which is continuing, whenever requested by the Agent.

 

		15.4	Value of additional vessel security

 

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

 

    	 	54	 

     

    

 

		15.5	Valuations binding

 

Any valuation under Clause 15.2 (Provision
of additional security; prepayment), 15.3 (Valuation of Ships) or 15.4 (Value of additional vessel security)
shall be binding and conclusive as regards the Borrower and the Lenders, as shall be any valuation which the Majority Lenders make
of any additional security which does not consist of or include a Security Interest over a vessel.

 

		15.6	Provision of information

 

The Borrower shall promptly provide
the Agent and any shipbroker or expert acting under Clause 15.3 (Valuation of Ships) or 15.4 (Value of additional vessel
security) with any information which the Agent or the shipbroker or expert may reasonably request for the purposes of its valuation.

 

		15.7	Payment of valuation expenses

 

Without prejudice to the generality
of the Borrower’s obligations under Clauses 20.3 (Costs of negotiation, preparation etc.), 20.4 (Costs of variations,
amendments, enforcement etc.) and 21.3 (Miscellaneous indemnities), the Borrower shall, on demand, pay the Agent the
amount of the fees and expenses of any shipbroker or expert instructed by the Agent under this Clause and all legal and other expenses
incurred by any Creditor Party in connection with any matter arising out of this Clause.

 

		15.8	Application of prepayment

 

		(a)	Clause 8 (Repayment, Prepayment and Cancellation) shall apply in relation to any prepayment
pursuant to paragraph (b) of Clause 15.2 (Provision of additional security; prepayment).

 

		(b)	Any prepayment pursuant to paragraph (b) of Clause 15.2 shall be applied pro rata to each Tranche
and, within each Tranche, pro rata to each Advance and pro rata to each repayment instalment then outstanding (including any balloon)
under each Advance.

 

		16	Payments and Calculations

 

		16.1	Currency and method of payments

 

All payments to be made by the Lenders
or by the 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 the Borrower to the Agent or any
Lender, to such account with such bank as the Agent may from time to time notify to the Borrower 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 Borrower and the other Creditor Parties.

 

    	 	55	 

     

    

 

		16.2	Payment on non-Business Day

 

If any payment by the 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 Clause 16.5 (Permitted
deductions by Agent), Clause 16.6 (Agent only obliged to pay when monies received) and Clause 16.7 (Refund to Agent
of monies not received):

 

		(a)	any amount received by the Agent under a Finance Document for distribution or remittance to a Lender
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 5 Business Days previously; and

 

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

 

		16.5	Permitted deductions by Agent

 

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

 

		16.6	Agent only obliged to pay when monies received

 

Notwithstanding any other provision
of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the Borrower or any Lender
any sum which the Agent is expecting to receive for remittance or distribution to the 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 the Borrower or a Lender, without first having received that sum, the Borrower or (as the case may be)
the Lender concerned shall, on demand:

 

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

 

    	 	56	 

     

    

 

 

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

 

		16.8	Agent may assume receipt

 

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

 

		16.9	Creditor Party accounts

 

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

 

		16.11	Accounts prima facie evidence

 

If any accounts maintained under
Clauses 16.9 (Creditor Party accounts) and 16.10 (Agent's memorandum account) show an amount to be owing by the 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.

 

		16.12	Impaired Agent

 

		(a)	If, at any time, the Agent becomes an Impaired Agent, the Borrower or a Lender which is required
to make a payment under the Finance Documents to the Agent in accordance with Clause 16.1 (Currency and method of payments)
may instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with
a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A or
higher by S&P or Fitch or A2 or higher by Moody’s or a comparable rating from an internationally recognised credit rating
agency and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Borrower or the Lender making
the payment and designated as a trust account for the benefit of the Creditor Party or Creditor Parties beneficially entitled to
that payment under the Finance Documents. In each case such payments must be made on the due date for payment under the Finance
Documents.

 

		(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the
benefit of the beneficiaries of that trust account pro rata to their respective entitlements.

 

		(c)	Where the Borrower or a Lender has made a payment in accordance with this Clause 16.12 (Impaired
Agent) it shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit
risk with respect to the amounts standing to the credit of the trust account.

 

		(d)	Promptly upon the appointment of a successor Agent in accordance with Clause 24 (The Agent,
the Arrangers and the Reference Banks) each party which has made a payment to a trust account in accordance with this Clause
16.12 (Impaired Agent) shall give all requisite instructions to the bank with whom the trust account is held to transfer
the amount (together with any accrued interest) to the successor Agent for distribution in accordance with Clause 16.4 (Distribution
of payments to Creditor Parties).

 

    	 	57	 

     

    

 

 

		17	Application of Receipts

 

		17.1	Normal order of application

 

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

 

		(a)	FIRST: in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the
Security Trustee under the Finance Documents and any unpaid K-sure Premium;

 

		(b)	SECONDLY: any unpaid fees, costs and expenses incurred at the request of K-sure pursuant to the
K-sure Insurance Policy;

 

		(c)	THIRDLY: in or towards satisfaction of any amounts then due and payable to the Creditor Parties
under the Finance Documents (or any of them) in such order of application and/or such proportions as the Agent, acting with the
authorisation of the Lenders, may specify by notice to the Borrower, the Security Parties and the other Creditor Parties;

 

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

 

		(e)	FIFTHLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled
to it.

 

		17.2	Variation of order of application

 

The Agent may, with the authorisation
of the Lenders and, in the case of Clause 17.1(b), with the authorisation of K-sure, by notice to the Borrower, the Security Parties
and the other Creditor Parties provide for a different manner of application from that set out in Clause 17.1 (Normal order
of application) either as regards a specified sum or sums or as regards sums in a specified category or categories.

 

		17.3	Notice of variation of order of application

 

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

 

		17.4	Appropriation rights overridden

 

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

 

		18	Application of Earnings

 

		18.1	Earnings

 

The Borrower undertakes with each
Creditor Party to ensure that throughout the Security Period (and subject only to the provisions of the General Assignments) all
the Earnings of each Ship and proceeds under any Insurances in relation to each Ship are paid to the Earnings Account without delay
or deductions Provided that the Earnings in respect of each Ship shall be available to the Borrower unless an Event of Default
has occurred and is continuing.

 

    	 	58	 

     

    

 

 

		18.2	Location of accounts

 

The Borrower shall promptly:

 

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

 

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

 

		19	Events of Default

 

		19.1	Events of Default

 

An Event of Default occurs if:

 

		(a)	the Borrower or any Security Party fails to pay when due or, if payable on demand, on such demand,
any sum payable under a Finance Document or under any document relating to a Finance Document unless its failure to pay is caused
by an administrative or technical error and payment is made within 3 Business Days of its due date; or

 

		(b)	any breach occurs of Clause 9.2 (Waiver of conditions precedent), Clause 10.15 (Sanctions),
Clause 11.2 (Title; negative pledge), Clause 11.3 (Disposal of assets), Clause 11.17 (Conduct of business; compliance
with laws) in so far as it relates to Sanctions Laws, Clause 11.19 (Compliance with Sanctions Laws), Clause 12.2 (Maintenance
of status), Clause 12.3 (No change of business), Clause 12.4 (No merger etc.), Clause 12.8 (Restrictions on
dividends), Clause 12.11 (Notification of Sanctions), Clause 13 (Insurance), paragraph (c) of Clause 14.9 (Compliance
with laws etc.), or Clause 15.2 (Provision of additional security; prepayment); or

 

		(c)	(subject to any applicable grace period in the relevant Finance Documents) any breach by the Borrower
or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs (a) or (b)) and
if, in the opinion of the Majority Lenders, such default is capable of remedy, such default continues unremedied 30 days after
written notice from the Agent requesting action to remedy the same; or

 

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

 

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

 

		(i)	a Relevant Person becomes, in the opinion of the Majority Lenders, unable to pay its debts as they
fall due; or

 

		(ii)	a Relevant Person fails to comply with or pay any sum due from it under any final judgment or any
final order made or given by any court of competent jurisdiction or any assets of a Relevant Person are subject to any form of
execution, attachment, arrest, sequestration or distress in respect of a sum of, or sums aggregating, $10,000,000 or more or the
equivalent in another currency; or

 

		(iii)	an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person
or any administrative or other receiver is appointed over any asset of a Relevant Person; or

 

    	 	59	 

     

    

 

 

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

 

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

 

		(vi)	a Relevant Person petitions a court, or presents any proposal for, any form of judicial or non-judicial
suspension or deferral of payments, reorganisation of its debt (or certain of its debt) or arrangement with all or a substantial
proportion (by number or value) of its creditors or of any class of them or any such suspension or deferral of payments, reorganisation
or arrangement is effected by court order, contract or otherwise; or

 

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

 

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

 

		(f)	any repayment of principal in respect of, or any payment of interest on, any Financial Indebtedness
of the Borrower is not paid when due nor within any originally applicable grace period (unless the due date for payment thereof
is rescheduled with the agreement of the relevant creditor before the expiry of such grace period);or

 

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

 

		(h)	any commitment to the Borrower for any Financial Indebtedness is cancelled by a creditor of the
Borrower by reason of an event of default (however described); or

 

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

 

provided that (with
respect to sub-paragraphs (f) to (i) above) no Event of Default will occur under these sub-paragraphs (f) to (i) above if the aggregate
amount of the Financial Indebtedness or commitment for Financial Indebtedness falling within sub-paragraphs (f) to (i) above is
less than $10,000,000 (or its equivalent in any other currency or currencies).

 

		(j)	the 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

 

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

 

    	 	60	 

     

    

 

 

		(i)	for the 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

 

		(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)	any event or circumstance occurs which the Majority Lenders determine has, or could reasonably
be expected to have, a material adverse effect on:

 

		(i)	the ability of the Borrower to perform its obligations under the Finance Documents; or

 

		(ii)	the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise)
of the Borrower or any of its subsidiaries; or

 

		(n)	at any time, the Borrower is not in compliance with all material Environmental Laws relating to
the Ship, its ownership, operation and management or to the business of the Borrower; or

 

		(o)	the Borrower rescinds or repudiates a Finance Document.

 

		19.2	Actions following an Event of Default

 

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

 

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

 

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

 

		(ii)	serve on the Borrower a notice stating that the Loan, all accrued interest and all other amounts
accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or

 

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

 

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

 

		19.3	Termination of Commitments

 

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

 

    	 	61	 

     

    

 

 

		19.4	Acceleration of Loan

 

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

 

		19.5	Default interest upon the occurrence of an Event of Default

 

On and at any time after the occurrence
of an Event of Default (other than pursuant to Clause 19.1(a)), the Agent may by notice to the Borrower declare that from the date
such Event of Default occurs and while such Event of Default is continuing interest shall accrue on the Loan and any other amounts
outstanding under the Finance Documents at the rate set out in Clause 7.1 (Default interest).

 

		19.6	Multiple notices; action without notice

 

The Agent may serve notices under
paragraphs (a)(i) and (ii) of Clause 19.2 (Actions following an Event of Default) simultaneously or on different dates and
it and/or the Security Trustee may take any action referred to in Clause 19.2 (Actions following an Event of Default) if
no such notice is served or simultaneously with or at any time after the service of both or either of such notices.

 

		19.7	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 Borrower under Clause
19.2 (Actions following an Event of Default); but the notice shall become effective when it is served on the Borrower, 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
the Borrower or any Security Party with any form of claim or defence.

 

		19.8	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 (Interests several).

 

		19.9	Exclusion of Creditor Party liability

 

No Creditor Party, and no receiver
or manager appointed by the Security Trustee, shall have any liability to the Borrower or a Security Party:

 

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

 

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

 

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

 

In no event shall any Creditor Party
be liable on any theory of liability for any special, indirect, consequential or punitive damages and the Borrower hereby waives,
releases and agrees not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected
to exist in its favour.

 

    	 	62	 

     

    

 

 

		19.10	Relevant Persons

 

In this Clause 19 (Events of Default)
a "Relevant Person" means the Borrower, a Security Party or any of the Borrower's subsidiaries, but excluding
any company which is dormant and the value of whose gross assets is $5,000,000 or less.

 

		19.11	Interpretation

 

In Clause 19.1(e) references to an
event of default or a termination event include any event, howsoever described, which is similar to an event of default in a facility
agreement or a termination event in a finance lease; and in Clause 19.1(e) "petition" includes an application.

 

		20	Fees, Expenses and K-sure Premium

 

		20.1	Fees

 

The Borrower shall pay to the Agent:

 

		(a)	on or before the date of this Agreement, an arrangement fee of $880,000 for distribution to the
Mandated Lead Arrangers;

 

		(b)	quarterly in arrears during the period from the date of this Agreement to the last day of the Availability
Period (or, if earlier, the date on which this Agreement is terminated), for the account of the relevant Lenders, a commitment
fee at the rate of:

 

		(i)	in respect of the K-sure Advances, 35% of the applicable Margin for those Advances (being 0.525
per cent.) per annum on the Total Available Commitments relating to those Advances; and

 

		(ii)	in respect of the Commercial Advances, 35% of the applicable Margin for those Advances (being 0.6825
per cent.) per annum on the Total Available Commitments relating to those Advances; and

 

for distribution among the relevant
Lenders pro rata to their Commitments in respect of the relevant Advances.

 

		20.2	K-sure Premium

 

		(a)	The Borrower shall pay to the K-sure Agent (for the account of K-sure) the K-sure Premium on or
prior to the first Drawdown Date.

 

		(b)	The obligation of the Borrower to pay the K-sure Premium shall be an absolute obligation and shall
not be affected by any matter whatsoever (including the failure of the Borrower to utilise the facility). No part of the K-sure
Premium shall be refundable except in accordance with the terms of the K-sure Insurance Policy and K-sure's internal regulations.

 

		(c)	If a Creditor Party receives a refund of the K-sure Premium from K-sure and if all amounts due
and owing by the Borrower under the Finance Documents at that time have been discharged in full, such refund shall be paid to the
Borrower.

 

		(d)	The Borrower acknowledges that the amount of the K-sure Premium will be determined solely by K-sure
and no Creditor Party is in any way involved in the determination of the amount of the K-sure Premium and agrees that the Borrower
shall have no claim or defence against any Creditor Party in connection with the amount of the K-sure Premium.

 

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The Borrower shall pay to the K-sure
Agent on demand (for the account of K-sure) any additional premium payable in respect of any amendment or waiver permitted by Clause
34 (Variations and Waivers) pursuant to the terms of the K-sure Insurance Policy.

 

		20.3	Costs of negotiation, preparation etc.

 

The Borrower shall pay to the Agent
and K-sure on its demand the amount of all expenses incurred by the Agent or the Security Trustee or K-sure in connection with
the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction
contemplated by a Finance Document or a related document.

 

		20.4	Costs of variations, amendments, enforcement etc.

 

The Borrower shall pay to the Agent
and K-sure, on the Agent's or K-sure’s demand, for the account of the Creditor Party concerned and/or K-sure the amount of
all expenses incurred by that Creditor Party and/or K-sure in connection with:

 

		(a)	any amendment or supplement to a Finance Document or any proposal for such an amendment to be made;

 

		(b)	any consent or waiver by the Lenders, the Majority Lenders, K-sure or the Creditor Party concerned
under or in connection with a Finance Document, or any request for such a consent or waiver;

 

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

 

		(d)	any step taken by the Creditor Party or K-sure concerned with a view to the protection, exercise
or enforcement of any right or Security Interest created by a Finance Document or for any similar purpose.

 

There shall be recoverable under
paragraph (d) the full amount of all legal expenses, whether or not such as would be allowed under rules of court or any taxation
or other procedure carried out under such rules.

 

		20.5	Documentary taxes

 

The Borrower shall promptly pay any
tax payable on or by reference to any Finance Document or the K-sure Insurance Policy, 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 Borrower
to pay such a tax.

 

		20.6	Certification of amounts

 

A notice which is signed by 2 officers
of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause
20 (Fees, Expenses) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of
which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due.

 

		21	Indemnities

 

		21.1	Indemnities regarding borrowing and repayment of Loan

 

The Borrower shall fully indemnify
the Agent, K-sure and each Lender on the Agent's demand and the Security Trustee on its demand in respect of all claims, expenses,
liabilities and losses which are made or brought against or incurred by that Creditor Party as a result of or in connection with:

 

    	 	64	 

     

    

 

 

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

 

		(b)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the
last day of the applicable Interest Period or other relevant period;

 

		(c)	any failure (for whatever reason) by the Borrower 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 Borrower on the
amount concerned under Clause 7 (Default Interest));

 

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

 

		(e)	in respect of any tax (other than tax on its overall net income under the law of the jurisdiction
in which that Creditor Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Creditor Party
is treated as resident for tax purposes or to the extent a claim, liability or loss relates to a FATCA Deduction required to be
made by a party to this Agreement) 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 or the K-sure Insurance Policy.

 

		21.2	Breakage costs

 

Without limiting its generality,
Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) covers any Break Costs.

 

		21.3	Miscellaneous indemnities

 

The Borrower shall fully indemnify
each Creditor Party or K-sure severally on their respective demands in respect of all claims, expenses, liabilities and losses
which may be made or brought against or incurred by a Creditor Party or K-sure, 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;
or

 

		(b)	any other Pertinent Matter;

 

other than claims, expenses, liabilities
and losses which are shown to have been caused by the gross negligence, dishonesty or wilful misconduct of the officers or employees
of the party to be indemnified.

 

		21.4	Currency indemnity

 

If any sum due from the Borrower
or any Security Party to a Creditor Party under a Finance Document or under any order or judgment relating to a Finance Document
has to be converted from the currency in which the Finance Document provided for the sum to be paid (the "Contractual Currency")
into another currency (the "Payment Currency") for the purpose of:

 

		(a)	making or lodging any claim or proof against the Borrower or any Security Party, whether in its
liquidation, any arrangement involving it or otherwise; or

 

		(b)	obtaining an order or judgment from any court or other tribunal; or

 

		(c)	enforcing any such order or judgment;

 

    	 	65	 

     

    

 

 

the Borrower shall indemnify within
3 Business Days of demand the Creditor Party and K-sure concerned against the loss arising when the amount of the payment actually
received by that Creditor Party is converted at the available rate of exchange into the Contractual Currency.

 

In this Clause
21.4 (Currency indemnity), the "available rate of exchange" means the rate at which the Creditor Party
concerned is able at the opening of business (London time) on the Business Day after it receives the sum concerned to purchase
the Contractual Currency with the Payment Currency.

 

This Clause 21.4 (Currency indemnity)
creates a separate liability of the 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.

 

		21.5	Sanctions and regulatory indemnities

 

The Borrower shall pay to the Agent
and K-sure on demand, and the Borrower shall indemnify each Lender against,
all costs, charges, expenses, claims, liabilities, losses, duties and fees (including, but not limited to, legal fees and expenses
on a full indemnity basis) and taxes thereon suffered or incurred by a Lender (other than in each case by reason of a Lender's
gross negligence, dishonesty or wilful misconduct):

 

		(a)	arising or asserted under or in connection with any law relating to safety at sea, the ISM Code,
any Environmental Law or any Sanctions Law; or

 

		(b)	as a result of any claim, action, civil penalty or fine against, any settlement, and any other
kind of loss or liability, and as a result of conduct of the Borrower or any of the Borrower’s partners, directors, officers,
employees or agents that violates any Sanctions Laws.

 

		21.6	Certification of amounts

 

A notice which is signed by 2 officers
of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause
21 (Indemnities) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which
the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due.

 

		21.7	Sums deemed due to a Lender

 

For the purposes of this Clause 21
(Indemnities), a sum payable by the Borrower 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 Borrower
under a Finance Document shall be paid:

 

		(a)	without any form of set-off, cross-claim or condition; and

 

		(b)	free and clear of any Tax Deduction except a Tax Deduction which the Borrower is required by law
to make.

 

		22.2	Grossing-up for taxes

 

Subject as provided in Clause 31.17
(Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending office), if the Borrower
is required by law to make a Tax Deduction from any payment:

 

    	 	66	 

     

    

 

 

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

 

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

 

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

 

		(d)	the Borrower shall, as soon as reasonably practicable after making the relevant Tax Deduction,
deliver to the Agent a copy of the receipt from the relevant taxation authority evidencing that the tax had been paid to that authority.

 

		22.3	Evidence of payment of taxes

 

Promptly, and in any event within
1 month after making any Tax Deduction, the Borrower concerned shall deliver to the Agent for the Creditor Party entitled to the
payment an original receipt (or certified copy thereof) satisfactory to that Creditor Party evidencing that the tax had been paid
to the appropriate taxation authority.

 

		22.4	Tax credit

 

A Creditor Party which has obtained
(and has derived full use and benefit, on an affiliated group basis, of) a repayment or credit in respect of tax on account of
which the Borrower has made an increased payment under Clause 22.2 (Grossing-up for taxes) shall pay to the Borrower a sum
equal to the proportion of the repayment or credit which that Creditor Party allocates to the amount due from the Borrower in respect
of which the Borrower made the increased payment Provided that:

 

		(a)	the Creditor Party shall not be obliged to allocate to this transaction any part of a tax repayment
or credit which is referable to a class or number of transactions;

 

		(b)	nothing in this Clause 22.4 (Tax credit) shall oblige a Creditor Party to arrange its tax
affairs in any particular manner, to claim any type of relief, credit, allowance or deduction instead of, or in priority to, another
or to make any such claim within any particular time;

 

		(c)	nothing in this Clause 22.4 (Tax credit) shall oblige a Creditor Party to make a payment
which would leave it in a worse position than it would have been in if the Borrower had not been required to make a Tax Deduction
from a payment;

 

		(d)	any allocation or determination made by a Creditor Party under or in connection with this Clause
22.4 (Tax credit) shall be conclusive and binding on the Borrower and the other Creditor Parties;

 

		(e)	nothing in this Clause 22.4 (Tax credit) shall oblige any Creditor Party to disclose any
information relating to its affairs (tax or otherwise) or those of its ultimate parent company (or any subsidiary thereof) or any
computations in respect of tax; and

 

		(f)	the Creditor Party's tax affairs for its tax year in respect of which such credit or repayment
was obtained have been finally settled.

 

		22.5	Tax Deduction

 

In this Clause 22 (No Set-Off
or Tax Deduction) "Tax Deduction" means any deduction or withholding for or on account of any present or future
tax other than a FATCA Deduction.

 

    	 	67	 

     

    

 

 

		22.6	Value Added Tax

 

		(a)	All amounts expressed to be payable under a Finance Document by any party to a Creditor Party shall
be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by any Creditor Party to any part in connection with
a Finance Document, that party shall pay to the Creditor Party (in additional to and at the same time as paying the consideration)
an amount equal to the amount of the VAT.

 

		(b)	Where a Finance Document requires any party to reimburse a Creditor Party for any costs or expenses,
that party shall also at the same time pay and indemnify the Creditor Party against all VAT incurred by the Creditor Party in respect
of the costs or expenses to the extent that the Creditor Party reasonably determines that it is not entitled to credit or repayment
of the VAT.

 

		22.7	FATCA information

 

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

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party;

 

		(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 paragraph (a)(i) above that it is a FATCA Exempt
Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other
Party reasonably promptly.

 

		(c)	Paragraph (a) above shall not oblige any 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 paragraph (a)(i) or (ii) 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.

 

		22.8	FATCA Deduction

 

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

 

    	 	68	 

     

    

 

 

		(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 the Borrower and the Agent and the Agent shall notify the other Creditor Parties.

 

		22.9	Benefit of this Clause

 

K-sure will have the benefit of a
Lender's rights under this Clause 22 (No Set-Off or Tax Deduction) to the extent that Lender's rights under this Clause
22 (No Set-Off or Tax Deduction) have been fully or partly and properly assigned, transferred, subrogated or novated to
K-sure, together with any other ancillary rights under the Finance Document required to give effect to this Clause 22 (No Set-Off
or Tax Deduction).

 

		23	Illegality, etc.

 

		23.1	Illegality, etc.

 

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

 

		(a)	unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing
law or a change in the manner in which an existing law is or will be interpreted or applied; or

 

		(b)	contrary to, or inconsistent with, any regulation and/or contrary to or declared by any Sanctions
Authority to be contrary to Sanctions Laws,

 

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

 

		23.2	Notification of illegality

 

The Agent shall promptly notify the
Borrower, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause 23 (Illegality, etc.)
which the Agent receives from the Notifying Lender.

 

		23.3	Prepayment; termination of Commitment

 

On the Agent notifying the Borrower
under Clause 23.2 (Notification of illegality), the Notifying Lender's Commitment shall terminate; and thereupon or, if
later, on the date specified in the Notifying Lender's notice under Clause 23 (Illegality, etc.) as the date on which the
notified event would become effective the Borrower shall prepay the Notifying Lender's Contribution in accordance with Clause 8
(Repayment, Prepayment and Cancellation).

 

		23.4	Mitigation

 

If circumstances arise which would
result in a notification under Clause 23 (Illegality, etc.) then, without in any way limiting the rights of the Notifying
Lender under Clause 23.3 (Prepayment; termination of Commitment), the Notifying Lender shall use reasonable endeavours
to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial
institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action
if, in its opinion, to do would or might:

 

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

 

    	 	69	 

     

    

 

 

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

 

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

 

		24	The Agent, the Arrangers and the Reference Banks

 

		24.1	Appointment of the Agent

 

		(a)	Each of the Arrangers and the Lenders appoints the Agent to act as its agent under and in connection
with the Finance Documents.

 

		(b)	Each of the Arrangers and the Lenders authorises the Agent to perform the duties, obligations and
responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under, or in connection
with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.

 

		24.2	Instructions

 

		(a)	The Agent shall:

 

		(i)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising
any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

 

		(A)	all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

 

		(B)	in all other cases, the Majority Lenders; and

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with
sub-paragraph (i) above (or, if this Agreement stipulates the matter is a decision for any other Creditor Party or group of Creditor
Parties, in accordance with instructions given to it by that Creditor Party or group of Creditor Parties).

 

		(b)	The Agent shall be entitled to request instructions, or clarification of any instruction, from
the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Creditor Party or
group of Creditor Parties, from that Creditor Party or group of Creditor Parties) as to whether, and in what manner, it should
exercise or refrain from exercising any right, power, authority or discretion and the Agent may refrain from acting unless and
until it receives any such instructions or clarification that it has requested.

 

		(c)	Save in the case of decisions stipulated to be a matter for any other Creditor Party or group of
Creditor Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions
given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding
on all Creditor Parties.

 

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

 

		(i)	where a contrary indication appears in a Finance Document;

 

		(ii)	where a Finance Document requires the Agent to act in a specified manner or to take a specified
action;

 

		(iii)	in respect of any provision which protects the Agent's own position in its personal capacity as
opposed to its role of Agent for the relevant Creditor Parties.

 

    	 	70	 

     

    

 

 

		(e)	If giving effect to instructions given by the Majority Lenders would in the Agent's opinion have
an effect equivalent to an amendment or waiver referred to in Clause 34 (Variations and Waivers), the Agent shall not act
in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Agent) whose consent
would have been required in respect of that amendment or waiver.

 

		(f)	In exercising any discretion to exercise a right, power or authority under the Finance Documents
where it has not received any instructions as to the exercise of that discretion the Agent shall do so having regard to the interests
of all the Creditor Parties.

 

		(g)	The Agent may refrain from acting in accordance with any instructions of any Creditor Party or
group of Creditor Parties until it has received any indemnification and/or security that it may in its discretion require (which
may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss
or liability (together with any applicable VAT) which it may incur in complying with those instructions.

 

		(h)	Without prejudice to the remainder of this Clause 24.2 (Instructions), in the absence of
instructions, the Agent shall not be obliged to take any action (or refrain from taking action) even if it considers acting or
not acting to be in the best interests of the Creditor Parties. The Agent may act (or refrain from acting) as it considers to be
in the best interest of the Creditor Parties.

 

		(i)	The Agent is not authorised to act on behalf of a Creditor Party (without first obtaining that
Creditor Party's consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i) shall not
apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Finance
Documents or enforcement of the Finance Documents.

 

		24.3	Duties of the Agent

 

		(a)	The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

 

		(b)	Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy
of any document which is delivered to the Agent for that Party by any other Party.

 

		(c)	Without prejudice to Clause 31.3 (Transfer Certificate, delivery and notification), paragraph
(b) above shall not apply to any Transfer Certificate.

 

		(d)	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review
or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(e)	If the Agent receives notice from a Party referring to any Finance Document, describing an Event
of Default and stating that the circumstance described is an Event of Default, it shall promptly notify the other Creditor Parties.

 

		(f)	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee
payable to a Creditor Party (other than the Agent, the Arranger or the Security Trustee) under this Agreement, it shall promptly
notify the other Creditor Parties.

 

		(g)	The Agent shall have only those duties, obligations and responsibilities expressly specified in
the Finance Documents to which it is expressed to be a party (and no others shall be implied).

 

		24.4	Role of the Arranger

 

Except as specifically provided in
the Finance Documents, the Arrangers have no obligations of any kind to any other Party under or in connection with any Finance
Document.

 

    	 	71	 

     

    

 

 

		24.5	No fiduciary duties

 

		(a)	Nothing in any Finance Document constitutes the Agent or the Arranger as a trustee or fiduciary
of any other person.

 

		(b)	Neither the Agent nor the Arranger shall be bound to account to other Creditor Party for any sum
or the profit element of any sum received by it for its own account.

 

		24.6	Application of receipts

 

Except as expressly stated to the
contrary in any Finance Document, any moneys which the Agent receives or recovers in its capacity as Agent shall be applied by
the Agent in accordance with Clause 17 (Application of Receipts).

 

		24.7	Business with the Group

 

The Agent and the Arrangers may accept
deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.

 

		24.8	Rights and discretions

 

		(a)	The Agent may:

 

		(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct
and appropriately authorised;

 

		(ii)	assume that:

 

		(A)	any instructions received by it from the Majority Lenders, any Creditor Parties or any group of
Creditor Parties are duly given in accordance with the terms of the Finance Documents; and

 

		(B)	unless it has received notice of revocation, that those instructions have not been revoked; and

 

		(iii)	rely on a certificate from any person:

 

		(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or

 

		(B)	to the effect that such person approves of any particular dealing, transaction, step, action or
thing,

 

as sufficient evidence that that is
the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

 

		(b)	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for
the Creditor Parties) that:

 

		(i)	no Event of Default has occurred (unless it has actual knowledge of an Event of Default arising
under paragraph (a) of Clause 19.1 (Events of Default); and

 

		(ii)	any right, power, authority or discretion vested in any Party or any group of Creditor Parties
has not been exercised.

 

		(c)	The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts.

 

    	 	72	 

     

    

 

 

		(d)	Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent may
at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any
lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable.

 

		(e)	The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors
or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any
damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

 

		(f)	The Agent may act in relation to the Finance Documents and the Security Property through its officers,
employees and agents and shall not:

 

		(i)	be liable for any error of judgment made by any such person; or

 

		(ii)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct,
omission or default on the part of any such person, unless such error or such loss was directly caused by the Agent's gross negligence
or wilful misconduct.

 

		(g)	Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party
any information it reasonably believes it has received as agent under the Finance Documents.

 

		(h)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent
nor the Arrangers are obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach
of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

 

		(i)	Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged
to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities
or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate
indemnity against, or security for, such risk or liability is not reasonably assured to it.

 

		24.9	Responsibility for documentation

 

Neither the Agent nor the Arrangers
are responsible or liable for:

 

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by
the Agent, the Security Trustee, the Arrangers, the Borrower or any other person in, or in connection with, any Finance Document
or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Finance Document; or

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Pertinent Document or
the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with, any Pertinent Document or the Security Property.

 

		24.10	No duty to monitor

 

The Agent shall not be bound to enquire:

 

		(a)	whether or not any Event of Default has occurred;

 

		(b)	as to the performance, default or any breach by the Borrower of its obligations under any Finance
Document; or

 

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		(c)	whether any other event specified in any Finance Document has occurred.

 

		24.11	Exclusion of liability

 

		(a)	Without limiting paragraph (b) below (or any other provision of any Finance Document excluding
or limiting the liability of the Agent), the Agent will not be liable for:

 

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of taking or not taking any action under or in connection with any Finance Document or the Security Property,
unless directly caused by its gross negligence or wilful misconduct;

 

		(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in
connection with, any Finance Document, the Security Property or any other agreement, arrangement or document entered into, made
or executed in anticipation of, under or in connection with, any Finance Document or the Security Property; or

 

		(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or

 

		(iv)	without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or losses
to any person, any diminution in value or any liability whatsoever arising as a result of:

 

		(A)	any act, event or circumstance not reasonably within its control; or

 

		(B)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

including (in each case and without
limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation
or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the
execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction
of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism,
insurrection or revolution; or strikes or industrial action.

 

		(b)	No Party other than the Agent may take any proceedings against any officer, employee or agent of
the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer,
employee or agent in relation to any Finance Document or any Security Property and any officer, employee or agent of the Agent
may rely on this Clause.

 

		(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account
with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon
as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system
used by the Agent for that purpose.

 

		(d)	Nothing in this Agreement shall oblige the Agent or the Arrangers to carry out:

 

		(i)	any "know your customer" or other checks in relation to any person; or

 

		(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful
for any Creditor Party,

 

    	 	74	 

     

    

 

 

on behalf of any Creditor Party and
each Creditor Party confirms to the Agent and the Arrangers that it is solely responsible for any such checks it is required to
carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arrangers.

 

		(e)	Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability,
any liability of the Agent arising under or in connection with any Finance Document or the Security Property shall be limited to
the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the
date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference
to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall
the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special,
punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages.

 

		24.12	Lenders' indemnity to the Agent

 

		(a)	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments
are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within
three Business Days of demand, against any cost, loss or liability incurred by the Agent (otherwise than by reason of the Agent's
gross negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by
the Borrower pursuant to a Finance Document).

 

		(b)	Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for
any payment that Lender makes to the Agent pursuant to paragraph (a) above.

 

		(c)	Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which
the Lender claims reimbursement relates to a liability of the Agent to the Borrower.

 

		24.13	Resignation of the Agent

 

		(a)	The Agent may resign and appoint one of its Affiliates acting through an office as successor by
giving notice to the other Creditor Parties and the Borrower.

 

		(b)	Alternatively, the Agent may resign by giving 30 days' notice to the other Creditor Parties and
the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint as a successor Agent any reputable
financial institution.

 

		(c)	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above
within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Borrower) may appoint as
a successor Agent any reputable financial institution.

 

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

 

		(e)	The Agent's resignation notice shall only take effect upon the appointment of a successor.

 

		(f)	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation
in respect of the Finance Documents (other than its obligations under paragraph (d) above) but shall remain entitled to the benefit
of Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) and this Clause 24 (The Agent, the Arrangers and
the Reference Banks) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or
to indemnify it) in acting as Agent. Any fees for the account of the retiring Agent shall cease to accrue from (and shall be payable
on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they
would have had if such successor had been an original Party.

 

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		(g)	After consultation with the Borrower, the Majority Lenders may, by notice to the Agent, require
it to resign in accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above.

 

		(h)	The consent of the Borrower is not required for an assignment or transfer of rights and/or obligations
by the Agent.

 

		(i)	The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall
use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three
months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

 

		(i)	the Agent fails to respond to a request under Clause 22.7 (FATCA information) and a Lender
reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date;

 

		(ii)	the information supplied by the Agent pursuant to Clause 22.7 (FATCA information) indicates
that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

 

		(iii)	the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased
to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

and (in each case) a Lender reasonably
believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party,
and that Lender, by notice to the Agent, requires it to resign.

 

		24.14	Confidentiality

 

		(a)	In acting as Agent for the Creditor Parties, the Agent shall be regarded as acting through its
agency division which shall be treated as a separate entity from any other of its divisions or departments.

 

		(b)	If information is received by a division or department of the Agent other than the division or
department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated
as confidential to that division or department, and the Agent shall not be deemed to have notice of it nor shall it be obliged
to disclose such information to any Party.

 

		(c)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent
nor the Arrangers are obliged to disclose to any other person (i) any confidential information or (ii) any other information if
the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary
duty.

 

		24.15	Relationship with the other Creditor Parties

 

		(a)	The Agent may treat the person shown in its records as Lender at the opening of business (in the
place of the Agent's principal office as notified to the Creditor Parties from time to time) as the Lender acting through its Facility
Office:

 

		(i)	entitled to or liable for any payment due under any Finance Document on that day; and

 

    	 	76	 

     

    

 

 

		(ii)	entitled to receive and act upon any notice, request, document or communication or make any decision
or determination under any Finance Document made or delivered on that day,

 

unless it has received not less than
five Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

 

		(b)	Each Creditor Party shall supply the Agent with any information that the Security Trustee may reasonably
specify (through the Agent) as being necessary or desirable to enable the Security Trustee to perform its functions as Security
Trustee. Each Creditor Party shall deal with the Security Trustee exclusively through the Agent and shall not deal directly with
the Security Trustee and any reference to any instructions being given by or sought from any Creditor Party or group of Creditor
Parties by or to the Security Trustee in this Agreement must be given or sought through the Agent.

 

		(c)	Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address,
fax number and (where communication by electronic mail or other electronic means is permitted under Clause 36.7 (Electronic
communication) electronic mail address and/or any other information required to enable the transmission of information by that
means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as
a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer
by that Lender for the purposes of Clause 36.2 (Addresses for communications) and Clause 36.7 (Electronic communication)
and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information
and documents as though that person were that Lender.

 

		24.16	Credit appraisal by the Creditor Parties

 

Without affecting the responsibility
of the Borrower for information supplied by it or on its behalf in connection with any Document, each Creditor Party confirms to
the Agent and the Arrangers that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under, or in connection with, any Document including but not limited to:

 

		(a)	the financial condition, status and nature of each member of the Group;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the
Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document or the Security Property;

 

		(c)	whether that Creditor Party has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under, or in connection with, any Finance Document, the Security Property, the transactions
contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or the Security Property;

 

		(d)	the adequacy, accuracy or completeness of any information provided by the Agent, any Party or by
any other person under, or in connection with, any Finance Document, the transactions contemplated by any Finance Document or any
other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document; and

 

		(e)	the right or title of any person in or to or the value or sufficiency of any part of the Security
Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.

 

    	 	77	 

     

    

 

 

		24.17	Deduction from amounts payable by the Agent

 

If any Party owes an amount to the
Agent under the Finance Documents, the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount
from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount
deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded
as having received any amount so deducted.

 

		24.18	Reliance and engagement letters

 

Each Secured Party confirms that
each of the Arranger and the Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters
or reports already accepted by the Arrangers or the Agent) the terms of any reliance letter or engagement letters or any reports
or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or
the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such
letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

 

		24.19	Full freedom to enter into transactions

 

Without prejudice to Clause 24.7
(Business with the Group) or any other provision of a Finance Document and notwithstanding any rule of law or equity to
the contrary, the Agent shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting the Borrower or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security trustee for, and/or participating in, other facilities to such Borrower or any person who is party to, or referred
to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by the Borrower or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular, the Agent shall
be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection
with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information
or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions
or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits
derived from the dealings transactions or other matters.

 

		25	The Security Trustee

 

		25.1	Trust

 

		(a)	The Security Trustee declares that it holds the Security Property on trust for the Creditor Parties
on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 25 (The Security
Trustee) and the other provisions of the Finance Documents.

 

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		(b)	Each other Creditor Party authorises the Security Trustee to perform the duties, obligations and
responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Trustee under,
or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.

 

		25.2	Parallel Debt (Covenant to pay the Security Trustee)

 

		(a)	The Borrower irrevocably and unconditionally undertakes to pay to the Security Trustee its Parallel
Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.

 

The Parallel Debt of the Borrower:

 

		(i)	shall become due and payable at the same time as its Corresponding Debt;

 

		(ii)	is independent and separate from, and without prejudice to, its Corresponding Debt.

 

		(b)	For purposes of this Clause 25.2 (Parallel Debt (Covenant to pay the Security Trustee)),
the Security Trustee:

 

		(i)	is the independent and separate creditor of each Parallel Debt;

 

		(ii)	acts in its own name and not as agent, representative or trustee of the Creditor Parties and its
claims in respect of each Parallel Debt shall not be held on trust; and

 

		(iii)	shall have the independent and separate right to demand payment of each Parallel Debt in its own
name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications
for and voting in any kind of insolvency proceeding).

 

		(c)	The Parallel Debt of the Borrower shall be:

 

		(i)	decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid
or discharged; and

 

		(ii)	increased to the extent that its Corresponding Debt has increased,

 

and the Corresponding Debt of the Borrower
shall be:

 

		(A)	decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or
discharged; and

 

		(B)	increased to the extent that its Parallel Debt has increased,

 

in each case provided that the Parallel
Debt of the Borrower shall never exceed its Corresponding Debt.

 

		(d)	All amounts received or recovered by the Security Trustee in connection with this Clause 25.2 (Parallel
Debt (Covenant to pay the Security Trustee)) to the extent permitted by applicable law, shall be applied in accordance with
Clause 17 (Application of Receipts).

 

		(e)	This Clause 25.2 (Parallel Debt (Covenant to pay the Security Trustee)) shall apply, with
any necessary modifications, to each Finance Document.

 

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		25.3	Enforcement through Security Trustee only

 

The Creditor Parties shall not have
any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority
or discretion arising under the Finance Documents except through the Security Trustee.

 

		25.4	Instructions

 

		(a)	The Security Trustee shall:

 

		(i)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising
any right, power, authority or discretion vested in it as Security Trustee in accordance with any instructions given to it by:

 

		(A)	all Lenders (or the Agent on their behalf) if the relevant Finance Document stipulates the matter
is an all Lender decision; and

 

		(B)	in all other cases, the Majority Lenders (or the Agent on their behalf); and

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with
sub-paragraph (i) above (or if this Agreement stipulates the matter is a decision for any other Creditor Party or group of Creditor
Parties, in accordance with instructions given to it by that Creditor Party or group of Creditor Parties).

 

		(b)	The Security Trustee shall be entitled to request instructions, or clarification of any instruction,
from the Majority Lenders (or the Agent on their behalf) (or, if the relevant Finance Document stipulates the matter is a decision
for any other Creditor Party or group of Creditor Parties, from that Creditor Party or group of Creditor Parties) as to whether,
and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Trustee
may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

 

		(c)	Save in the case of decisions stipulated to be a matter for any other Creditor Party or group of
Creditor Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions
given to the Security Trustee by the Majority Lenders shall override any conflicting instructions given by any other Parties and
will be binding on all Creditor Parties.

 

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

 

		(i)	where a contrary indication appears in a Finance Document;

 

		(ii)	where a Finance Document requires the Security Trustee to act in a specified manner or to take
a specified action;

 

		(iii)	in respect of any provision which protects the Security Trustee's own position in its personal
capacity as opposed to its role of Security Trustee for the relevant Secured Parties.

 

		(iv)	in respect of the exercise of the Security Trustee's discretion to exercise a right, power or authority
under any of:

 

		(A)	Clause 25.28 (Application of receipts);

 

		(B)	Clause 25.29 (Permitted Deductions); and

 

		(C)	Clause 25.30 (Prospective liabilities).

 

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		(e)	If giving effect to instructions given by the Majority Lenders would in the Security Trustee's
opinion have an effect equivalent to an amendment or waiver referred to in Clause 34 (Variations and Waivers), the Security
Trustee shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than
the Security Trustee) whose consent would have been required in respect of that amendment or waiver.

 

		(f)	In exercising any discretion to exercise a right, power or authority under the Finance Documents
where either:

 

		(i)	it has not received any instructions as to the exercise of that discretion; or

 

		(ii)	the exercise of that discretion is subject to sub-paragraph (iv) of paragraph (d) above,

 

the Security Trustee shall do so
having regard to the interests of all the Creditor Parties.

 

		(g)	The Security Trustee may refrain from acting in accordance with any instructions of any Creditor
Party or group of Creditor Parties until it has received any indemnification and/or security that it may in its discretion require
(which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any
cost, loss or liability (together with any applicable VAT) which it may incur in complying with those instructions.

 

		(h)	Without prejudice to the remainder of this Clause 25.4 (Instructions), in the absence of
instructions, the Security Trustee may (but shall not be obliged to) take such action in the exercise of its powers and duties
under the Finance Documents as it considers in its discretion to be appropriate.

 

		(i)	The Security Trustee is not authorised to act on behalf of a Creditor Party (without first obtaining
that Creditor Party's consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i) shall
not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Finance
Documents or enforcement of the Finance Documents.

 

		25.5	Duties of the Security Trustee

 

		(a)	The Security Trustee's duties under the Finance Documents are solely mechanical and administrative
in nature.

 

		(b)	The Security Trustee shall promptly forward to a Party the original or a copy of any document which
is delivered to the Security Trustee for that Party by any other Party.

 

		(c)	Except where a Finance Document specifically provides otherwise, the Security Trustee is not obliged
to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(d)	If the Security Trustee receives notice from a Party referring to any Finance Document, describing
a Default and stating that the circumstance described is a Default, it shall promptly notify the other Creditor Parties.

 

		(e)	The Security Trustee shall have only those duties, obligations and responsibilities expressly specified
in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

 

		25.6	No fiduciary duties

 

		(a)	Nothing in any Finance Document constitutes the Security Trustee as an agent, trustee or fiduciary
of the Borrower.

 

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		(b)	The Security Trustee shall not be bound to account to any other Secured Party for any sum or the
profit element of any sum received by it for its own account.

 

		25.7	Business with the Group

 

The Security Trustee may accept deposits
from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.

 

		25.8	Rights and discretions

 

		(a)	The Security Trustee may:

 

		(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct
and appropriately authorised;

 

		(ii)	assume that:

 

		(A)	any instructions received by it from the Majority Lenders, any Creditor Parties or any group of
Creditor Parties are duly given in accordance with the terms of the Finance Documents;

 

		(B)	unless it has received notice of revocation, that those instructions have not been revoked;

 

		(C)	if it receives any instructions to act in relation to the Transaction Security, that all applicable
conditions under the Finance Documents for so acting have been satisfied; and

 

		(iii)	rely on a certificate from any person:

 

		(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or

 

		(B)	to the effect that such person approves of any particular dealing, transaction, step, action or
thing,

 

as sufficient evidence that that is
the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

 

		(b)	The Security Trustee shall be entitled to carry out all dealings with the other Creditor Parties
through the Agent and may give to the Agent any notice or other communication required to be given by the Security Trustee to any
Creditor Party.

 

		(c)	The Security Trustee may assume (unless it has received notice to the contrary in its capacity
as security trustee for the Creditor Parties) that:

 

		(i)	no Event of Default has occurred; and

 

		(ii)	any right, power, authority or discretion vested in any Party or any group of Creditor Parties
has not been exercised.

 

		(d)	The Security Trustee may engage and pay for the advice or services of any lawyers, accountants,
tax advisers, surveyors or other professional advisers or experts.

 

		(e)	Without prejudice to the generality of paragraph (c) above or paragraph (f) below, the Security
Trustee may at any time engage and pay for the services of any lawyers to act as independent counsel to the Security Trustee (and
so separate from any lawyers instructed by the Agent or the Lenders) if the Security Trustee in its reasonable opinion deems this
to be desirable.

 

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		(f)	The Security Trustee may rely on the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts (whether obtained by the Security Trustee or by any other Party) and shall
not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a
result of its so relying.

 

		(g)	The Security Trustee may act in relation to the Finance Documents and the Security Property through
its officers, employees and agents and shall not:

 

		(i)	be liable for any error of judgment made by any such person; or

 

		(ii)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct,
omission or default on the part of any such person,

 

unless such error or such loss was
directly caused by the Security Trustee's gross negligence or wilful misconduct.

 

		(h)	Unless a Finance Document expressly provides otherwise the Security Trustee may disclose to any
other Party any information it reasonably believes it has received as security trustee under the Finance Documents.

 

		(i)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Trustee
is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or
regulation or a breach of a fiduciary duty or duty of confidentiality.

 

		(j)	Notwithstanding any provision of any Finance Document to the contrary, the Security Trustee is
not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations
or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment
of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

 

		25.9	Responsibility for documentation

 

None of the Security Trustee or any
Receiver is responsible or liable for:

 

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by
the Agent, the Security Trustee, the Arranger, the Borrower or any other person in, or in connection with, any Finance Document
or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Finance Document; or

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the
Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with, any Finance Document or the Security Property.

 

		25.10	No duty to monitor

 

The Security Trustee shall not be
bound to enquire:

 

		(a)	whether or not any Event of Default has occurred;

 

		(b)	as to the performance, default or any breach by the Borrower of its obligations under any Finance
Document; or

 

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		(c)	whether any other event specified in any Finance Document has occurred.

 

		25.11	Exclusion of liability

 

		(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance
Document excluding or limiting the liability of the Security Trustee or any Receiver), none of the Security Trustee nor any Receiver
will be liable for:

 

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of taking or not taking any action under or in connection with any Finance Document or the Security Property,
unless directly caused by its gross negligence or wilful misconduct;

 

		(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in
connection with, any Finance Document, the Security Property or any other agreement, arrangement or document entered into, made
or executed in anticipation of, under or in connection with, any Finance Document or the Security Property; or

 

		(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or

 

		(iv)	without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or losses
to any person, any diminution in value or any liability whatsoever arising as a result of:

 

		(A)	any act, event or circumstance not reasonably within its control; or

 

		(B)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

including (in each case and without
limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation
or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the
execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction
of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism,
insurrection or revolution; or strikes or industrial action.

 

		(b)	No Party other than the Security Trustee or that Receiver (as applicable) may take any proceedings
against any officer, employee or agent of the Security Trustee or a Receiver in respect of any claim it might have against the
Security Trustee or a Receiver or in respect of any act or omission of any kind by that officer, employee or agent in relation
to any Finance Document or any Security Property.

 

		(c)	The Security Trustee will not be liable for any delay (or any related consequences) in crediting
an account with an amount required under the Finance Documents to be paid by the Security Trustee if the Security Trustee has taken
all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised
clearing or settlement system used by the Security Trustee for that purpose.

 

		(d)	Nothing in this Agreement shall oblige the Security Trustee to carry out:

 

		(i)	any "know your customer" or other checks in relation to any person; or

 

		(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful
for any Creditor Party,

 

on behalf of any Creditor Party and
each Creditor Party confirms to the Security Trustee that it is solely responsible for any such checks it is required to carry
out and that it may not rely on any statement in relation to such checks made by the Security Trustee.

 

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		(e)	Without prejudice to any provision of any Finance Document excluding or limiting the liability
of the Security Trustee or any Receiver, any liability of the Security Trustee or any Receiver arising under or in connection with
any Finance Document or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined
to have been suffered (as determined by reference to the date of default of the Security Trustee or Receiver or, if later, the
date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known
to the Security Trustee or any Receiver at any time which increase the amount of that loss. In no event shall the Security Trustee
or any Receiver be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special,
punitive, indirect or consequential damages, whether or not the Security Trustee or the Receiver has been advised of the possibility
of such loss or damages.

 

		25.12	Lenders' indemnity to the Security Trustee

 

		(a)	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments
are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Trustee
and every Receiver, within three Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise
than by reason of the Security Trustee's or Receiver's gross negligence or wilful misconduct) in acting as Security Trustee or
Receiver under the Finance Documents (unless the Security Trustee or Receiver has been reimbursed by the Borrower pursuant to a
Finance Document).

 

		(b)	Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for
any payment that Lender makes to the Security Trustee pursuant to paragraph (a) above.

 

		(c)	Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which
the Lender claims reimbursement relates to a liability of the Security Trustee to the Borrower.

 

		25.13	Resignation of the Security Trustee

 

		(a)	The Security Trustee may resign and appoint one of its Affiliates acting through an office as successor
by giving notice to the other Creditor Parties and the Borrower.

 

		(b)	Alternatively, the Security Trustee may resign by giving 30 days' notice to the other Creditor
Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint as a successor
Security Trustee any reputable financial institution.

 

		(c)	If the Majority Lenders have not appointed a successor Security Trustee in accordance with paragraph
(b) above within 20 days after notice of resignation was given, the retiring Security Trustee (after consultation with the Borrower)
may appoint as a successor Security Trustee any reputable financial institution.

 

		(d)	The retiring Security Trustee shall make available to the successor Security Trustee such documents
and records and provide such assistance as the successor Security Trustee may reasonably request for the purposes of performing
its functions as Security Trustee under the Finance Documents. The Borrower shall, within three Business Days of demand, reimburse
the retiring Security Trustee for the amount of all costs and expenses (including legal fees) properly incurred by it in making
available such documents and records and providing such assistance.

 

		(e)	The Security Trustee's resignation notice shall only take effect upon:

 

		(i)	the appointment of a successor; and

 

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		(ii)	the transfer, by way of a document expressed as a deed, of all the Security Property to that successor.

 

		(f)	Upon the appointment of a successor, the retiring Security Trustee shall be discharged, by way
of a document executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under
paragraph (b) of Clause 25.25 (Winding up of trust) and paragraph (d) above) but shall remain entitled to the benefit of
Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) and this Clause 25 (The Security Trustee) and
any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting
as Security Trustee. Any fees for the account of the retiring Security Trustee shall cease to accrue from (and shall be payable
on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they
would have had if such successor had been an original Party.

 

		(g)	The Majority Lenders may, by notice to the Security Trustee, require it to resign in accordance
with paragraph (b) above. In this event, the Security Trustee shall resign in accordance with paragraph (b) above but the cost
referred to in paragraph (d) above shall be for the account of the Borrower.

 

		(h)	The consent of the Borrower is not required for an assignment or transfer of rights and/or obligations
by the Security Trustee.

 

		25.14	Confidentiality

 

		(a)	In acting as Security Trustee for the Creditor Parties, the Security Trustee shall be regarded
as acting through its trustee division which shall be treated as a separate entity from any other of its divisions or departments.

 

		(b)	If information is received by a division or department of the Security Trustee other than the division
or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be
treated as confidential to that division or department, and the Security Trustee shall not be deemed to have notice of it nor shall
it be obliged to disclose such information to any Party.

 

		(c)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Trustee
is not obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure
would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.

 

		25.15	Credit appraisal by the Creditor Parties

 

Without affecting the responsibility
of the Borrower for information supplied by it or on its behalf in connection with any Finance Document, each Creditor Party confirms
to the Security Trustee that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under, or in connection with, any Finance Document including but not limited to:

 

		(a)	the financial condition, status and nature of each member of the Group;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the
Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document or the Security Property;

 

		(c)	whether that Creditor Party has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under, or in connection with, any Finance Document, the Security Property, the transactions
contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or the Security Property;

 

    	 	86	 

     

    

 

		(d)	the adequacy, accuracy or completeness of any information provided by the Security Trustee, any
Party or by any other person under, or in connection with, any Finance Document, the transactions contemplated by any Finance Document
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

 

		(e)	the right or title of any person in or to or the value or sufficiency of any part of the Security
Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.

 

		25.16	Security Trustee's management time

 

		(a)	In the event of:

 

		(i)	an Event of Default;

 

		(ii)	the Security Trustee being requested by the Borrower or the Majority Lenders to undertake duties
which the Security Trustee and the Borrower agree to be of an exceptional nature or outside the scope of the normal duties of the
Security Trustee under the Finance Documents; or

 

		(iii)	the Security Trustee and the Borrower agreeing that it is otherwise appropriate in the circumstances,

 

the Borrower shall pay to the Security
Trustee any additional remuneration (together with any applicable VAT) that may be agreed between them or determined pursuant to
paragraph (b) below.

 

		(b)	If the Security Trustee and the Borrower fail to agree upon the nature of the duties, or upon the
additional remuneration referred to in paragraph (a) above or whether additional remuneration is appropriate in the circumstances,
any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Trustee
and approved by the Borrower or, failing approval, nominated (on the application of the Security Trustee) by the President for
the time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by
the Borrower) and the determination of any investment bank shall be final and binding upon the Parties.

 

		25.17	Reliance and engagement letters

 

Each Secured Party confirms that
the Security Trustee has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports
already accepted by the Security Trustee) the terms of any reliance letter or engagement letters or any reports or letters provided
by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or the transactions contemplated
in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further
confirms that it accepts the terms and qualifications set out in such letters.

 

		25.18	No responsibility to perfect Transaction Security

 

The Security Trustee shall not be
liable for any failure to:

 

		(a)	require the deposit with it of any deed or document certifying, representing or constituting the
title of the Borrower to any of the Security Assets;

 

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		(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity,
enforceability or admissibility in evidence of any Finance Document or the Transaction Security;

 

		(c)	register, file or record or otherwise protect any of the Transaction Security (or the priority
of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any Finance
Document or of the Transaction Security;

 

		(d)	take, or to require the Borrower to take, any step to perfect its title to any of the Security
Assets or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or regulation;
or

 

		(e)	require any further assurance in relation to any Finance Document.

 

		25.19	Insurance by Security Trustee

 

		(a)	The Security Trustee shall not be obliged:

 

		(i)	to insure any of the Security Assets;

 

		(ii)	to require any other person to maintain any insurance; or

 

		(iii)	to verify any obligation to arrange or maintain insurance contained in any Finance Document,

 

and the Security
Trustee shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such
insurance.

 

		(b)	Where the Security Trustee is named on any insurance policy as an insured party, it shall not be
liable for any damages, costs or losses to any person as a result of its failure to notify the insurers of any material fact relating
to the risk assumed by such insurers or any other information of any kind, unless the Majority Lenders request it to do so in writing
and the Security Trustee fails to do so within 14 days after receipt of that request.

 

		25.20	Custodians and nominees

 

The Security Trustee may appoint
and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the Security Trustee
may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created
under this Agreement and the Security Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or
proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement
or be bound to supervise the proceedings or acts of any person.

 

		25.21	Delegation by the Security Trustee

 

		(a)	Each of the Security Trustee and any Receiver may, at any time, delegate by power of attorney or
otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as such.

 

		(b)	That delegation may be made upon any terms and conditions (including the power to sub delegate)
and subject to any restrictions that the Security Trustee or that Receiver (as the case may be) may, in its discretion, think fit
in the interests of the Secured Parties.

 

		(c)	No Security Trustee or Receiver shall be bound to supervise, or be in any way responsible for any
damages, costs or losses incurred by reason of any misconduct, omission or default on the part of any such delegate or sub delegate.

 

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		25.22	Additional Security Trustees

 

		(a)	The Security Trustee may at any time appoint (and subsequently remove) any person to act as a separate
trustee or as a co-trustee jointly with it:

 

		(i)	if it considers that appointment to be in the interests of the Creditor Parties; or

 

		(ii)	for the purposes of conforming to any legal requirement, restriction or condition which the Security
Trustee deems to be relevant; or

 

		(iii)	for obtaining or enforcing any judgment in any jurisdiction,

 

and the Security Trustee shall give
prior notice to the Borrower and the Creditor Parties of that appointment.

 

		(b)	Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding
those given to the Security Trustee under or in connection with the Finance Documents) and the duties, obligations and responsibilities
that are given or imposed by the instrument of appointment.

 

		(c)	The remuneration that the Security Trustee may pay to that person (after consultation with the
Borrower), and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions pursuant
to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Trustee.

 

		25.23	Acceptance of title

 

The Security Trustee shall be entitled
to accept without enquiry, and shall not be obliged to investigate, any right and title that the Borrower may have to any of the
Security Assets and shall not be liable for or bound to require the Borrower to remedy any defect in its right or title.

 

		25.24	Releases

 

Upon a disposal of any of the Security
Assets pursuant to the enforcement of the Transaction Security by a Receiver or the Security Trustee, the Security Trustee is irrevocably
authorised (at the cost of the Borrower and without any consent, sanction, authority or further confirmation from any other Creditor
Party) to release, without recourse or warranty, that property from the Transaction Security and to execute any release of the
Transaction Security or other claim over that asset and to issue any certificates of non-crystallisation of floating charges that
may be required or desirable.

 

		25.25	Winding up of trust

 

If the Security Trustee, with the
approval of the Agent determines that:

 

		(a)	all of the Secured Liabilities and all other obligations secured by the Finance Documents have
been fully and finally discharged; and

 

		(b)	no Secured Party is under any commitment, obligation or liability (actual or contingent) to make
advances or provide other financial accommodation to the Borrower pursuant to the Finance Documents,

 

then

 

		(i)	the trusts set out in this Agreement shall be wound up and the Security Trustee shall release,
without recourse or warranty, all of the Transaction Security and the rights of the Security Trustee under each of the Finance
Documents; and

 

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		(ii)	any Security Trustee which has resigned pursuant to Clause 25.13 (Resignation of the Security
Trustee) shall release, without recourse or warranty, all of its rights under each Finance Document.

 

		25.26	Powers supplemental to Trustee Acts

 

The rights, powers, authorities and
discretions given to the Security Trustee under or in connection with the Finance Documents shall be supplemental to the Trustee
Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Trustee by law or regulation or otherwise.

 

		25.27	Disapplication of Trustee Acts

 

Section 1 of the Trustee Act 2000
shall not apply to the duties of the Security Trustee in relation to the trusts constituted by this Agreement and the other Finance
Documents. Where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the provisions of this Agreement
and any other Finance Document, the provisions of this Agreement and any other Finance Document shall, to the extent permitted
by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement
and any other Finance Document shall constitute a restriction or exclusion for the purposes of the Trustee Act 2000.

 

		25.28	Application of receipts

 

All amounts from time to time received
or recovered by the Security Trustee pursuant to the terms of any Finance Document, under Clause 25.2 (Parallel Debt (Covenant
to pay the Security Trustee)) or in connection with the realisation or enforcement of all or any part of the Security Property
(for the purposes of this Clause 25 (The Security Trustee), the "Recoveries") shall be held by the Security
Trustee on trust to apply them at any time as the Security Trustee (in its discretion) sees fit, to the extent permitted by applicable
law (and subject to the remaining provisions of this Clause 25 (The Security Trustee), in the following order of priority:

 

		(a)	in discharging any sums owing to the Security Trustee (in its capacity as such) (other than pursuant
to Clause 25.2 (Parallel Debt (Covenant to pay the Security Trustee)) or any Receiver;

 

		(b)	in payment or distribution to the Agent, on its behalf and on behalf of the other Creditor Parties,
for application towards the discharge of all sums due and payable by the Borrower under any of the Finance Documents in accordance
with Clause 17 (Application of Receipts);

 

		(c)	if the Borrower is not under any further actual or contingent liability under any Finance Document,
in payment or distribution to any person to whom the Security Trustee is obliged to pay or distribute in priority to the Borrower;
and

 

		(d)	the balance, if any, in payment or distribution to the Borrower.

 

		25.29	Permitted Deductions

 

The Security Trustee may, in its
discretion:

 

		(a)	set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings
(on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment
made by it under this Agreement; and

 

		(b)	pay all Taxes which may be assessed against it in respect of any of the Security Property, or as
a consequence of performing its duties, or by virtue of its capacity as Security Trustee under any of the Finance Documents or
otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

 

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		25.30	Prospective liabilities

 

Following acceleration the Security
Trustee may, in its discretion, or at the request of the Agent, hold any Recoveries in an interest bearing suspense or impersonal
account(s) in the name of the Security Trustee with such financial institution (including itself) and for so long as the Security
Trustee shall think fit (the interest being credited to the relevant account) for later payment to the Agent for application in
accordance with Clause 25.28 (Application of receipts) in respect of:

 

		(a)	any sum to the Security Trustee or any Receiver; and

 

		(b)	any part of the Secured Liabilities,

 

that the Security Trustee or, in
the case of paragraph (b) only, the Agent, reasonably considers, in each case, might become due or owing at any time in the future.

 

		25.31	Investment of proceeds

 

Prior to the payment of the proceeds
of the Recoveries to the Agent for application in accordance with Clause 25.28 (Application of receipts) the Security Trustee
may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name
of the Security Trustee with such financial institution (including itself) and for so long as the Security Trustee shall think
fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security
Trustee's discretion in accordance with the provisions of Clause 25.28 (Application of receipts).

 

		25.32	Currency conversion

 

		(a)	For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Trustee
may convert any moneys received or recovered by the Security Trustee from one currency to another, at a market rate of exchange.

 

		(b)	The obligations of the Borrower to pay in the due currency shall only be satisfied to the extent
of the amount of the due currency purchased after deducting the costs of conversion.

 

		25.33	Good discharge

 

		(a)	Any payment to be made in respect of the Secured Liabilities by the Security Trustee may be made
to the Agent on behalf of the Creditor Parties and any payment made in that way shall be a good discharge, to the extent of that
payment, by the Security Trustee.

 

		(b)	The Security Trustee is under no obligation to make the payments to the Agent under paragraph (a)
above in the same currency as that in which the obligations and liabilities owing to the relevant Creditor Party are denominated.

 

		25.34	Amounts received by Borrower

 

If the Borrower receives or recovers
any amount which, under the terms of any of the Finance Documents, should have been paid to the Security Trustee, the Borrower
will hold the amount received or recovered on trust for the Security Trustee and promptly pay that amount to the Security Trustee
for application in accordance with the terms of this Agreement.

 

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		25.35	Full freedom to enter into transactions

 

Without prejudice to Clause 25.7
(Business with the Group) or any other provision of a Finance Document and notwithstanding any rule of law or equity to
the contrary, the Security Trustee shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting the Borrower or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security trustee for, and/or participating in, other facilities to such Borrower or any person who is party to, or referred
to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by the Borrower or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular, the Security
Trustee shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions
and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing
legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from
disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its
sole benefit all profits and benefits derived from the dealings transactions or other matters.

 

		26	K-sure Agent

 

		26.1	Appointment and duties of K-sure Agent

 

		(a)	Each K-sure Lender appoints the K-sure Agent to act as its agent under and in connection with the
K-sure Insurance Policy and the Finance Documents.

 

		(b)	Each K-sure Lender authorises the K-sure Agent to exercise the rights, powers, authorities and
discretions specifically given to the K-sure Agent under, or in connection with, the K-sure Insurance Policy and the Finance Documents
together with any other incidental rights, powers, authorities and discretions.

 

		(c)	The K-sure Agent shall promptly forward to each K-sure Lender the original or a copy of any document
which is delivered to the K-sure Agent for that K-sure Lender by any other Party or by K-sure.

 

		(d)	Except where the K-sure Insurance Policy or a Finance Document specifically provides otherwise,
the K-sure Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another
Party.

 

		(e)	The K-sure Agent's duties under the K-sure Insurance Policy and the Finance Documents are solely
mechanical and administrative in nature.

 

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		26.2	Application of certain Clauses

 

The provisions of Clauses 24.7 (Business
with the Group), 24.8 (Rights and discretions), 24.2 (Instructions), 24.9 (Responsibility for documentation),
24.11 (Exclusion of liability), 24.12 (Lenders' indemnity to the Agent), 24.13 (Resignation of the Agent),
24.14 (Confidentiality), 24.15 (Relationship with the other Creditor Parties), 24.16 (Credit appraisal by the
Creditor Parties) and 24.19 (Full freedom to enter into transactions) shall apply in respect of the K-sure Agent in
its capacity as such as if each reference to the Agent were a reference to the K-sure Agent and each reference to the Finance Documents
included a reference to the K-sure Insurance Policy.

 

		26.3	Lenders' representations

 

Each K-sure Lender represents and
warrants to the K-sure Agent that:

 

		(a)	no information provided by it in writing to the K-sure Agent or to K-sure prior to the date of
this Agreement was untrue or incorrect in any material respect except to the extent that it, in the exercise of reasonable care
and due diligence prior to giving such information, could not have discovered the error or omission;

 

		(b)	it has not taken (or failed to take), and agrees that it shall not take (or fail to take), any
action that would result in the K-sure Agent being in breach of any of its obligations in its capacity as K-sure Agent under the
K-sure Insurance Policy or any of the Finance Documents, or result in the K-sure Lenders being in breach of any of their respective
obligations as insured parties under the K-sure Insurance Policy, or which would otherwise prejudice the K-sure Agent's ability
to make a claim on behalf of the K-sure Lenders under the K-sure Insurance Policy;

 

		(c)	it has reviewed the K-sure Insurance Policy and is aware of its provisions; and

 

		(d)	the representations and warranties made by the K-sure Agent on its behalf under the K-sure Insurance
Policy are true and correct with respect to it in all respects.

 

		26.4	Claims under K-sure Insurance Policy

 

		(a)	All communication between the Creditor Parties and K-sure shall be carried out exclusively through
the K-sure Agent.

 

		(b)	Each K-sure Lender acknowledges and agrees that it shall have no entitlement to make any claim
or to take any action whatsoever under or in connection with the K-sure Insurance Policy except through the K-sure Agent and that
all of the rights of the K-sure Lenders under the K-sure Insurance Policy shall only be exercised by the K-sure Agent.

 

		27	Conduct of Business by the Creditor Parties

 

No provision of this Agreement will:

 

		(a)	interfere with the right of any Creditor Party to arrange its affairs (tax or otherwise) in whatever
manner it thinks fit;

 

		(b)	oblige any Creditor Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

oblige any Creditor Party to disclose
any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

 

		28	Sharing among the Creditor Parties

 

		28.1	Payments to Creditor Parties

 

If a Creditor Party (a "Recovering
Creditor Party") receives or recovers any amount from the Borrower other than in accordance with Clause 16 (Payments
and Calculations) (a "Recovered Amount") and applies that amount to a payment due to it under the Finance
Documents then:

 

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		(a)	the Recovering Creditor Party shall, within three Business Days, notify details of the receipt
or recovery, to the Agent;

 

		(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering
Creditor Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance
with Clause 16 (Payments and Calculations), without taking account of any Tax which would be imposed on the Agent in relation
to the receipt, recovery or distribution; and

 

		(c)	the Recovering Creditor Party shall, within three Business Days of demand by the Agent, pay to
the Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent
determines may be retained by the Recovering Creditor Party as its share of any payment to be made, in accordance with Clause 17.1
(Normal order of application).

 

		28.2	Redistribution of payments

 

The Agent shall treat the Sharing
Payment as if it had been paid by the Borrower and distribute it among the Creditor Parties (other than the Recovering Creditor
Party) (the "Sharing Creditor Parties") in accordance with Clause 17.1 (Normal order of application) towards
the obligations of the Borrower to the Sharing Creditor Parties.

 

		28.3	Recovering Creditor Party's rights

 

On a distribution by the Agent under
Clause 28.2 (Redistribution of payments) of a payment received by a Recovering Creditor Party from the Borrower, as between
the Borrower and the Recovering Creditor Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated
as not having been paid by the Borrower.

 

		28.4	Reversal of redistribution

 

If any part of the Sharing Payment
received or recovered by a Recovering Creditor Party becomes repayable and is repaid by that Recovering Creditor Party, then:

 

		(a)	each Sharing Creditor Party shall, upon request of the Agent, pay to the Agent for the account
of that Recovering Creditor Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an
amount as is necessary to reimburse that Recovering Creditor Party for its proportion of any interest on the Sharing Payment which
that Recovering Creditor Party is required to pay) (the "Redistributed Amount"); and

 

		(b)	as between the Borrower and each relevant Sharing Creditor Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by the Borrower.

 

		28.5	Exceptions

 

		(a)	This Clause 28 (Sharing among the Creditor Parties) shall not apply to the extent that the
Recovering Creditor Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against
the Borrower.

 

		(b)	A Recovering Creditor Party is not obliged to share with any other Creditor Party any amount which
the Recovering Creditor Party has received or recovered as a result of taking legal or arbitration proceedings, if:

 

		(i)	it notified that other Creditor Party of the legal or arbitration proceedings; and

 

		(ii)	that other Creditor Party had an opportunity to participate in those legal or arbitration proceedings
but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

 

    	 	94	 

     

    

 

		29	Increased Costs

 

		29.1	Increased costs

 

		(a)	Subject to Clause 29.3 (Exceptions), the Borrower shall, within three Business Days of a
demand by the Agent, pay for the account of a Creditor Party the amount of any Increased Costs incurred by that Creditor Party
or any of its Affiliates as a result of:

 

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

 

		(ii)	compliance with any law or regulation made,

 

in each case after the date of this
Agreement; or

 

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

 

		(b)	In this Agreement:

 

		(i)	"Basel III" means:

 

		(A)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel
III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework
for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical
capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or
restated;

 

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

 

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

 

		(ii)	"CRD IV" means:

 

		(A)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012;

 

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

 

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

 

		(iii)	"Increased Costs" means:

 

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

 

		(B)	an additional or increased cost; or

 

    	 	95	 

     

    

 

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

 

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

 

		29.2	Increased cost claims

 

		(a)	A Creditor Party intending to make a claim pursuant to Clause 29 (Increased Costs) shall
notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

 

		(b)	Each Creditor Party shall, as soon as practicable after a demand by the Agent, provide a certificate
confirming the amount of its Increased Costs.

 

		29.3	Exceptions

 

Clause 29 (Increased Costs)
does not apply to the extent any Increased Cost is:

 

		(a)	attributable to a Tax Deduction required by law to be made by the Borrower;

 

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

 

		(c)	compensated for by Clause 21.1 (e) (Indemnities regarding borrowing and repayment of Loan)
22.2 (Grossing-up for taxes) (or would have been compensated for under Clauses 21.1 (e) (Indemnities regarding borrowing
and repayment of Loan) or Clause 22.2 (Grossing-up for taxes) but was not so compensated solely because of any of the
exclusions therein applied), Clause 31.17 (Tax indemnity, tax gross-up and increased costs on assignment, transfer and change
of lending office) (or would have been compensated for under Clause 31.17 (Tax indemnity, tax gross-up and increased costs
on assignment, transfer and change of lending office) but was not so compensated solely because any of the exclusions in Clause
31.17 (Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending office)applied); or

 

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

 

		29.4	Notification to Borrower of claim for increased costs

 

The Agent shall promptly notify the
Borrower and the Security Parties of the notice which the Agent received from the Notifying Lender under Clause 29.1 (Increased
costs) and there shall then be a 60 day consultation period for the Borrower and Notifying Lender to discuss the particular
increased cost and amount to be paid to the Notifying Lender.

 

		29.5	Payment of increased costs

 

Unless something to the contrary
is agreed by the Borrower and the Notifying Lender during the 60 day consultation period referred to in 29.4 (Notification to
Borrower of claim for increased costs), the Borrower shall pay to the Agent, on the Agent’s demand, for the account of
the Notifying Lender the amounts which the Agent from time to time notifies the Borrower that the Notifying Lender has specified
to be necessary to compensate the Notifying Lender for the increased cost.

 

		29.6	Notice of prepayment

 

If the Borrower is not willing to
continue to compensate the Notifying Lender for the increased cost under Clause 29.5 (Payment of increased costs), the Borrower
may give the Agent not less than 5 Business Days’ notice of its intention to prepay the Notifying Lender’s Contribution
or to procure a Transferee Lender.

 

    	 	96	 

     

    

 

		29.7	Prepayment; termination of Commitment

 

A notice of prepayment under Clause
29.6 (Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrower's
notice of intended prepayment; and:

 

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

 

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

 

		29.8	Application of prepayment

 

Clause 8 (Repayment, Prepayment
and Cancellation) shall apply in relation to the prepayment.

 

		30	Set- Off

 

		30.1	Application of credit balances

 

Each Creditor Party may, at any time
after the occurrence of an Event of Default which is continuing, without prior notice:

 

		(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account
in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due
from the 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 the Borrower;

 

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

 

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

 

		30.2	Existing rights unaffected

 

No Creditor Party shall be obliged
to exercise any of its rights under Clause 30.1 (Application of credit balances); and those rights shall be without prejudice
and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party
is entitled (whether under the general law or any document).

 

		30.3	Sums deemed due to a Lender

 

For the purposes of this Clause 30
(Set- Off), a sum payable by the Borrower 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.

 

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		30.4	No Security Interest

 

This Clause 30 (Set- Off)
gives the Creditor Parties a contractual right of set-off only and does not create any equitable charge or other Security Interest
over any credit balance of the Borrower.

 

		31	Transfers and Changes in Lending Offices

 

		31.1	Transfer by Borrower

 

The Borrower may not, without the
consent of the Agent given on the instructions of all the Lenders, transfer any of its rights, liabilities or obligations under
any Finance Document.

 

		31.2	Transfer by a Lender

 

Subject to Clause 31.4 (Effective
Date of Transfer Certificate) and without prejudice to any requirement for the consent of K-sure under the terms of the K-sure
Insurance Policy, a Lender (the "Transferor Lender") may, at its own cost, with the prior written consent of the
Borrower (not to be unreasonably withheld or delayed) or without the consent of the Borrower if an Event of Default has occurred
and is continuing or if to an Affiliate of the Lender, cause:

 

		(a)	its rights in respect of all or pro rata parts of its Contribution; or

 

		(b)	its obligations in respect of all or pro rata parts of its Commitment; or

 

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

 

to be (in the case of its rights)
transferred to, or (in the case of its obligations) assumed by, another bank or financial institution, or to a trust, fund or other
entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or
other financial assets (a "Transferee Lender") by delivering to the Agent a completed certificate in the form
set out in Schedule 4 (Transfer Certificate) with any modifications approved or required by the Agent (a "Transfer
Certificate") executed by the Transferor Lender and the Transferee Lender Provided that a Lender may make such
transfer to any wholly owned subsidiary of it, to its parent company or to another subsidiary of its parent company without the
consent of the Borrower or the Agent and the fee referred to in Clause 31.11 (Registration fee) shall not apply in relation
to any such transfer.

 

Without prejudice to the foregoing,
any such transfer by a Lender shall be subject to the following further conditions:

 

		(i)	the amount of the Contribution and/or Commitment of the Lender which is to be transferred shall
not be less than $10,000,000 or, if less, the remaining amount of its Contribution and Commitment, unless the Agent agrees otherwise;

 

		(ii)	where no Potential Event of Default has occurred and is continuing or Event of Default has occurred
and is continuing, the Agent shall approve the transfer (such approval not to be unreasonably withheld);

 

		(iii)	payment of the fee in accordance with Clause 31.11 (Registration fee).

 

		31.3	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 Borrower, the Security Parties, the Security
Trustee and each of the other Lenders;

 

    	 	98	 

     

    

 

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

 

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

 

		31.4	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 (i) it is signed by the Agent
under Clause 31.3 (Transfer Certificate, delivery and notification) on or before that date and (ii) the Agent has been provided
with all information and documentation they requested in order to carry out and be satisfied with all necessary "know your
customer" or other similar checks.

 

		31.5	No transfer without Transfer Certificate

 

No assignment or transfer of any
right or obligation of a Lender under any Finance Document is binding on, or effective in relation to, the Borrower, any Security
Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate.

 

		31.6	Lender re-organisation; waiver of Transfer Certificate

 

However, if a Lender enters into
any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the "successor"),
the Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the execution
and delivery of a Transfer Certificate; and, upon service of the Agent's notice, the successor shall become a Lender with the same
Commitment and Contribution as were held by the predecessor Lender.

 

		31.7	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 the Borrower or any Security
Party had against the Transferor Lender;

 

		(b)	the Transferor Lender's Commitment is discharged to the extent specified in the Transfer Certificate;

 

		(c)	the Transferee Lender becomes a Lender with a Contribution and Commitment of the amounts specified
in the Transfer Certificate;

 

		(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable
to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification
of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions (other than
those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;

 

		(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate's effective
date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the transferor, assuming
that any defects in the Transferor Lender's title and any rights or equities of the Borrower or any Security Party against the
Transferor Lender had not existed;

 

    	 	99	 

     

    

 

		(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
5.8 (Market disruption) and Clause 20 (Fees, Expenses), and to the extent that the Transferee Lender becomes entitled
to such rights, the Transferor Lender ceases to be entitled to them; and

 

		(g)	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance
Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to
recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether
the original Lender would have incurred a loss of that kind or amount.

 

The rights and equities of the 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.

 

		31.8	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
31.4 (Effective Date of Transfer Certificate)) of the Transfer Certificate; and the Agent shall make the register available
for inspection by any Lender, the Security Trustee and the Borrower during normal banking hours, subject to receiving at least
3 Business Days prior notice.

 

		31.9	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.

 

		31.10	Authorisation of Agent to sign Transfer Certificates

 

The Borrower, the Security Trustee
and each Lender irrevocably authorise the Agent to sign Transfer Certificates on its behalf.

 

		31.11	Registration fee

 

In respect of any Transfer Certificate,
the Agent shall be entitled to recover a registration fee of $5,000 from the Transferor Lender or (at the Agent's option) the Transferee
Lender.

 

		31.12	Sub-participation; subrogation assignment

 

		(a)	A Lender may sub-participate all or any part of its rights and/or obligations under or in connection
with the Finance Documents without the consent of, or any notice to, any Security Party, the Agent or the Security Trustee and
(where an Event of Default has occurred and is continuing) the Borrower. Where no Event of Default has occurred and is continuing
the Borrower's consent to such sub-participation shall be required, such consent not to be unreasonably withheld or delayed.

 

		(b)	The Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the
Security Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them.

 

    	 	100	 

     

    

 

		31.13	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.

 

		31.14	Notification

 

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

 

		31.15	Replacement of Reference Bank

 

If any Reference Bank ceases to be
a Lender or is unable on a continuing basis to supply quotations for the purposes of Clause 5 (Interest) then, unless the
Borrower, the Agent and the Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and
after consulting the Borrower, 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.

 

		31.16	Security over Lenders' rights

 

In addition to the other rights provided
to Lenders under this Clause 31 (Transfers and Changes in Lending Offices), each Lender may without consulting with or obtaining
consent from the 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 the 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.

 

		31.17	Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending office

 

If:

 

		(a)	a Lender assigns or transfers any rights or obligations under the Finance Documents pursuant to
Clause 31.2 (Transfer by a Lender) other than to K-sure or changes its lending office; and

 

    	 	101	 

     

    

 

		(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs the
Borrower would be obliged to make a payment to the Transferee Lender or Lender acting through its new lending office under Clause
21.1 (Indemnities regarding borrowing and repayment of Loan) in respect of any tax, Clause 22 (No Set-Off or Tax Deduction)
or Clause 29 (Increased Costs),

 

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

 

		31.18	Replacement of Lender by Borrower

 

The Borrower may, at any time unless
a Potential Event of Default or Event of Default has occurred and is continuing in respect of:

 

		(a)	a Lender whose costs of funds charged to the Borrower are (in the Borrower's reasonable opinion)
materially higher than those of the other Lenders generally;

 

		(b)	a Lender which is a Defaulting Lender; or

 

		(c)	a Lender which is a Non-Consenting Lender,

 

by giving 10 Business Days' notice
to the Agent and that Lender (the "Outgoing Lender") replace the Outgoing Lender by requiring it to (and the Outgoing
Lender must) transfer in accordance with Clause 31 (Transfers and Changes in Lending Offices) all (and not part only) of
its rights and obligations under this Agreement to a Lender or other bank (a "Replacement Lender") selected by
the Borrower and (unless the Agent is an Impaired Agent) which is acceptable to the Agent (acting reasonably) for a purchase price
in cash payable at the time of transfer equal to the outstanding principal amount of the Outgoing Lender's Contribution and all
accrued interest, break costs and other amounts payable in relation to that Contribution under this Agreement and the other Finance
Documents.

 

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

 

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

 

		(ii)	the transfer must take place no later than 10 Business Days after the Borrower's notice referred
to above;

 

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

 

		(iv)	the Outgoing Lender shall only be obliged to transfer its rights and obligations under this Clause
once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable
laws and regulations in relation to that transfer and the Outgoing Lender shall perform the checks described in this paragraph
(iv) above as soon as reasonably practicable following delivery of a notice referred to in this Clause and shall notify the Agent
and the Borrower when it is satisfied that it has complied with those checks.

 

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		31.19	Transfers to K-sure

 

		(a)	If a K-sure Lender receives a payment from K-sure under the K-sure Insurance Policy in respect
of its participation in the Loan, then, to the extent that it is required to do so by K-sure pursuant to the terms of the K-sure
Insurance Policy, that K-sure Lender shall, at the cost of the Borrower and without any requirement for the consent of the Borrower,
transfer to K-sure (in accordance with, and subject to, Clause 31 (Transfers and Changes in Lending Offices)) a part of
its participation in the Loan equal to the amount paid to it by K-sure.

 

		(b)	A transfer pursuant to paragraph (a) above shall not limit the rights of the relevant K-sure Lender
to recover any remaining part of its participation in the Loan or any other moneys owing to it under this Agreement or any other
Finance Documents.

 

		(c)	If K-sure makes any payment to a K-sure Lender under the K-sure Insurance Policy then, subject
to the terms of the K-sure Insurance Policy, the following shall apply:

 

		(i)	the obligations and liabilities of the Borrower under this Agreement and each of the other Finance
Documents shall not be reduced, discharged nor affected in any way;

 

		(ii)	K-sure shall be subrogated to the rights of that K-sure Lender against the Borrower under this
Agreement and each of the other Finance Documents;

 

		(iii)	that K-sure Lender agrees that upon payment by K-sure of all amounts due under the K-sure Insurance
Policy, the relevant K-sure Lender shall assign to K-sure, upon K-sure's request, its rights to recover against the Borrower under
this Agreement and each of the other Finance Documents and until the assignment referred to in this subparagraph (iii), the relevant
K-sure Lender shall hold on trust for K-sure any payments made under this Agreement and each of the other Finance Documents and
pay or transfer them to K-sure in accordance with that K-sure Insurance Policy;

 

		(iv)	K-sure shall be entitled to the extent of such payment to exercise the rights of that K-sure Lender
against the Borrower under this Agreement and each of the other Finance Documents or any relevant laws and/or regulations unless
and until such payment and the interest accrued on it are fully reimbursed to K-sure; and

 

		(v)	with respect to the obligations and liabilities of the Borrower owed to that K-sure Lender under
the Finance Documents (or any of them), such obligations and liabilities shall additionally be owed to K-sure by way of subrogation
of the rights of that Lender.

 

		(d)	The Borrower shall indemnify K-sure in respect of any costs or expenses (including legal fees)
suffered or incurred by K-sure in connection with any transfer referred to in paragraph (a) above.

 

		32	Confidential Information

 

		32.1	Confidentiality

 

Each Creditor Party agrees to keep
all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 32.2 (Disclosure
of Confidential Information) and Clause 32.3 (Disclosure to numbering service providers) and to ensure that all Confidential
Information is protected with security measures and a degree of care that would apply to its own confidential information.

 

		32.2	Disclosure of Confidential Information

 

Any Creditor Party may disclose:

 

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

 

    	 	103	 

     

    

 

 

		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any
of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as
Agent or Security Trustee and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional
advisers;

 

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

 

		(iii)	appointed by any Creditor Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b)
above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf
(including, without limitation, any person appointed under paragraph (d) of Clause 24.15 (Relationship with the other Creditor
Parties);

 

		(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
or indirectly, any transaction referred to in sub-paragraph (i) or (ii) of paragraph (b) above;

 

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

 

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

 

		(vii)	to whom or for whose benefit that Creditor Party charges, assigns or otherwise creates Security
(or may do so) pursuant to Clause 31.16 (Security over Lenders' rights);

 

		(viii)	who is a Party, a member of the Group or any related entity of the Borrower;

 

		(ix)	as a result of the registration of any Finance Document as contemplated by any Finance Document
or any legal opinion obtained in connection with any Finance Document; or

 

		(x)	with the consent of the Borrower;

 

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

 

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

 

    	 	104	 

     

    

 

		(B)	in relation to sub-paragraph (iv) of paragraph (b) above, the person to whom the Confidential Information
is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information;

 

		(C)	in relation to sub-paragraphs (v) , (vi) and (vii) of paragraph (b) above, the person to whom the
Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Creditor Party,
it is not practicable so to do in the circumstances;

 

		(c)	to any person appointed by that Creditor Party or by a person to whom sub-paragraph (i) or (ii)
of paragraph (b) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential
Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this
paragraph (c) if the service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement
substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/ Settlement Service Providers
or such other form of confidentiality undertaking agreed between the Borrower and the relevant Creditor Party.

 

		32.3	Disclosure to numbering service providers

 

		(a)	Any Creditor Party may disclose to any national or international numbering service provider appointed
by that Creditor Party to provide identification numbering services in respect of this Agreement, the Loan and/or the Borrower
the following information:

 

		(i)	name of Borrower;

 

		(ii)	country of domicile of Borrower;

 

		(iii)	place of incorporation of Borrower;

 

		(iv)	date of this Agreement;

 

		(v)	Clause 38 (Law and Jurisdiction);

 

		(vi)	the names of the Agent and the Mandated Lead Arrangers;

 

		(vii)	date of each amendment and restatement of this Agreement;

 

		(viii)	amounts of, and names of, the relevant Loan;

 

		(ix)	amount of Total Commitments;

 

		(x)	currency of the relevant Loan;

 

		(xi)	type of the relevant Loan;

 

		(xii)	ranking of the relevant Loan;

 

    	 	105	 

     

    

 

		(xiii)	Maturity Date(s) for the Loan;

 

		(xiv)	changes to any of the information previously supplied pursuant to sub-paragraphs (i) to (xiii)
above; and

 

		(xv)	such other information agreed between such Creditor Party and the Borrower,

 

to enable such numbering service
provider to provide its usual syndicated loan numbering identification services.

 

		(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the
Loan and/or the Borrower by a numbering service provider and the information associated with each such number may be disclosed
to users of its services in accordance with the standard terms and conditions of that numbering service provider.

 

		(c)	The Borrower represents that none of the information set out in sub-paragraphs (i) to (xv) of paragraph
(a) above is, nor will at any time be, unpublished price-sensitive information.

 

		32.4	Use of logo and/or trademark

 

The Agent and/or
the Mandated Lead Arrangers and/or K-sure have the right, at their expense, to publish information regarding their participation
in this Agreement and have the right to use the Borrower’s logo and trademark with the prior written consent of the Borrower
(not to be unreasonably withheld) in connection with such publication.

 

		32.5	Entire agreement

 

This Clause 32 (Confidential Information)
constitutes the entire agreement between the Parties in relation to the obligations of the Creditor Parties under the Finance Documents
regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

		32.6	Inside information

 

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

 

		32.7	Notification of disclosure

 

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

 

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph
(v) of paragraph (b) of Clause 32.2 (Disclosure of Confidential Information) except where such disclosure is made to any
of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 32
(Confidential Information).

 

		32.8	Continuing obligations

 

The obligations in this Clause 32
(Confidential Information) are continuing and, in particular, shall survive and remain binding on each Creditor Party for
a period of 12 months from the earlier of:

 

    	 	106	 

     

    

 

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

 

		(b)	the date on which such Creditor Party otherwise ceases to be a Creditor Party.

 

		33	Confidentiality of Funding Rates and Reference Bank Quotations

 

		33.1	Confidentiality and disclosure

 

		(a)	The Agent and the Borrower agree to keep each Funding Rate (and, in the case of the Agent, each
Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c) and
(d) below.

 

		(b)	The Agent may disclose:

 

		(i)	any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the Borrower
pursuant to Clause 5.3 (Notification of rates of interest)); and

 

		(ii)	any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration
services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide
those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially
in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other
form of confidentiality undertaking agreed between the Agent and the relevant Lender or Reference Bank, as the case may be.

 

		(c)	The Agent may disclose any Funding Rate or any Reference Bank Quotation, and the Borrower may disclose
any Funding Rate, to:

 

		(i)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers,
auditors, partners and Representatives, if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant
to this paragraph (i) is informed in writing of its confidential nature and that it may be price sensitive information except that
there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality
of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

 

		(ii)	any person to whom information is required or requested to be disclosed by any court of competent
jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is
to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there
shall be no requirement to so inform if, in the opinion of the Agent or the Borrower, as the case may be, it is not practicable
to do so in the circumstances;

 

		(iii)	any person to whom information is required to be disclosed in connection with, and for the purposes
of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding
Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price sensitive
information except that there shall be no requirement to so inform if, in the opinion of the Agent or the Borrower, as the case
may be, it is not practicable to do so in the circumstances; and

 

    	 	107	 

     

    

 

		(iv)	any person with the consent of the relevant Lender or Reference Bank, as the case may be.

 

		(d)	The Agent's obligations in this Clause 33 (Confidentiality of Funding Rates and Reference Bank
Quotations) relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause
5.3 (Notification of rates of interest) provided that (other than pursuant to sub-paragraph (i) of paragraph (b)
above) the Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification.

 

		33.2	Related obligations

 

		(a)	The Agent and the Borrower acknowledge that each Funding Rate (and, in the case of the Agent, each
Reference Bank Quotation) is or may be price sensitive information and that its use may be regulated or prohibited by applicable
legislation including securities law relating to insider dealing and market abuse and the Agent and the Borrower undertake not
to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose.

 

		(b)	The Agent and the Borrower agree (to the extent permitted by law and regulation) to inform the
relevant Lender or Reference Bank, as the case may be:

 

		(i)	of the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph (c) of
Clause 33.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that
paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(ii)	upon becoming aware that any information has been disclosed in breach of this Clause 33 (Confidentiality
of Funding Rates and Reference Bank Quotations).

 

		34	Variations and Waivers

 

		34.1	Variations, waivers etc. by Majority Lenders

 

Subject to Clause 34.2 (Variations,
waivers etc. requiring agreement of all Lenders), a document shall be effective to vary, waive, suspend or limit any provision
of a Finance Document, or any Creditor Party's rights or remedies under such a provision or the general law, only if the document
is signed, or specifically agreed to by fax, by the Borrower, by the Agent on behalf of the Majority Lenders, to the extent it
relates to a matter defined as K-sure Approved Matter in Clause 1.5(f), by the K-sure Agent pursuant to the instructions of K-sure,
by the Agent and the Security Trustee in their own rights, and, if the document relates to a Finance Document to which a Security
Party is party, by that Security Party.

 

The consent of the Borrower or any
Security Party shall not be required to any amendment or variation to a Finance Document if such amendment or variation does not,
in the opinion of the Agent (acting reasonably), materially and adversely affect the rights or interests of the Borrower or the
Security Parties.

 

		34.2	Variations, waivers etc. requiring agreement of all Lenders

 

However, as regards the following,
Clause 34.1 (Variations, waivers etc. by Majority Lenders) applies as if the words "by the Agent on behalf of the Majority
Lenders" were replaced by the words "by or on behalf of every Lender":

 

		(a)	a reduction in either Margin or change to the definition of LIBOR;

 

		(b)	a change to the date for, the amount of, any payment of principal, interest, fees, or other sum
payable under this Agreement;

 

    	 	108	 

     

    

 

		(c)	a change to any Lender's Commitment;

 

		(d)	a change to the definition of "Majority Lenders" or "Finance Documents;"

 

		(e)	a change to the preamble or to Clause 2 (Facility), Clause 3 (Position of the Lenders
), Clause 4 (Drawdown), Clause 5.1 (Payment of normal interest), paragraph (b) of Clause 16.1 (Currency and
method of payments), Clause 17 (Application of Receipts), Clause 18 (Application of Earnings) or Clause 38 (Law
and Jurisdiction);

 

		(f)	a change to this Clause 34 (Variations and Waivers);

 

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

 

		(h)	a change to the identity of the Borrower; and

 

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

 

		34.3	Exclusion of other or implied variations

 

Except for a document which satisfies
the requirements of Clauses 34.1 (Variations, waivers etc. by Majority Lenders) and 34.2 (Variations, waivers etc. requiring
agreement of all Lenders), no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on
the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties
or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being
precluded (permanently or temporarily) from enforcing, relying on or exercising:

 

		(a)	a provision of this Agreement or another Finance Document; or

 

		(b)	an Event of Default; or

 

		(c)	a breach by the 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.

 

		35	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

 

    	 	109	 

     

    

 

		(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.

 

		36	Notices

 

		36.1	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.

 

		36.2	Addresses for communications

 

A notice shall be sent:

 

	(a)	to the Borrower:	de Gerlachekaai 20
	 	 	B-2000 Antwerp
	 	 	Belgium
	 	 	 
	 	 	Fax No:	32 3 247 4409
	 	 	Attn:	Chief Financial Officer

 

	(b)	to a Lender:	At the address below its name in Schedule 1 (Lenders and Commitments)
                                                           or (as the case may require) in the relevant Transfer Certificate.
	 	 	 
	(c)	to the K-sure Agent	8th Floor, the Walbrook Building
	 	 	25 Walbrook
	 	 	London EC2N 8AF
	 	 	 
	 	 	Tel:	0207 621 6040
	 	 	Fax No:	0207 283 6931
	 	 	Attn: 	Shipping Offshore and Logistics
	 	 	 
	 	 	Admin matters:
	 	 	Tel: 	0207 621 6010
	 	 	Fax No: 	0207 283 6931
	 	 	 
	 	 	Email: cmoalondon @dnb.no
	 	 	 
	(d)	to the Agent and	8th Floor, the Walbrook Building
	 	the Security Trustee:	25 Walbrook
	 	 	London EC2N 8AF
	 	 	 
	 	 	Tel: 	0207 621 6040
	 	 	Fax No: 	0207 283 6931
	 	 	Attn:  	Shipping Offshore and Logistics
	 	 	 
	 	 	Admin matters:
	 	 	Tel: 	0207 621 6010
	 	 	Fax No: 	0207 283 6931
	 	 	 
	 	 	Email: cmoalondon @dnb.no

 

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 Borrower, the Lenders and the Security
Parties.

 

    	 	110	 

     

    

 

		36.3	Effective date of notices

 

Subject to Clauses 36.4 (Service
outside business hours) and 36.5 (Illegible notices):

 

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

 

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

 

		36.4	Service outside business hours

 

However, if under Clause 36.3 (Effective
date of notices) a notice would be deemed to be served:

 

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

 

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

 

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

 

		36.5	Illegible notices

 

Clauses 36.3 (Effective date of
notices) and 36.4 (Service outside business hours) do not apply if the recipient of a notice notifies the sender within
1 hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form which
is illegible in a material respect.

 

		36.6	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.

 

		36.7	Electronic communication

 

Any communication to be made between
the Agent and another Creditor Party or the Borrower under or in connection with the Finance Documents may be made by electronic
mail or other electronic means (including by way of the Agent's Intralinks system), if the Agent and the relevant Creditor Party
or Borrower:

 

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

 

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

 

		(c)	notify each other of any change to their respective addresses or any other such information supplied
to them.

 

    	 	111	 

     

    

 

Any electronic communication made
between the Agent and another Creditor Party or the Borrower will be effective only when actually received in readable form and,
in the case of any electronic communication made by a Creditor Party or the Borrower to the Agent, only if it is addressed in such
a manner as the Agent shall specify for this purpose.

 

All Creditor Parties confirm that
they have consented to the use of the Agent’s Intralinks systems as an accepted method of communication under or in connection
with the Finance Documents and agree that the Intralinks system (or another electronic collaborative website) will be the primary
method of communication between the Agent and the other Creditor Parties. The Creditor Parties acknowledge that a communication
via Intralinks (or such other electronic collaborative website) will be effective once the communication is posted (in a readable
form) to Intralinks (or such other electronic collaborative website) by the Agent.

 

		36.8	English language

 

Any notice under or in connection
with a Finance Document shall be in English.

 

		36.9	Meaning of "notice"

 

In this Clause 36 (Notices),
"notice" includes any demand, consent, authorisation, approval, instruction, waiver or other communication.

 

		37	Supplemental

 

		37.1	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.

 

		37.2	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.

 

		37.3	Counterparts

 

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

 

		37.4	Third Party rights

 

		(a)	Subject to paragraph (b) below, 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.

 

		(b)	K-sure may rely on any Clause of this Agreement which expressly confers rights on it.

 

    	 	112	 

     

    

 

		38	Law and Jurisdiction

 

		38.1	English law

 

This Agreement (other than Clause
3.5 (Security Trustee as joint and several creditor) and any non-contractual obligations arising out of or in connection
with it shall be governed by, and construed in accordance with, English law. Clause 3.5 (Security Trustee as joint and several
creditor) shall be governed by, and construed in accordance with, Belgian law.

 

		38.2	Exclusive English jurisdiction

 

Subject to Clause 38.3 (Choice
of forum for the exclusive benefit of the Creditor Parties), the courts of England shall have exclusive jurisdiction to settle
any Dispute.

 

		38.3	Choice of forum for the exclusive benefit of the Creditor Parties

 

Clause 38.2 (Exclusive English
jurisdiction) is for the exclusive benefit of the Creditor Parties, each of which reserves the right:

 

		(a)	to commence proceedings in relation to any Dispute in the courts of any country other than England
and which have or claim jurisdiction to that Dispute; and

 

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

 

The Borrower shall not commence any
proceedings in any country other than England in relation to a Dispute.

 

		38.4	Process agent

 

The Borrower irrevocably appoints
Euronav (UK) Agencies Limited at its registered office for the time being, presently at 99 King’s Road, London, SW3 4PA,
England, to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the
English courts which are connected with this Agreement.

 

		38.5	Creditor Party rights unaffected

 

Nothing in this Clause 38 (Law
and Jurisdiction) shall exclude or limit any right which any Creditor Party may have (whether under the law of any country,
an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or
enforcement of a judgment or any similar or related matter in any jurisdiction.

 

		38.6	Meaning of "proceedings"

 

In this Clause 38 (Law and Jurisdiction),
"proceedings" means proceedings of any kind, including an application for a provisional or protective measure
and a "Dispute" means any dispute arising out of or in connection with this Agreement (including a dispute relating
to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with
this Agreement.

 

This Agreement has been entered into on
the date stated at the beginning of this Agreement.

 

    	 	113	 

     

    

 

Schedule
1

 

Lenders
and Commitments

 

Part A

 

Commercial
Lenders

 

	Lender	 	Lending Office	 	Commercial

 Lender

 Commitment 	 
	 	 	 	 	 	 
	DNB (UK) Limited	 	8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF 	 	9,166,666.66	 
	 	 	Credit Matters	 	 	 
	 	 	Tel:	0207 621 6010	 	 	 
	 	 	Telefax:	0207 283 6931	 	 	 
	 	 	Attn:	Shipping Offshore and Logistics	 	 	 
	 	 	Admin Matters	 	 	 
	 	 	Tel:	0207 621 6040	 	 	 
	 	 	Telefax:	0207 283 5935	 	 	 
	 	 	E-mail:	cmoalondon@dnb.no	 	 	 
	 	 	 	 	 	 	 
	ABN AMRO BANK N.V.	 	Coolsingel 93, 3012 AE Rotterdam	 	9,166,666.66	 
	 	 	The Netherlands	 	 	 
	 	 	Tel: 	+31 10 40 15 192	 	 	 
	 	 	Telefax:	+31 10 4015 323	 	 	 
	 	 	Attn:	Kees Tiemstra/Jesse van Schaik	 	 	 
	 	 	 	Energy, Commodities & Transportation Clients	 	 	 
	 	 	Email: 	kees.tiemstra@nl.abnamro.com	 	 	 
	 	 	 	serio.panday@sg.abnamro.com	 	 	 
	 	 	 	jesse.van.schaik@nl.abnamro.com	 	 	 
	 	 	 	 	 	 	 
	ING BANK, a branch of 	 	Hamburger Allee 1	 	9,166,666.66	 
	ING-DiBa AG	 	60486 Frankfurt am Main	 	 	 
	 	 	Tel: 	+49 69 7593 6415	 	 	 
	 	 	Telefax:	+49 69 7593 6212	 	 	 
	 	 	Attn:	Alexandra Asche	 	 	 
	 	 	Email:	alexandra.asche@ing.de	 	 	 
	 	 	With a copy to:	 	 	 
	 	 	ING Bank N.V.	 	 	 
	 	 	AMP D.06.007, Bijlmerplein 888	 	 	 
	 	 	P.O. Box 1800, 1000 BV Amsterdam	 	 	 
	 	 	The Netherlands	 	 	 
	 	 	Tel:	+31 20 576 8088	 	 	 
	 	 	Attn:	Andreas Tiniakos/Remco Steger	 	 	 
	 	 	Email:	andreas.tiniakos@ing.nl	 	 	 
	 	 	 	remco.steger@ingbank.com	 	 	 

    	 	114	 

     

    

 

Part B

K-sure Lenders

 

	Lender	 	Lending Office	 	K-sure Lender

Commitment 	 
	 	 	 	 	 	 
	DNB (UK) Limited	 	8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF 	 	27,500,000	 
	 	 	Credit Matters	 	 	 
	 	 	Tel:	0207 621 6010	 	 	 
	 	 	Telefax:	0207 283 6931	 	 	 
	 	 	Attn:	Shipping Offshore and Logistics	 	 	 
	 	 	Admin Matters	 	 	 
	 	 	Tel:	0207 621 6040	 	 	 
	 	 	Telefax:	0207 283 5935	 	 	 
	 	 	E-mail:	cmoalondon@dnb.no	 	 	 
	 	 	 	 	 	 	 
	ABN AMRO BANK 	 	Coolsingel 93, 3012 AE Rotterdam	 	27,500,000	 
	N.V.	 	The Netherlands	 	 	 
	 	 	Tel:	+31 10 40 15 192	 	 	 
	 	 	Telefax:	+31 10 4015 323	 	 	 
	 	 	Attn:	Kees Tiemstra/Jesse van Schaik	 	 	 
	 	 	 	Energy, Commodities & Transportation Clients	 	 	 
	 	 	Email:	kees.tiemstra@nl.abnamro.com	 	 	 
	 	 	 	serio.panday@sg.abnamro.com	 	 	 
	 	 	 	jesse.van.schaik@nl.abnamro.com	 	 	 
	 	 	 	 	 	 	 
	ING BANK, a branch of	 	Hamburger Allee 1	 	27,500,000	 
	ING-DiBa AG	 	60486 Frankfurt am Main	 	 	 
	 	 	Tel:	+49 69 7593 6415	 	 	 
	 	 	Telefax:	+49 69 7593 6212	 	 	 
	 	 	Attn:	Alexandra Asche	 	 	 
	 	 	Email:	alexandra.asche@ing.de	 	 	 
	 	 	With a copy to:	 	 	 
	 	 	ING Bank N.V.	 	 	 
	 	 	AMP D.06.007, Bijlmerplein 888	 	 	 
	 	 	P.O. Box 1800, 1000 BV Amsterdam	 	 	 
	 	 	The Netherlands	 	 	 
	 	 	Tel:	+31 20 576 8088	 	 	 
	 	 	Attn:	Andreas Tiniakos/Remco Steger	 	 	 
	 	 	Email:	andreas.tiniakos@ing.nl	 	 	 
	 	 	 	remco.steger@ingbank.com	 	 	 

 

    	 	115	 

     

    

 

Schedule
2

 

Drawdown
Notice

 

		To:	DNB Bank ASA, London Branch

8th Floor, The Walbrook Building,

25 Walbrook, London EC4N 8AF

 

		Attn:	Loans Administration

 

[·]

 

DRAWDOWN NOTICE

 

		1	We refer to the loan agreement (the "Loan Agreement") dated [·]
2017 and made between ourselves, as Borrower, the Lenders referred to therein, the Mandated Lead Arrangers, Co-Bookrunners and
the ECA Coordinator referred to therein, the Agent, Security Trustee and the K-sure Agent in connection with a term loan facility
of US$110,000,000. Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice.

 

		2	We request to borrow the Tranche in respect of [Ship A][Ship B] as follows:

 

		(a)	Amount: US$[·];

 

		(b)	Drawdown Date: [·];

 

		(c)	Duration of the [first] Interest Period shall be [·]
months;

 

		(d)	Payment instructions: account of [·]
and numbered [·] with [·]
of [·].

 

		3	We represent and warrant that:

 

		(a)	the representations and warranties in Clause 10 (Representations and Warranties) of the
Loan Agreement would remain true and not misleading if repeated on the date of this notice with reference to the circumstances
now existing;

 

		(b)	no Event of Default or Potential Event of Default has occurred or will result from the borrowing
of the Advance.

 

		4	This notice cannot be revoked without the prior consent of the Majority Lenders.

 

	 	[Name of Signatory]	 
	 	 	 
	 	 	 
	 	 	 
	 	for and on behalf of	 
	 	EURONAV NV	 

 

    	 	116	 

     

    

 

Schedule
3

Condition Precedent Documents

 

Part A

 

The following are the documents and fees referred
to in Clause 9.1(a).

 

		1	A duly executed original of this Agreement.

 

		2	Copies of the certificate of incorporation and constitutional documents of the Borrower and each
Security Party.

 

		3	In each case if required for the provisions of the legal opinions referred to in paragraph 9, copies
of the resolutions of the directors and shareholders of the Borrower and each Security Party authorising the execution of each
of the Finance Documents to which the Borrower or Security Party (as the case may be) is a party.

 

		4	The original of any power of attorney under which any Finance Document is to be executed on behalf
of the Borrower or Security Party.

 

		5	Copies of all consents which the Borrower or Security Party requires to enter into, or make any
payment under any Finance Document.

 

		6	Documentary evidence that the agent for service of process named in Clause 38 (Law and Jurisdiction)
has accepted its appointment.

 

		7	The Agent and Lenders have been provided with all information and documentation they have requested
in order to carry out and be reasonably satisfied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations pursuant to the transactions contemplated by this Agreement and to satisfy all internal compliance
policies of the Agent and the Lenders in relation to "know you customer" requirements.

 

		8	Evidence that all other fees, costs and expenses then due from the Borrower pursuant to Clause
20 (Fees, Expenses and K-sure Premium) have been paid or will be paid by the date of this Agreement.

 

		9	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws
of England, Belgium and such other relevant jurisdictions as the Agent may require.

 

		10	Copies of the most recent financial statements of the Borrower together with a compliance certificate.

 

		11	Evidence that the existing revolving credit facility made available to the Borrower by DNB Bank
ASA pursuant to a loan agreement dated 30 January 2017 made between the Borrower, the banks and financial institutions listed in
the schedule thereto and with DNB Bank ASA, London Branch as agent and security trustee has been cancelled by mutual consent.

 

		12	A copy of any other authorisation or other document, opinion or assurance which the Agent considers
to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by this Agreement.

 

    	 	117	 

     

    

 

Part B

 

The following are the documents referred to
in Clause 9.1(b). The "Ship" means the Ship to which the Tranche relates.

 

		1	In respect of the documents delivered by the Borrower to the
Agent pursuant to Part A of this Schedule 3 (Condition Precedent Documents), such other updating documents as the Agent
may require (including but not limited to a written confirmation from the Borrower stating that none of the documents delivered
by it to the Agent under Part A of this Schedule 3 (Condition Precedent Documents) have been modified, amended or supplemented,
or if any such document has been revoked, attaching a certified copy of any document replacing the one that has been revoked).

 

		2	A duly executed original of the Mortgage, the Deed of Covenant (if applicable) and the General
Assignment in relation to the Ship executed on or prior to the relevant Drawdown Date (and of each document required to be delivered
by their respective terms).

 

		3	A duly executed original of the Account Pledge (and of each document required to be delivered by
its terms).

 

		4	Written confirmation from the Borrower stating that no Long Term Charter has been entered into
by it in respect of the Ship.

 

		5	In each case if required for the provisions of the legal opinions referred to in paragraph 14,
copies of the resolutions of the directors and shareholders of the Borrower authorising the execution of each of the Finance Documents
to which the Borrower is a party.

 

		6	The original of any power of attorney under which any Finance Document is to be executed on behalf
of the Borrower.

 

		7	The originals of any mandates or other documents required in connection with the opening or operation
of the Earnings Account.

 

		8	Documentary evidence that the agent for service of process named in each of the General Assignment
and Account Pledge has accepted its appointment.

 

		9	The Agent and Lenders have been provided with all information and documentation they have requested
in order to carry out and be reasonably satisfied with all further necessary "know your customer" or other similar checks
under all applicable laws and regulations pursuant to the transactions contemplated by this Agreement and to satisfy all internal
compliance policies of the Agent and the Lenders in relation to "know you customer" requirements.

 

		10	In respect of the first Drawdown Date, evidence that the K-sure Premium has been paid or will be
paid by the first Drawdown Date.

 

		11	Documentary evidence that the Ship:

 

		(a)	is definitively and permanently registered in the name of the Borrower under the relevant Approved
Flag;

 

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

 

		(c)	maintains class acceptable to the Agent free of all overdue recommendations and conditions of an
Approved Classification Society;

 

    	 	118	 

     

    

 

		(d)	the Mortgage in relation to it has been duly registered against that Ship as valid first priority
or preferred (as the case may be) ship mortgage in accordance with the laws of the relevant Approved Flag; and

 

		(e)	it is insured in accordance with the provisions of this Agreement and all requirements therein
in respect of insurances have been complied with.

 

		12	Documents establishing that the Ship will, as from the relevant Drawdown Date, be managed by the
Approved Manager on terms acceptable to the Lenders, together with:

 

		(a)	the Manager's Undertaking in respect of the Ship; and

 

		(b)	copies of the relevant Approved Manager's Document of Compliance and of that Ship's Safety Management
Certificate (together with any other details of the applicable safety management system which the Agent requires) and ISSC.

 

		13	Valuations of each Ship to determine its Fair Market Value, addressed to the Agent, stated to be
for the purposes of this Agreement and dated not earlier than the date falling 100 days prior to the date of this Agreement and
obtained in accordance with Clause 15 (Security Cover) and showing that the aggregate Fair Market Value of the Ships is
equal to or greater than 125 per cent. of the Total Commitments (it being understood that if the drawdown to which this condition
precedent relates takes place on or prior to 30 April 2017, this condition shall be satisfied by provision of the valuations of
Braemar ACM Valuations and Clarksons Valuations Limited in respect of the Ship dated 23 January 2017 and 20 January 2017 respectively).

 

		14	A copy of the duly executed K-sure Insurance Policy on terms satisfactory to the K-sure Agent and
all the Lenders, together with an English translation (such translation to be provided at the cost of the Borrower).

 

		15	Confirmation from K-sure addressed to the K-sure Agent that the K-sure Premium has been paid in
full.

 

		16	A letter addressed to the K-sure Agent from Lee & Ko, legal advisers to the K-sure Agent and
the Lenders in Korea, confirming that the terms of the Finance Documents are not, or will not upon execution be, inconsistent or
in conflict with the provisions of the K-sure Insurance Policy.

 

		17	A legal opinion of Lee & Ko, legal advisers to the K-sure Agent and the Lenders in Korea, substantially
in the form distributed to the K-sure Agent and the Lenders before signing this Agreement and confirming, amongst other things,
that the K-sure Insurance Policy has been duly issued by K-sure and that it is legal, valid and binding on K-sure.

 

		18	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws
of England, Belgium and, if a different jurisdiction, the country where the Borrower is incorporated and the country where the
Ship is registered and such other relevant jurisdictions as the Agent may require.

 

		19	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.

 

		20	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.

 

		21	A copy of any other authorisation or other document,
opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and performance
of the transactions contemplated by this Agreement.

 

    	 	119	 

     

    

 

Schedule
4

 

Transfer
Certificate

 

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

 

		To:	[Name of Agent] for itself and for and on behalf of the Borrower, each Security Party, the Security
Trustee, each Lender and each Arranger, as defined in the Loan Agreement referred to below.

 

		1	This Certificate relates to a loan agreement
(the "Loan Agreement") dated [·] 2017 and made between
(1) Euronav NV (the "Borrower"), (2) the banks and financial institutions named therein as Lenders, (3) the Mandated
Lead Arrangers as defined therein, (4) the Co-Bookrunners as defined therein, (5) DNB Bank ASA, London Branch as ECA Coordinator,
(6) DNB Bank ASA, London Branch as Agent and Security Trustee and (7) DNB Bank ASA, London Branch as K-sure Agent for a term loan
facility of up to US$110,000,000.

 

		2	In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears,
have the same meanings and:

 

"Relevant Parties"
means the Agent, the Borrower, each Security Party, the Security Trustee, each Arranger and 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 represent
$[·].

 

		5	By virtue of this Transfer Certificate and Clause 31 (Transfers and Changes in Lending Offices)
of the Loan Agreement, the Transferor is discharged [entirely from its Commitment which amount to $[·]
[from [·] per cent. of its Commitment, which percentage represent
$[·]], and the Transferee acquires a Commitment of $[·].

 

		6	The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee
will observe and perform all the obligations under the Finance Documents which Clause 31 (Transfers and Changes in Lending Offices)
of the Loan Agreement provides will become binding on it upon this Certificate taking effect.

 

		7	The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent
itself and for and on behalf of every other Relevant Party, this Certificate as a Transfer Certificate taking effect in accordance
with Clause 31 (Transfers and Changes in Lending Offices) of the Loan Agreement.

 

		8	The Transferor:

 

		(a)	warrants to the Transferee and each Relevant Party that:

 

    	 	120	 

     

    

 

		(i)	the Transferor has full capacity to enter into this transaction and has taken all corporate action
and obtained all consents which are required in connection with this transaction; and

 

		(ii)	this Certificate is valid and binding as regards the Transferor;

 

		(b)	warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to
all the rights and interests covered by the assignment in paragraph 4; and

 

		(c)	undertakes with the Transferee that the Transferor will, at its own expense, execute any documents
which the Transferee reasonably requests for perfecting in any relevant jurisdiction the Transferee's title under this Certificate
or for a similar purpose.

 

		9	The Transferee:

 

		(a)	confirms that it has received a copy of the Loan Agreement and each other Finance Document;

 

		(b)	agrees that it will have no rights of recourse on any ground against either the Transferor, the
Agent, the Security Trustee, any Arranger or any Lender in the event that:

 

		(i)	any of the Finance Documents prove to be invalid or ineffective,

 

		(ii)	the 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 Borrower or Security Party under the Finance
Documents;

 

		(c)	agrees that it will have no rights of recourse on any ground against the Agent, the Security Trustee,
any Arranger or 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 and the Security Trustee severally,
on demand, fully to indemnify the Agent and/or the Security Trustee in respect of any claim, proceeding, liability or expense (including
all legal expenses) which they or either of them may incur in connection with this Certificate or any matter arising out of it,
except such as are shown to have been mainly and directly caused by the gross and culpable negligence or dishonesty of the Agent's
or the Security Trustee's own officers or employees.

 

		11	The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor
under paragraph 10 as exceeds one-half of the amount demanded by the Agent or the Security Trustee in respect of a claim, proceeding,
liability or expense which was not reasonably foreseeable at the date of this Certificate; but nothing in this paragraph shall
affect the liability of each of the Transferor and the Transferee to the Agent or the Security Trustee for the full amount demanded
by it.

 

    	 	121	 

     

    

 

		12	The Transferee confirms to the Transferor and each of the Creditor Parties that it:

 

		(a)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of the Borrower and its related entities in connection with its participation in the Loan and has not relied
exclusively on any information provided to it by the Transferor or any other Creditor Party in connection with any Finance Document
or the Security Interests created by the Finance Documents; and

 

		(b)	will continue to make its own independent appraisal of the creditworthiness of the Borrower and
its related entities throughout the Security Period.

 

		13	The Transferor makes no representation or warranty and assumes no responsibility to the Transferee
for the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document
and any representations or warranties implied by law are excluded.

 

	[Name of Transferor]	[Name of Transferee]
	 	 
	By:	By:
	 	 
	Date:	Date:
	 	 
	Agent	 
	 	 
	Signed for itself and for and on behalf of itself	 
	as Agent and for every other Relevant Party	 
	 	 
	[Name of Agent]	 
	 	 
	By:	 
	 	 
	Date:	 

 

    	 	122	 

     

    

 

Administrative Details of Transferee

 

Name of Transferee:

 

Lending Office:

 

Contact Person

 

(Loan Administration Department):

 

Telephone:

 

Telex:

 

Fax:

 

Contact Person

 

(Credit Administration Department):

 

Telephone:

 

Telex:

 

Fax:

 

Account for payments:

 

		Note:	This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the
Transferor's interest in the security constituted by the Finance Documents in the Transferor's or Transferee's jurisdiction. It
is the responsibility of each Lender to ascertain whether any other documents are required for this purpose.

 

    	 	123	 

     

    

 

Schedule
5

 

Details
of Ships

 

	Ship Name	 	DWT	 	Built	 	Shipyard	 	Delivery Date

 from Shipyard	 	Flag
	 	 	 	 	 	 	 	 	 	 	 
	ARDECHE	 	298,642 mt	 	2017	 	Hyundai Samho Heavy Industries	 	12 January 2017	 	Belgian
	 	 	 	 	 	 	 	 	 	 	 
	AQUITAINE	 	298,768 mt	 	2017	 	Hyundai Samho Heavy Industries	 	20 January 2017	 	Belgian

 

    	 	124	 

     

    

 

 

Schedule
6

 

Form
of Certificate of Compliance

 

		To:	DNB Bank ASA, London Branch

			[·]

 

		From:	Euronav NV

 

[Date]

 

OFFICER'S CERTIFICATE

 

This Certificate is rendered pursuant to clause
11.5(e) of the loan agreement dated [·] 2017 (the "Loan
Agreement") and entered into between (i) Euronav NV, as Borrower (ii) the banks and financial institutions listed
in Schedule 1 therein as Lenders, (iii) the Mandated Lead Arrangers as referred to therein, (iv) the Co-Bookrunners as referred
to therein, (v) the ECA Coordinator as referred to therein, (vi) DNB Bank ASA, London Branch as Agent and Security Trustee and
(vii) DNB Bank ASA, London Branch as K-sure Agent, relating to a term loan facility of up to US$110,000,000. Words and expressions
defined in the Loan Agreement shall have the same meanings when used herein.

 

I, the Chief Financial Officer of the Borrower,
hereby certify that:

 

		1	Attached to this Certificate [are][is] the latest [audited consolidated accounts of the Group and
audited individual accounts of the Borrower for the financial year ending on [·]]
[unaudited consolidated balance sheet of the Group and the unaudited individual balance sheet of the Borrower in relation to the
[first] [second] six months of the financial year ending on [·]]
(the "Accounts").

 

		2	Set out below are the respective amounts, in US Dollars, of the Cash, Consolidated Current Assets,
Consolidated Current Liabilities, Free Liquid Assets, Stockholders' Equity, Total Assets and Total Indebtedness of the Group as
at [·]:

 

	 	 	US Dollars
	 	 	 
	Cash	 	[·]
	 	 	 
	Consolidated Current Assets	 	[·]
	 	 	 
	Consolidated Current Liabilities	 	[·]
	 	 	 
	Free Liquid Assets	 	[·]
	 	 	 
	Stockholders' Equity	 	[·]
	 	 	 
	Total Assets	 	[·]
	 	 	 
	Total Indebtedness	 	[·]

 

		3	Accordingly, as at the date of this Certificate the financial covenants set out in clause 12.5
(Financial Covenants) of the Loan Agreement [are] [are not] complied with, in that as at [·]:

 

		(a)	Consolidated Working Capital is US$[·];

 

		(b)	Free Liquid Assets are US$[·];

 

		(c)	Cash is US$[·]; and

 

    	 	125	 

     

    

 

		(d)	the ratio of Stockholders' Equity to Total Assets is [·]
per cent.;

 

[or, as the case may be, specify
in what respect any of the financial covenants are not complied with.]

 

		4	As at [·] no Event of Default
has occurred and is continuing.

 

[or, specify/identify any Event
of Default]

 

The Borrower is in compliance with clause 15.1
of the Loan Agreement.

 

[If not, specify this and what is proposed
as regards Clause 15.2]

 

The Fair Market Value of the Ships which are
subject to a Mortgage is as follows as at [date]:

 

	Name of Ship	 	Name of first shipbroker

providing valuation	 	Name of second shipbroker

providing valuation	 	Average market value
	 	 	 	 	 	 	 
	[·]	 	[·]	 	[·]	 	[·]

 

	 	 
	Chief Financial Officer	 
	EURONAV NV	 

 

Note: Supporting Schedules to be attached.

 

    	 	126	 

     

    

 

Schedule
7

 

Timetables

 

	LIBOR is fixed	 	Quotation Date as of 11:00 am London time
	 	 	 
	Reference Bank Rate calculated by reference to available quotations in accordance with Clause 5.7 (Calculation of Reference Bank Rate)	 	Noon on the Quotation Date

 

    	 	127	 

     

    

 

Execution
Pages

 

	BORROWER	 	 
	 	 	 
	SIGNED by	)	/s/ Julie Walton
	 	)	Julie Walton
	for and on behalf of	)	Attorney-in-Fact
	EURONAV NV	)	 
	in the presence of:	)	/s/ Oliver Johnson-Munday
	 	 	Oliver Johnson-Munday
	 	 	Trainee Solicitor
	 	 	 
	 	 	NORTON ROSE FULBRIGHT
	 	 	Norton Rose Fulbright LLP
	 	 	3 More London Riverside
	 	 	London SE1 2AQ United Kingdom
	 	 	nortonrosefulbright.com
	 	 	 
	COMMERCIAL LENDERS	 	 
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	DNB (UK) LIMITED	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	ABN AMRO BANK N.V.	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	ING BANK, a branch of ING-DiBa AG	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	K-SURE LENDERS	 	 
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	DNB (UK) LIMITED	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB

 

    	 	128	 

     

    

 

	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	ABN AMRO BANK N.V.	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	ING BANK, a branch of ING-DiBa AG	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	MANDATED LEAD ARRANGERS	 	 
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	DNB (UK) LIMITED	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	ABN AMRO BANK N.V.	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	ING BANK, a branch of ING-DiBa AG	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB

 

    	 	129	 

     

    

 

	CO-BOOKRUNNERS	 	 
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	DNB (UK) LIMITED	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	ABN AMRO BANK N.V.	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	ING BANK, a branch of ING-DiBa AG	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	ECA COORDINATOR	 	 
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	DNB BANK ASA, LONDON BRANCH	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	K-SURE AGENT	 	 
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	DNB BANK ASA, LONDON BRANCH	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB

 

    	 	130	 

     

    

 

	AGENT	 	 
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	DNB BANK ASA, LONDON BRANCH	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB
	 	 	 
	SECURITY TRUSTEE	 	 
	 	 	 
	SIGNED by	)	/s/ Jasmine Lossouarn
	 	)	Jasmine Lossouarn
	for and on behalf of	)	Attorney-in-Fact
	DNB BANK ASA, LONDON BRANCH	)	 
	in the presence of:	)	/s/ Aimee Myhre
	 	 	Aimee Myhre
	 	 	Trainee Solicitor
	 	 	Watson Farley & Williams LLP
	 	 	15 Appold Street
	 	 	London EC2A 2HB

 

    	 	131Exhibit 10.19

 

6 June 2017

 

DEALER AGREEMENT

 

relating to the

 

EUR 50,000,000
Belgian Multi-currency Short-Term Treasury Notes Programme

 

of

 

 

as Issuer

 

and

 

BNP Paribas
Fortis SA/NV

 

as Arranger,
Domiciliary Agent and Dealer

 

     

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

TABLE OF CONTENTS

 

	1.	INTERPRETATION	2
	2.	APPOINTMENTS	5
	3.	ISSUE PROCEDURE	6
	4.	REPRESENTATIONS AND WARRANTIES	10
	5.	CONDITIONS PRECEDENT	13
	6.	COVENANTS AND AGREEMENTS	14
	7.	OBLIGATIONS OF THE DEALER	20
	8.	TERMINATION AND ADDITIONAL APPOINTMENT	21
	9.	Transfers to affiliates	22
	10.	CALCULATION AGENT	22
	11.	STATUS OF THE DEALERS AND THE ARRANGER	22
	12.	NOTICES	23
	13.	PARTIAL INVALIDITY	23
	14.	REMEDIES AND WAIVERS	23
	15.	COUNTERPARTS	24
	16.	APPLICABLE LAW AND JURISDICTION	24
	SCHEDULE 1 CONDITION PRECEDENT DOCUMENTS	25
	SCHEDULE 2 SELLING RESTRICTIONS	26
	SCHEDULE 3 DEALER ACCESSION LETTER	28
	SCHEDULE 4 NOTIFICATION LETTER FOR AN INCREASE IN THE PROGRAMME MAXIMUM AMOUNT	29
	SCHEDULE 5 FORM OF TRADE CONFIRMATION	30
	schedule 6 Initial settlement instructions	32
	Schedule 7 AdDresses for notices	33
	Schedule 8 form of calculation agency agreement	34

 

    	 	- 1 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

THIS AGREEMENT IS DATED

 

6 June 2017

 

AND MADE BETWEEN

 

Euronav NV, a limited liability company
(“naamloze vennootschap” / “société anonyme”) incorporated under the laws of
Belgium and having its registered office at De Gerlachekaai 20, 2000 Antwerp, enterprise number 0860.402.767 (RPR/RPM Antwerpen)
as issuer (hereinafter referred to as the “Issuer”);

 

AND

 

BNP PARIBAS FORTIS SA/NV, a credit institution
validly existing under the laws of the Kingdom of Belgium, having its registered office at Montagne du Parc 3, B-1000 Brussels,
Belgium, enterprise number 0403,199,702 (RPM/RPR Brussels) as arranger and dealer (the “Arranger” and the “Dealer”);

 

WHEREAS,

 

		(i)	The Issuer has, further to a decision of its board of directors dated 6 June 2017, established
a Multi-currency Short Term Treasury Notes Programme for the issue of Treasury Notes denominated in euro or any other foreign currency,
subject to the Terms and Conditions of the Treasury Notes (the “Conditions”) set out in the Information Memorandum
(as defined below) and in accordance with the law of 22 July 1991 relating to billets de trésorerie et certificats de
dépôt / thesauriebewijzen en depositobewijzen, as amended, and the royal decree of 14 October 1991 relating to
billets de trésorerie et certificats de dépôt / thesauriebewijzen en depositobewijzen, as amended.

 

		(ii)	The Issuer has appointed BNP Paribas Fortis SA/NV, which has accepted, to act as Domiciliary Agent
in relation to the Treasury Notes to be issued under the Programme pursuant to the Domiciliary Agency Agreement (as defined below).

 

		(iii)	The Issuer, the Domiciliary Agent and the NBB (as defined below) have executed the Clearing Agreement
(as defined below) in relation to the clearing of the Treasury Notes to be issued by the Issuer.

 

THE PARTIES HERETO AGREE AS FOLLOWS:

 

		1.	INTERPRETATION

 

		1.1	Definitions

 

In this Agreement:

 

“Additional Dealer” means
any institution appointed as a Dealer in accordance with Clause 8.3 (Appointment of an Additional Dealer).

 

“Business Day” means any
day, other than a Saturday or Sunday, that is (i) a TARGET Day and (ii) a day on which banks are open for general business in Brussels
and, in respect of payments to be made in respect of Treasury Notes issued in a Foreign Currency, in the principal financial centre
of such Foreign Currency.

 

“Clearing Agreement” means
the Convention de service de clearing relatif aux billets de trésorerie dématérialises et aux certificats
de dépôt dématérialisés / Overeenkomst van dienstverlening inzake de clearing van gedematerialiseerde
thesauriebewijzen en gedematerialiseerde depositobewijzen dated on or about the date hereof and made between the NBB, the Issuer
and the Domiciliary Agent, as amended, supplemented, or/and updated from time to time.

 

    	 	- 2 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

"Clearing System" means Clearstream
Banking, société anonyme ("Clearstream, Luxembourg"), Euroclear Bank S.A./N.V. ("Euroclear"),
the clearing system operated by the NBB, or any successor thereto or any other clearing system from time to time agreed between
the Dealers and the Issuer.

 

“Dealer” means the Dealer
(including BNP Paribas Fortis SA/NV in its capacity as Arranger) or the Dealer and any Additional Dealer but excluding any institution
whose appointment as a dealer has been terminated under Clause 8.2 (Termination of and resignation by a Dealer) provided
that where any such institution has been appointed as Dealer in relation to a particular issue of Treasury Notes or period of time,
the expression Dealer shall only mean or include such institution in relation to such Treasury Notes or that time period.

 

“Disclosure Documents” means,
at any particular date:

 

		(a)	the Information Memorandum;

 

		(b)	the most recently published audited financial statements of the Issuer and any subsequently prepared
interim financial statements (whether audited or unaudited, and including, if applicable, the information to be prepared in accordance
with the Treasury Notes Decree) of the Issuer; and

 

		(c)	any other document delivered by the Issuer to a Dealer which the Issuer has expressly authorised
in writing to be distributed to actual or potential purchasers of Treasury Notes.

 

“Domiciliary Agency Agreement”
means the domiciliary agency agreement, dated on or about the date of this Agreement, between the Issuer and the Domiciliary Agent,
as amended, supplemented, or/and updated from time to time, providing for the issuance of and payment on the Treasury Notes.

 

“Domiciliary Agent” means
BNP Paribas Fortis SA/NV as domiciliary agent for the Treasury Notes and any successor agent appointed in accordance with the Domiciliary
Agency Agreement.

 

“Dollars” and “USD”
mean the lawful currency of the United States of America; and “Dollar Treasury Note” means a Treasury Note denominated
in Dollars.

 

“euro” and “EUR”
and "€" denote the single currency of the member states of the European Communities that adopt or have adopted
the euro as their lawful currency under the legislation of the European Community for Economic Monetary Union and “euro
Treasury Note” means a Treasury Note denominated in euro.

 

“Euro Equivalent” means
on any day:

 

		(a)	in relation to any euro Treasury Note, the nominal amount
of such Treasury Note;

 

		(b)	in relation to any Treasury Note denominated or to be denominated in any other currency, the amount
in euro which would be required to purchase the nominal amount of such Treasury Note as expressed in such other currency at the
spot rate of exchange for the purchase of such other currency with euro, as observed by the Issuer at or about 11.00 a.m. (Brussels
time) on such day.

 

“Foreign Currency” means
any lawful currency other than Euro for which the European Central Bank daily publishes Euro foreign exchange reference rates,
provided that the NBB accepts such currency and subject to compliance with all applicable legal and regulatory requirements (including
the rules of the Clearing System).

 

“UK FSMA” means the Financial
Services and Markets Act 2000.

 

“Group” means the Issuer
and its Subsidiaries.

 

“Information Memorandum”
means the information memorandum dated 6 June 2017,containing information about the Issuer and the Treasury Notes (including
information incorporated therein by reference), as prepared by or on behalf of the Issuer pursuant to Article 5 of the Treasury
Notes Law for use by the Dealer and Additional Dealer, if any, in connection with the transactions contemplated by this Agreement,
as the same may be amended, supplemented, updated and/or substituted from time to time.

 

    	 	- 3 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

“Issue Date” means the date
on which Treasury Notes are to be issued in accordance with an agreement between the Issuer and the Dealer and Additional Dealer,
if any, for a Note Transaction.

 

“NBB” means the National
Bank of Belgium, provided that, if the NBB ceases to be the operator of the Clearing System in relation to the Treasury Notes,
references to the NBB shall henceforth refer to the successor operator thereof in relation to the Treasury Notes.

 

“Note Transaction” means
the issue by the Issuer and the subscription by a Dealer of Treasury Note(s) in accordance with Clause 3.2 (Issue Procedure).

 

“Programme” means the commercial
paper programme of the Issuer established by the Programme Agreements.

 

“Programme Agreements” means
this Agreement, any agreement for a Note Transaction, the Domiciliary Agency Agreement, and the Clearing Agreement.

 

“Programme Maximum Amount”
means EUR 50,000,000 or such other amount as may apply in accordance with Clause 3.6 (Increase in Programme Maximum Amount).

 

“Ratings Agency” means Fitch
Ratings Ltd. ("Fitch"), Moody's Investors Service, Limited ("Moodys") or Standard & Poor's
Credit Market Services Europe Limited ("S&P") or any other statistical ratings organisation which rates the
Issuer's debt securities.

 

“Relevant Party” means the
Arranger, the Dealer or an Additional Dealer, each of their respective affiliates and each person who controls them (within the
meaning of section 15 of the Securities Act of the United States Securities Exchange Act of 1933, as amended), together with each
of their respective directors, officers, employees and agents.

 

“Sanctions” means any economic
or financial sanctions or embargoes and/or restrictive measures administered or imposed by the Office of Foreign Assets Control
of the U.S. Department of the Treasury, the U.S. State Department, any other agency of the U.S. government, the United Nations,
the European Union or the United Kingdom.

 

"Sterling" and "£"
denote the lawful currency of the United Kingdom; and "Sterling Note" means a Treasury Note denominated in Sterling.

 

“Subsidiary” means:

 

		(a)	an entity of which a person has direct or indirect control or owns directly or indirectly more
than 50% of the voting capital or similar right of ownership and control for this purpose means the power to direct the management
and the policies of the entity whether through the ownership of voting capital, by contract or otherwise; or

 

		(b)	an entity whose financial statements are, in accordance with applicable law and generally accepted
accounting principles, consolidated with those of another person using the full consolidation method.

 

“TARGET2” means the Trans-European
Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched
on 19 November 2007.

 

“TARGET Day” means any day
on which TARGET2 is open for the settlement of payments in euro.

 

“Trade Confirmation” means
the trade confirmation confirming the terms of a Note Transaction substantially in the form of Schedule 5 to this Agreement (Form
of Trade Confirmation).

 

“Trade Date” means, in relation
to a given Note Transaction, the date on which an agreement for a Note Transaction is reached between the Issuer and a Dealer in
accordance with Clause 3.2 (Issue procedure) below.

 

    	 	- 4 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

“Treasury Note” means a
dematerialised treasury note (billet de trésorerie / thesauriebewijs) issued under and in accordance with the Treasury
Notes Law and the Treasury Notes Decree and issued by the Issuer in accordance with the Domiciliary Agency Agreement.

 

“Treasury Notes Decree”
means the Belgian royal decree of 14 October 1991 implementing the Treasury Notes Law, as amended or replaced from time to time.

 

“Treasury Notes Law” means
the Belgian law of 22 July 1991 on treasury notes and certificates of deposit (loi relative aux billets de trésorerie
et aux certificats de dépôt / wet betreffende de thesauriebewijzen en de depositobewijzen), as amended
or replaced from time to time.

 

		1.2	Construction

 

		(a)	In this Agreement, unless the contrary intention appears, a reference to:

 

		(i)	a provision of a law is a reference to that provision as amended, extended, applied or re-enacted
and includes any subordinate legislation;

 

		(ii)	a Clause or a Schedule is a reference to a clause of or a schedule to this Agreement;

 

		(iii)	a person includes any individual, company, corporation, unincorporated association or
body (including a partnership, trust, joint venture or consortium), government, state, agency, organisation or any other entity
whether or not having separate legal personality, and references to any person shall include its successors in title, permitted
assigns and permitted transferees;

 

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

 

		(v)	an authorisation includes any authorisation, consent, approval, resolution, licence, exemption,
filing, notarisation or registration;

 

		(vi)	a regulation includes any regulation, rule, official directive, request or guideline (whether
or not having the force of law) of any governmental, inter-governmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation; and

 

		(vii)	any Programme Agreement or other document is a reference to that Programme Agreement or
other document as amended, novated, restated, superseded or supplemented.

 

		(b)	Each capitalised term used in this Agreement and not expressly defined in this Agreement
shall, unless the context otherwise requires, have the meaning given to such term in the Information Memorandum.

 

		(c)	The index to and the headings in this Agreement are for convenience only and may not be
considered in construing this Agreement.

 

		2.	APPOINTMENTS

 

		2.1	Appointment of Arranger

 

The Issuer hereby appoints BNP Paribas
Fortis SA/NV as Arranger of the Programme. BNP Paribas Fortis SA/NV hereby accepts such appointment.

 

    	 	- 5 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

The Arranger will submit the Programme
to the NBB for acceptance in the Clearing System. The Arranger will submit the Programme to any other clearing service that may
from time to time be relevant for the clearing of the Treasury Notes.

 

The Issuer agrees that the Information
Memorandum and the content thereof will be deemed to be approved by and prepared under the sole liability of the Issuer when an
original version thereof has been signed on the signature page by authorised signatories of the Issuer. The Issuer further agrees
that any supplement thereto and the content thereof will be deemed to be approved by and prepared under the sole liability of the
Issuer when signed by authorised signatories of the Issuer.

 

		2.2	Appointment of the Dealer

 

The Issuer hereby appoints the Dealer
with respect to the issue of Treasury Notes under this Agreement, and the Dealer hereby accepts such appointment upon the terms
of this Agreement and subject to Clause 7.1 (Selling Restrictions).

 

		2.3	The Uncommitted Programme

 

The Issuer shall not be under any
obligation to issue Treasury Notes, and a Dealer shall not be under any obligation to subscribe for or procure the subscription
of any Treasury Notes, until such time as an agreement for a Note Transaction has been reached between the Issuer and that Dealer.

 

		3.	ISSUE
PROCEDURE

 

		3.1	Issue of Treasury Notes

 

		(a)	Subject to the terms of this Agreement, the Issuer may issue Treasury Notes to the Dealer
or any Additional Dealer from time to time upon such terms and such prices as the Issuer and the relevant Dealer may agree. The
Issuer acknowledges that the Dealer or any Additional Dealer may resell the Treasury Notes subscribed for by such Dealer or hold
the same in portfolio.

 

		(b)	Each issue of Treasury Notes having the same Issue Date, Maturity Date, currency and yield
and redemption basis will form one series of Treasury Notes.

 

		(c)	The Tenor of each Treasury Note shall not be less than one day or greater than 364 days,
with that Tenor being calculated from (and including) the Issue Date to (but excluding) the Maturity Date of that Treasury Note.

 

		(d)	Treasury Notes shall be issued with a minimum denomination of EUR 250,000 (or integral multiples
thereof) or such other conventionally accepted denominations in those currencies as may be agreed between the Issuer and the relevant
Dealer from time to time, subject in each case to compliance with all applicable legal and regulatory requirements and provided
that the equivalent of that denomination in euro (as determined by the Issuer on the Trade Date and on the Issue Date) is not less
than EUR 250,000.

 

		(e)	Treasury Notes shall be issued in accordance with the Conditions of the Treasury Notes,
and said Conditions are hereby incorporated by reference.

 

		(f)	The aggregate amount of Treasury Notes outstanding at any time will not exceed the Programme Maximum
Amount. For the purposes of calculating the amount of Treasury Notes issued under the Programme, the Issuer shall take the principal
amount of any outstanding Treasury Notes denominated in any currency other than euro as the Euro Equivalent of such principal amount
as at the Trade Date of the relevant Treasury Notes.

 

    	 	- 6 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

		3.2	Issue procedure

 

		(a)	Whenever the Issuer wishes to issue Treasury Notes, any of its authorised officers shall
contact the Dealer or any Additional Dealer directly by telephone, to advise such Dealer(s) of the desired Tenor(s), currency,
amount(s) and Issue Date of the Treasury Notes it wishes to issue, if possible together with any other financial terms and conditions.

 

		(b)	After a request from the Issuer in accordance with paragraph (a) above,

 

		(i)	each Dealer may agree with the Issuer to subscribe for such Treasury Notes, in which case,
the Issuer shall be obliged to issue and such Dealer shall be obliged to subscribe and pay for the Treasury Notes on the terms
so agreed; or

 

		(ii)	if agreed between a relevant Dealer and the Issuer, such relevant Dealer shall use its
best effort to identify potential investors for Treasury Notes and invite them:

 

		(A)	to subscribe for Treasury Notes at the financial conditions and in accordance with the terms
proposed by the Issuer after consultation with the relevant Dealer; or

 

		(B)	to bid for the subscription of Treasury Notes up to the amount and for the Tenor proposed
by the Issuer after consultation with the relevant Dealer, and

 

if in such case
a Dealer is not able to subscribe for or procure the subscription of all or part of the amount allocated to it, the other Dealer,
if any, shall have the right but not the obligation to subscribe for or procure the subscription of such amount of Treasury Notes.

 

As soon as possible,
but in any event before 12.00 noon (Brussels time) on the Trade Date, each relevant Dealer(s) shall inform the Issuer, in the case
of paragraph (b)(ii)(A) above, of the amount of Treasury Notes for which it is able to arrange the subscription or, in the case
of paragraph (b)(ii)(B) above of the financial conditions at which it would be possible to arrange the subscription of the requested
amount of Treasury Notes.

 

		(c)	If at any time, an investor approaches a Dealer to request the issue of Treasury Notes by
the Issuer, such Dealer shall inform the Issuer of such demand. The Issuer shall, subject to the other terms of this Agreement,
have the right but not the obligation to issue Treasury Notes.

 

		3.3	Agreements for Note Transactions

 

		(a)	If the Issuer and the relevant Dealer have agreed by telephone on the terms of the subscription
of any Treasury Note by or procured by such Dealer (including, but not limited to, with respect to the date of issue, purchase
price, principal amount, maturity and interest or discount thereof) pursuant to this Agreement:

 

		(i)	the Issuer, or if requested by the Issuer, the Dealer or an Additional Dealer shall at the latest
by 2 p.m. (CET) on the Business Day preceding the proposed Issue Date for issues of Treasury Notes denominated in euro, and 2 p.m.
(CET) on the second Business Day before the proposed Issue Date for issues of Treasury Notes denominated in any other currency,
confirm by telephone to the Domiciliary Agent the information set out in the form of Trade Confirmation set out in Schedule 5 in
respect of the Treasury Notes;

 

    	 	- 7 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

		(ii)	the Issuer and the Dealer shall confirm on the Trade Date or at the latest by 4 p.m. (CET)
on the Business Day preceding the proposed Issue Date for issues of Treasury Notes denominated in euro, and 4 p.m. (CET) on the
second Business Day before the proposed Issue Date for issues of Treasury Notes denominated in any other currency, amongst each
other in writing the terms of the relevant agreement for a Note Transaction using the Trade Confirmation; and

 

		(iii)	the Issuer, or if requested by the Issuer, the Dealer, shall send at the latest by 6 p.m.
(CET) on the Business Day preceding the proposed Issue Date for issues of Treasury Notes denominated in euro, and 6 p.m. (CET)
on the second Business Day before the proposed Issue Date for issues of Treasury Notes denominated in any other currency in writing
to the Domiciliary Agent, a copy of the Trade Confirmation duly signed or countersigned by the Issuer, or any other document signed
or countersigned by the Issuer confirming the terms of the relevant agreement for a Note Transaction.

 

		(b)	Failure to confirm:
                                         Any failure by the Issuer or the relevant Dealer to confirm, if so requested, its agreement
                                         with or rejection of the Trade Confirmation sent to it by the other party before 5 p.m.
                                         (CET) on the Business Day preceding the proposed Issue Date for issues of Treasury Notes
                                         denominated in euro, and 5 p.m. (CET) on the second Business Day before the proposed
                                         Issue Date for issues of Treasury Notes denominated in any other currency, shall be deemed
                                         an acceptance of the terms of the proposed issue, subject to Clause 3.4 (Recordings
                                         and disagreements).

 

		(c)	Execution of transaction:
                                         The transaction shall be executed according to the terms set out in the Trade Confirmation
                                         or other document signed or countersigned by the Issuer and provided to the Domiciliary
                                         Agent pursuant to paragraph (a)(iii) above, unless the Issuer contacts the Domiciliary
                                         Agent, at the latest at 6 p.m. (CET) on the Business Day preceding the proposed Issue
                                         Date for issues of Treasury Notes denominated in euro, and 6 p.m. (CET) on the second
                                         Business Day before the proposed Issue Date for issues of Treasury Notes denominated
                                         in any other currency, to advise it of any error or discrepancy therein.

 

		(d)	Settlement instructions:
                                         The relevant Dealer shall notify the Domiciliary Agent and the Issuer of the payment
                                         and delivery instructions applicable to such Treasury Note in accordance with the prevailing
                                         market practice and in sufficient time to enable the Domiciliary Agent to deliver such
                                         Treasury Notes (or make the same available for collection) against payment on the relevant
                                         Issue Date; the initial settlement instructions in respect of each Dealer and the Domiciliary
                                         Agent are set out in Schedule 6 (Initial Settlement Instructions), and each party
                                         may change the instructions applicable to it subject to prior written notice at least
                                         two Business Days prior to any date on which payment in respect of Treasury Notes is
                                         due.

 

		(e)	Delivery and payment: On the Issue Date, each Dealer shall pay the purchase
price for the Treasury Notes issued to it pursuant to the relevant agreement for a Note Transaction by transfer of the requisite
amount in same day funds to the account of the Domiciliary Agent with the relevant clearing system, against delivery of the Treasury
Notes to such securities account at the relevant clearing system as specified by the relevant Dealer.

 

Any payment to be
made to the Domiciliary Agent that is not made through a clearing system against delivery of Treasury Notes shall be made by transfer
of same-day funds settled through the TARGET2-system, or such other payment system designated by the Domiciliary Agent, to such
account as the Domiciliary Agent shall from time to time have specified for this purpose.

 

		3.4	Recordings and disagreements

 

Each party to this Agreement acknowledges
and agrees that any telephone conversation in respect of or in relation to the issue of Treasury Notes may be recorded and kept
by each relevant party.

 

    	 	- 8 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

In case of any disagreement between
the Issuer and the Dealer or an Additional Dealer as to the terms and conditions of an issue of Treasury Notes, the recording of
the relevant telephone conversations shall be decisive, provided that no such recording shall overrule a Trade Confirmation duly
signed or countersigned by the Issuer. Each Dealer undertakes for the benefit of the Domiciliary Agent, and the Issuer agrees,
to make available the recordings of such telephone conversations to the Domiciliary Agent in case of any disagreement between the
Issuer and the Domiciliary Agent on the terms and conditions of Treasury Notes issued.

 

The terms and conditions of an issue
may not be challenged after a period of two (2) months following the Trade Date, after which any such recordings may be destroyed.

 

		3.5	Failure to issue

 

If, for any reason (including, without
limitation, the failure of the relevant trade), the Issuer and the relevant Dealer agree that a Treasury Note is not to be issued
in accordance with an agreement for a Note Transaction, the Issuer together with the relevant Dealer shall immediately notify the
Domiciliary Agent of that fact. No cancellation of any issue will be possible after 10 a.m. (Brussels time) on the Business Day
before the Issue Date in case the Treasury Notes are denominated in euro, and before 10 a.m. (Brussels time) on the Business Day
before the Issue Date of such Treasury Notes, in case the Treasury Notes are denominated in any Foreign Currency (or such other
time as from time to time agreed with or imposed by the NBB), after which time no such cancellation shall be possible.

 

		3.6	Increase in Programme Maximum Amount

 

The Issuer may
from time to time, subject to the prior consent of the Domiciliary Agent, increase the Programme Maximum Amount by:

 

		(a)	giving at least 10 days’ notice by letter in substantially the form of Schedule 4
(Notification Letter for an Increase in the Programme Maximum Amount) to the Dealer and the Additional Dealer, if any, and
to the Domiciliary Agent; and

 

		(b)	delivering to each Dealer with that letter the documents referred to in that letter, in
each case in form and substance acceptable to each Dealer.

 

		3.7	Optional currencies

 

Any agreement for a Note Transaction
for a Treasury Note denominated in any Foreign Currency (other than U.S. Dollars) shall be conditional upon:

 

		(a)	it being lawful and in compliance with all requirements of any relevant central bank and
any other relevant fiscal, monetary, regulatory or other authority from time to time, for deposits to be made in such currency
and for such Treasury Note to be issued, offered for sale, sold and delivered;

 

		(b)	it being denominated in any lawful currency other than Euro for which the European Central
Bank daily publishes Euro foreign exchange reference rates, provided that the NBB accepts such currency and subject to (i) compliance
with any applicable legal and regulatory requirements and (ii) the prior approval of the Domiciliary Agent on such currency.

 

		(c)	the written consent of the Domiciliary Agent to that currency having been given; and

 

		(d)	any appropriate amendments required, or considered by the Domiciliary Agent to be required, to
be made to this Agreement and/or the Domiciliary Agency Agreement.

 

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		3.8	Dematerialised Treasury Notes

 

Each Treasury Note will be issued
in dematerialised form and represented by book entries in securities accounts only (and not by any bearer document or register)
maintained with the Clearing System itself or with participants or sub-participants in such system approved by the Belgian Financial
Services and Markets Authority for the purposes of maintaining such securities accounts.

 

		4.	REPRESENTATIONS
AND WARRANTIES

 

		4.1	Representations and warranties

 

The Issuer makes the representations
and warranties in this Clause 4 to the Arranger, the Dealer and any Additional Dealer, if any.

 

		4.2	Status

 

It is a company duly incorporated
and validly existing under the laws of Belgium (in respect of the Issuer), with full power and authority to own its assets and
to conduct its business as it is being conducted.

 

		4.3	Powers and authority

 

It has the power to enter into, perform
and deliver, and has taken all necessary action to authorise the entry into, the performance and delivery of, the Treasury Notes
and the Programme Agreements to which it is a party and the transactions contemplated by those Programme Agreements and Treasury
Notes.

 

		4.4	Binding obligations

 

The obligations expressed to be assumed
by it in each of the Programme Agreements to which it is a party and (when issued and paid for) the Treasury Notes are legal, valid,
binding and enforceable obligations.

 

		4.5	Use of proceeds

 

It shall use the proceeds of issues
of Treasury Notes for general corporate purposes.

 

		4.6	Authorisations

 

All authorisations required to enable
it to lawfully enter into, exercise its rights and comply with its obligations under the Programme Agreements to which it is a
party and the Treasury Notes, and to make the Programme Agreements to which it is a party and the Treasury Notes admissible in
evidence in Belgium have been obtained or effected and are in full force and effect.

 

		4.7	Financial requirements

 

The Issuer complies with the financial
requirements set out in Article 13 of the Treasury Notes Decree.

 

		4.8	Non-conflict

 

The entry into and delivery by it
of the Programme Agreements to which it is a party and the performance by it of the obligations under such Programme Agreements
will not conflict with, or constitute a default under,

 

		(a)	its constitutional documents;

 

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		(b)	any law or regulation which is applicable to it; or

 

		(c)	any term of any agreement or any instrument to which it is a party or by which it or any
of its assets may be bound.

 

		4.9	Ranking

 

The obligations of the Issuer under
the Programme Agreements to which it is a party and, when issued and paid for, the Treasury Notes rank at least pari passu
with all present and future unsecured and unsubordinated obligations of the Issuer, as the case may be, other than obligations
preferred by law applying to companies generally.

 

		4.10	Disclosure Documents

 

		(a)	To the best of the Issuer’s knowledge and belief, in the context of the Programme
Agreements and the transactions contemplated by the Programme Agreements, the press release(s) or/and financial statements contained
or incorporated by reference in the Disclosure Documents is true and accurate in all material respects and not misleading in any
material respect and there are no other facts in relation to the Issuer or any Treasury Notes the omission of which makes the Disclosure
Documents or any such information contained or incorporated by reference therein misleading in any material respect.

 

		(b)	The Information Memorandum, as supplemented to incorporate by reference press release(s)
or/and financial statements, has been approved by and is prepared under the sole liability of the Issuer and contains all necessary
information on the Issuer, the Programme and the rights attached to and the terms and conditions of the Treasury Notes.

 

		(c)	Any statements of intention, opinion, belief or expectation contained in the Disclosure
Documents are, or will be at the date of their publication, honestly and reasonably made by the Issuer.

 

		4.11	Financial Information

 

The most recently published financial
statements of the Issuer, which are incorporated by reference in the Information Memorandum:

 

		(a)	were prepared in accordance with the requirements of applicable law and with generally accepted
accounting principles in the jurisdiction of incorporation of the Issuer and are (other than in respect of changes required pursuant
to a change in applicable laws or accounting principles and/or changes disclosed in the notes to such financial statements) consistently
applied throughout the periods involved; and

 

		(b)	fairly represent its financial condition and operations as at the date on which they were
prepared.

 

		4.12	Adverse Change and Litigation

 

Except as otherwise disclosed
by any Disclosure Document:

 

		(a)	there has been no material adverse change in the business, financial or other condition
of the Issuer since the date of the most recently published audited consolidated financial statements; and

 

		(b)	there is no material litigation, arbitration or governmental proceeding pending or, to the knowledge
of the Issuer, threatened against or affecting any member of the Group,

 

which in any case could reasonably
be expected to be capable to affect the assessment by an investor of the Treasury Notes.

 

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		4.13	No Default

 

The Issuer is not in default in respect
of any indebtedness for borrowed money or any obligation having a similar commercial effect.

 

		4.14	No Withholding Tax

 

The Issuer is not required by any
law or regulation or any relevant taxing authority or any political subdivision or any authority thereof having the power to tax
in the jurisdiction in which the Issuer is resident for tax purposes to make any withholding or deduction from any payment due
under the Treasury Notes or any Programme Agreement to which it is party for or on account of any taxes or duties of whatever nature,
provided that such Treasury Notes are held by an investor that qualifies under Article 4 of the Royal Decree of 26 May 1994 in
an Exempt Account (X-Account) with a qualifying clearing system in accordance with the Belgian law of 6 August 1993 relating to
transactions in certain securities and its implementation decrees.

 

		4.15	Maximum Amount

 

The aggregate outstanding principal
amount of the Treasury Notes on the Trade Date of any Treasury Note does not and will not exceed the Programme Maximum Amount.

 

		4.16	Anti-Bribery

 

Neither the Issuer nor any of its
Subsidiaries, nor to the knowledge of the Issuer any director, officer, agent, employee or other person associated with or acting
on behalf of the Issuer or any of its Subsidiaries, has used any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful expense relating to political activity; made any direct or indirect unlawful payment to any foreign or domestic
government official or employee from corporate funds; violated or is in violation of any provision of any applicable anti-bribery
or anti-corruption law, rule or regulation enacted in any jurisdiction; or made, offered or promised to make, or authorised the
payment or giving of any bribe, rebate, payoff, influence payment, facilitation payment, kickback or other unlawful payment or
gift of money or anything of value prohibited under any applicable law, rule or regulation.

 

		4.17	Sanctions

 

Neither the Issuer nor any of its
Subsidiaries nor, to the knowledge of the Issuer any director, officer, agent, employee or affiliate of the Issuer or any of its
Subsidiaries is currently the subject of any Sanctions or conducting business in breach of any Sanctions.

 

		4.18	Money Laundering Laws

 

The operations of the Issuer and
its Subsidiaries are and have been conducted at all times in compliance with applicable financial record keeping and reporting
requirements and money laundering statutes in the jurisdiction of Issuer and of all jurisdictions in which the Issuer and its Subsidiaries
conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any applicable governmental agency (collectively, “Money Laundering Laws”).

 

		4.19	United States Investment Company Act

 

The Issuer is not, or as a result
of any issue of Treasury Notes or the receipt or application of the proceeds thereof will not become, an investment company as
defined in the United States Investment Company Act of 1940.

 

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		4.20	U.S. selling restrictions

 

The Issuer represents, warrants and
agrees:

 

		(a)	that neither it, nor any of its affiliates (as defined in Rule 405 under the U.S. Securities Act
of 1933, as amended (the "Securities Act")), nor any person (other than the Dealers, as to whom no representation or
warranty is made) acting on its behalf or on behalf of any of its affiliates, has engaged or will engage in any directed selling
efforts (as defined in Regulation S under the Securities Act ("Regulation S")) in the United States with respect to any
Treasury Notes; and

 

		(b)	that it is a foreign issuer and reasonably believes that there is no substantial U.S. market interest
(as those terms are defined in Regulation S) in its debt securities; and

 

		(c)	that it will not offer or sell, nor solicit offers to buy, securities under circumstances that
would require registration of the Treasury Notes under the Securities Act.

 

		4.21	Foreign issuer

 

The Issuer is a
‘foreign issuer’ (as such term is defined in Regulation S) and the Issuer believes that there is no ‘substantial
U.S. market interest’ (as such term is defined in Regulation S) in the Issuer’s debt securities.

 

		4.22	Times for making representations and warranties

 

The representations and
warranties set out in this Clause 4:

 

		(a)	are made on the date of this Agreement; and

 

		(b)	are deemed to be repeated on each date a Note Transaction is agreed and each date upon which
any Treasury Note is, or is to be, issued by reference to the facts and circumstances then existing.

 

When a representation or warranty
under Clauses 4.10 (Disclosure Documents) and 4.12 (Adverse Change and Litigation) is repeated under paragraph (b)
above, the reference to Disclosure Documents shall be deemed to be only the Disclosure Documents which have been published before
the date on which a relevant Note Transaction is made (in the case of that Note Transaction and the corresponding issue of Treasury
Notes).

 

		4.23	Notice of inaccuracy

 

If, before a Treasury Note is issued
and delivered to or for the account of, the relevant Dealer, any event occurs which would render any of the representations and
warranties in this Clause 4 immediately, or with the lapse of time, untrue or incorrect in any material respect, the Issuer will
inform the relevant Dealer as soon as reasonably practicable of the occurrence of such event. In either case, the relevant Dealer
shall inform the Issuer without any undue delay whether it wishes to continue or discontinue the issuance and delivery of the respective
Treasury Notes.

 

		5.	CONDITIONS
PRECEDENT

 

		5.1	Initial conditions precedent

 

At the latest at the date falling
five Business Days before the date upon which the Issuer and the Dealer or Additional Dealer, if any, shall first agree terms for
a Note Transaction (or such other period as agreed between the Issuer and that Dealer), the Issuer shall deliver to that Dealer
each of the documents listed in Schedule 1 (Condition Precedent Documents), in form and substance satisfactory to that Dealer.

 

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		5.2	Further conditions precedent

 

The obligations of the Dealer and
Additional Dealer, if any (in respect of any agreement for a Note Transaction and each issue of Treasury Notes) shall be conditional
upon:

 

		(a)	the representations and warranties of the Issuer as set out in Clause 4 (Representations
and warranties) of this Agreement being true and correct on each date upon which an agreement for a Note Transaction is made
and on any Issue Date, by reference to the facts and circumstances existing at each such date;

 

		(b)	there being, as at the date of any agreement for a Note Transaction and any Issue Date of
such Treasury Notes, no breach in the performance of the obligations of the Issuer under any Programme Agreement and there being
no event of default as set out in Condition 15 (Events of Default) of the Conditions which is continuing;

 

		(c)	the total amount of outstanding Treasury Notes does not exceed, and will not exceed as a
consequence of the proposed trade of Treasury Notes, the Programme Maximum Amount; and

 

		(d)	the Issuer has complied with its obligations under Article 22 of the Treasury Notes Decree.

 

		5.3	Conditions precedent for updates or supplements

 

Any update of the Information Memorandum
or any Programme Agreement that concerns a change of the Issuer or an increase in the Programme Maximum Amount will be subject
to the satisfaction of the conditions set out, and the delivery of the documents referred to, in Schedule 1 (Condition Precedent
Documents).

 

		6.	COVENANTS
AND AGREEMENTS

 

		6.1	Duration

 

The undertakings in this Clause 6
remain in force from the date of this Agreement for so long as any Programme Agreement is in force and any amount is or may be
outstanding under any Programme Agreement or any Treasury Note.

 

		6.2	Financial information

 

		(a)	Whenever the Issuer publishes or makes available to its shareholders (or any class of them)
or to its creditors generally (or any class of them) or to the public (by filing with any regulatory authority, securities exchange
or otherwise) any information which could reasonably be expected to be material in the context of the Programme Agreements and
the Treasury Notes and the transactions contemplated by the Programme Agreements and the Treasury Notes and to the extent such
information is not published on the Issuer’s website, the Issuer shall:

 

		(i)	notify the Dealer as to the nature of such information;

 

		(ii)	upon request from the Dealer or Additional Dealer, if any, advise such Dealer as to whether
any such information has been published or made available;

 

		(iii)	make a reasonable number of copies of such information available to the Dealer or Additional
Dealer, if any, on demand upon request and permit distribution of that information to actual or potential purchasers of Treasury
Notes; and

 

		(iv)	take such action as may be necessary to ensure that the representation and warranty contained in
Clause 4.10 (Disclosure Documents) is true and accurate on the dates when it is made or deemed to be repeated.

 

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		(b)	The Issuer shall provide to the Dealer and the Additional Dealer, if any, on demand:

 

		(i)	as soon as the same is approved by its shareholders and published, and at the latest six
months after the end of each of its financial years, its annual accounts, either under the form of its most recent annual report
or, if no annual report is published, under the form of the report delivered to the Centrale des bilans de la Banque Nationale
de Belgique / Balanscentrale van de Nationale Bank van België, including, at least, the balance sheet, the income statement,
the report by the board of directors and the auditors' report; and

 

		(ii)	as soon as available, and in any event within four months after the end of the first half
of each of the financial years of the Issuer, the information required to be prepared by the Issuer pursuant to Article 22 of the
Treasury Notes Decree.

 

		6.3	Authorisation information

 

Whenever the Issuer is required to
obtain or effect any authorisation in order to comply with the representation and warranty contained in Clause 4.6 (Authorisations),
the Issuer shall:

 

		(a)	notify the Dealer or Additional Dealer, if any, as to the nature of such authorisation;
and

 

		(b)	upon request by the Dealer or Additional Dealer, if any, make a reasonable number of copies
of such authorisation available to that Dealer.

 

		6.4	Financial Covenants:

 

The Issuer will ensure that the consolidated
financial position of the Euronav Group shall at all times be such that:

 

		(a)	Consolidated Working Capital shall not be less than $0;

 

		(b)	Free Liquid Assets are not less than the higher of:

 

		(i)	$50,000,000;

 

		(ii)	5 per cent, of Total Indebtedness;

 

		(iii)	the amount of Cash shall equal or exceed US$30,000,000; and

 

		(c)	the ratio of Stockholders' Equity to Total Assets is not less than 30 per cent.

 

In this Clause 6.4 (Financial Covenants):

 

"Cash" means, at
any date of determination, the aggregate value of the Euronav Group's credit balances on any deposit, savings or current account
and cash in hand with recognised and reputable banks or financial institutions but excluding any such credit balances and cash
subject to a Security Interest at any time;

 

"Consolidated Current Assets"
means, at any date of determination, the amount of the current assets of the Euronav Group determined on a consolidated basis in
accordance with IFRS and as shown in the Latest Annual Account and including any amounts available under committed credit lines
and revolving credit facilities having remaining maturities of more than 12 months;

 

"Consolidated Current Liabilities"
means, at any date of determination, the amount of the current liabilities of the Euronav Group determined on a consolidated basis
in accordance with IFRS and as shown in the Latest Annual Account;

 

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"Consolidated Working Capital"
means Consolidated Current Assets less Consolidated Current Liabilities;

 

"Euronav Group"
means the Issuer and each of its subsidiaries.

 

"Free Liquid Assets"
means, at any date of determination, the aggregate amount of cash and cash equivalents of the Euronav Group determined on a consolidated
basis in accordance with IFRS and as shown in the Latest Annual Account but excluding any of those assets subject to a Security
Interest at any time and, for the avoidance of doubt, "cash and cash equivalents" include any amounts available under
committed credit lines and revolving credit facilities having remaining maturities of more than 6 months;

 

"Latest Public Account"
means, at any date, the consolidated public account of the Euronav Group most recently delivered to the Dealer pursuant to Clause
6.2 (Financial Information) and/or most recently made publicly available;

 

"Security Interest"
means:

 

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

 

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

 

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

 

"Stockholders' Equity"
means, at any date of determination, the amount of the capital and reserves of the Euronav Group determined on a consolidated basis
in accordance with IFRS and as shown in the Latest Annual Account;

 

"Total Assets" means,
at any date of determination, the amount of the total assets of the Euronav Group determined on a consolidated basis in accordance
with IFRS and as shown in the Latest Annual Account; and

 

"Total Indebtedness"
means, at any date of determination, the amount of bonds, notes, debentures, debenture stocks, loan stocks, certificates or other
instruments which are listed, quoted or traded, or for which there is an intention to make an application for listing, quotation
or trading, on any stock exchange or in any securities market (including, without limitation, any over-the-counter market) of the
Euronav Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Annual Account

 

		6.5	Other information

 

The Issuer undertakes to inform the
Dealer or Additional Dealer, if any, promptly upon becoming aware, and at the latest at such time as the relevant information is
published or made public by the Issuer in any form whatsoever, of any new fact, event or circumstance with regard to it or its
financial situation that could:

 

		(a)	be material in the context of the Programme Agreements, the transactions contemplated thereby,
and the Treasury Notes;

 

		(b)	constitute an Event of Default;

 

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		(c)	cause the Information Memorandum to include an untrue statement of a material fact or the
omission therein of a material fact necessary for the information contained therein not to be misleading or for it to present a
true and fair view of the Issuer’s financial situation; or

 

		(d)	render any of the representations set out in Clause 4 (Representations and warranties)
untrue or incorrect in any material respect;

 

to provide the
Dealer or Additional Dealer, if any, from time to time with such information as such Dealer may reasonably request in respect of
(i) its operations and financial condition, (ii) the due authorisation and execution of the Programme Agreements and the Treasury
Notes, or (iii) its ability to repay the amounts due in respect of the Treasury Notes upon their maturity.

 

The Issuer and the Dealer or Additional
Dealer, if any, agree (i) to consider all non-public information provided in the context of the Treasury Notes as strictly confidential,
(ii) not to disclose any of this information unless with the other party's written agreement or to their respective advisers (provided
such advisers are bound by legal or contractual confidentially obligations) or to the extent it is required by a court of law or
an applicable regulatory body (including stock market regulations), or if such information becomes generally available to the public
(other than as a result of disclosure by any party to this agreement in breach of its undertaking) and (iii) to take all precautions
necessary to maintain such information strictly confidential.

 

		6.6	Updates of the Information Memorandum and the Programme

 

The Issuer undertakes:

 

		(a)	to prepare and publish (at the cost and expense of the Issuer) an update or supplement to
the Information Memorandum as soon as possible after the occurrence of any significant new factor, material mistake or inaccuracy
relating to the Issuer, the Treasury Notes and/or the information included in the Information Memorandum which is capable of affecting
the assessment of the securities and which arises or is noted after the date of the Information Memorandum; and

 

		(b)	to prepare and publish (at the cost and expense of the Issuer) an update of the Information
Memorandum, and to discuss and agree upon an update of the Programme in general (including the Programme Agreements) with the Arranger
and the Dealer or Additional Dealer, if any, on or before the date falling five years after the date of the Information Memorandum
or, if later, the date of the latest update of the Information Memorandum and/or the Programme.

 

		6.7	Tenor and Currencies of issue of the Treasury Notes

 

The Issuer shall
not issue or trade any Treasury Notes in currencies other than euro or US Dollars (other than as provided in Clause 3.7 (Optional
currencies)), nor with a Tenor less than 1 day or longer than 364 days.

 

		6.8	Indemnification

 

		(a)	Without prejudice to the other rights or remedies of the Dealers, the Issuer undertakes
to each Dealer that if that Dealer or any of its Relevant Parties incurs any liability, damages, cost, loss or expense (including,
without limitation, reasonable legal fees, costs and expenses) (a Loss) arising out of or in connection with or based on

 

		(i)	the Issuer's failure to make due payment under the Treasury Notes;

 

		(ii)	any Treasury Notes not being issued for any reason attributable to Issuer after an agreement for
that Note Transaction has been made;

 

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		(iii)	any breach or alleged breach of the representations, warranties, covenants or agreements
made or deemed to be repeated by the Issuer in this Agreement or any other Programme Agreement to which it is a party unless, in
the case of an alleged breach only, the allegation is being made by that Relevant Party; or

 

		(iv)	any untrue statement or alleged untrue statement of any material fact contained in the
Disclosure Documents or the omission or alleged omission to state therein a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading in any material respect unless, in the case
of an alleged untrue statement, the allegation is being made by that Relevant Party.

 

the Issuer shall
pay to that Dealer on demand an amount equal to such Loss on an after tax basis. No Dealer shall have any duty or obligation, whether
as fiduciary or trustee for any Relevant Party or otherwise, to recover any such payment or to account to any other person for
any amounts paid to it under this paragraph (a).

 

		(b)	In case any allegation as described in subparagraphs (iii) or (iv) above is made or any
action is brought against any Relevant Party in respect of which recovery may be sought from the Issuer under this Clause 6.7,
the Relevant Party shall promptly notify the Issuer (although failure to do so will not relieve the Issuer from any liability under
this Agreement). If any such allegation is made, the parties agree to consult in good faith with respect to the nature of the allegation.
Subject to paragraph (c) below, the Issuer may participate at its own expense in the defence of any action.

 

		(c)	If it so elects within a reasonable time after receipt of the notice referred to in paragraph
(b) above, the Issuer may assume the defence of the action with legal advisers chosen by it and approved by the Relevant Party
(such approval not to be unreasonably withheld or delayed). Notwithstanding such election a Relevant Party may employ separate
legal advisers reasonably acceptable to the Issuer and the Issuer shall bear the reasonable fees and expenses of such separate
legal advisers if:

 

		(i)	the use of the legal advisers chosen by the Issuer to represent the Relevant Party would
present such legal advisers with a conflict of interest;

 

		(ii)	the actual or potential defendants in, or targets of, any such action include both the
Relevant Party and the Issuer and the Relevant Party concludes that there may be legal defences available to it and/or other Relevant
Parties which are different from or additional to those available to the Issuer;

 

		(iii)	the Issuer has not employed legal advisers reasonably satisfactory to the Relevant Party
to represent the Relevant Party within a reasonable time after notice of the institution of such action; or

 

		(iv)	the Issuer authorises the Relevant Party to employ separate legal advisers at the expense
of the Issuer.

 

		(d)	If the Issuer assumes the defence of the action, the Issuer shall not be liable for any
fees and expenses of legal advisers of the Relevant Party incurred thereafter in connection with the action, except as stated in
paragraph (c) above.

 

		(e)	The Issuer shall not be liable in respect of any settlement of any action effected without its
written consent, such consent not to be unreasonably withheld or delayed. The Issuer shall not, without the prior written consent
of the Relevant Party (such consent not to be unreasonably withheld or delayed) settle or compromise or consent to the entry of
any judgment with respect to any pending or threatened claim or action in respect of which recovery may be sought (whether or not
any Relevant Party is an actual or potential party to such claim or action) unless such settlement, compromise or consent includes
an unconditional release of each Relevant Party from all liability arising out of such claim or action and does not include a statement
as to or an admission of fault, culpability or failure to act by or on behalf of a Relevant Party.

 

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		(f)	Each Dealer will indemnify the Issuer against any and all losses, claims, damages, liabilities
or expenses (including, without limitation, costs of investigation and defence, reasonable legal fees and disbursements) to which
the Issuer may be subject directly arising out of or based upon any failure by that Dealer to comply with its obligations under
this Agreement caused by any gross negligence of wilful misconduct of that Dealer.

 

		6.9	Costs and expenses

 

The Issuer will:

 

		(a)	pay, or reimburse the Arranger for, all reasonable costs and expenses (including value added
tax and any other taxes or duties and, subject each time to the Issuer’s prior approval, fees and disbursements of counsel
to the Arranger) incurred by the Arranger in connection with the preparation, negotiation, printing, execution and delivery of
the Programme Agreements and the Treasury Notes and all documents contemplated by the Programme Agreements and the Treasury Notes;

 

		(b)	pay, or reimburse the Dealer or any Additional Dealer, if any, for, all costs and expenses
(including value added tax and any other taxes or duties and, subject each time to the Issuer’s prior approval, fees and
disbursements of counsel to such Dealer) incurred by that Dealer in connection with the enforcement or protection of its rights
under the Programme Agreements, the Treasury Notes and all documents contemplated by the Programme Agreements and the Treasury
Notes; and

 

		(c)	pay any stamp duty or other taxes (including any penalties and interest in respect thereof)
payable in connection with the entry into, delivery and performance of any Programme Agreement or any Treasury Notes, and will
indemnify and hold harmless each Dealer on demand from all liabilities arising from any failure to pay or delay in paying, by Issuer,
such duty or taxes.

 

		6.10	Changes to the Programme

 

		(a)	The Issuer will notify the Dealer and any Additional Dealer, if any, of:

 

		(i)	any change in the Domiciliary Agent, or any change in any of the offices of such Domiciliary
Agent; and

 

		(ii)	any amendment to or termination of the Domiciliary Agency Agreement,

 

by no later than
10 Business Days before the making of that change, amendment or termination.

 

		(b)	The Issuer shall use commercially reasonable efforts to prevent from becoming effective
any change, amendment or termination to the Domiciliary Agency Agreement which could reasonably be expected to adversely affect
the interests of any Dealer or the holder of any Treasury Notes then outstanding.

 

		6.11	Continuing obligations

 

The Issuer will take such steps (in
conjunction with the Dealer or any Additional Dealer, if any, where appropriate) to ensure that any laws and regulations or requirements
of any governmental agency, authority or institution which may from time to time be applicable to any Treasury Notes shall be fully
observed and complied with, including (without limitation) its obligations under Clauses 6.12 (US selling restrictions)
and 6.13 (United Kingdom).

 

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		6.12	US selling restrictions

 

The Issuer and the Dealer or Additional
Dealer, if any, represent, warrant and agree that neither them, nor any of their affiliates, nor any person acting on their behalf
or on behalf of any of their affiliates, have engaged or will engage in any directed selling efforts in the United States with
respect to any Treasury Notes, and that it and its affiliates have complied and will comply with the offering restrictions requirement
of Regulation S under the United States Securities Act of 1933, as amended and the Issuer reasonably believes that there is no
substantial US market interest in its debt securities. The Issuer and the Dealer or Additional Dealer, if any, agrees that it will
not offer or sell, nor solicit offers to buy, securities under circumstances that would require registration of the Treasury Notes
under the United States Securities Act of 1933, as amended. Terms used in this Clause 6.12 have the meanings given to them by that
Regulation S.

 

		6.13	United Kingdom

 

The Issuer and the Dealer or Additional
Dealer, if any, will issue Treasury Notes under the Programme only if the following conditions apply (or the Treasury Notes can
otherwise be issued without contravention of Section 19 of the UK FSMA):

 

		(a)	the relevant Dealer covenants in the terms set out in Schedule 2 paragraph 2; and

 

		(b)	the redemption value of each Treasury Note is not less than £100,000 (or an amount
of equivalent value denominated wholly or partly in a currency other than Sterling), and no part of any Treasury Note may be transferred
unless the redemption value of that part is not less than £100,000 (or such an equivalent amount).

 

		6.14	Sanctions

 

The Issuer will ensure that proceeds
raised in connection with the issue of any Treasury Notes will not directly or indirectly be lent, contributed or otherwise made
available to any person or entity (whether or not related to the Issuer) in a manner or for a purpose prohibited by any Sanctions.

 

		7.	OBLIGATIONS
OF THE DEALER

 

		7.1	Selling restrictions

 

Each Dealer represents covenants
and agrees that it has complied and will comply with the selling restrictions set out in Schedule 2. Subject to those restrictions,
each Dealer is authorised by the Issuer to circulate the Disclosure Documents to actual or potential purchasers of Treasury Notes.

 

No Dealer has been authorised to
give any information or to make any representation, warranty or undertaking other than as contained in the Information Memorandum
or in the documents specifically referred to therein.

 

		7.2	Obligations several

 

The obligations of the Dealer or
Additional Dealer, if any, under this Agreement are several and not joint. No Dealer shall be responsible for the obligations of
any other Dealer under this Agreement.

 

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		7.3	Secondary market sales

 

If any Treasury Noteholder wishes
to sell any Treasury Note before its Maturity Date, the Dealer or Additional Dealer, if any, shall – on a best effort basis
– seek a buyer, without any commitment to find a buyer for such Treasury Note or to acquire such Treasury Note itself.

 

		8.	TERMINATION
AND ADDITIONAL APPOINTMENT

 

		8.1	Arranger

 

		(a)	If any event occurs which in the reasonable opinion of the Arranger would prevent it to
continue to act as Arranger for the establishment of the Programme, it may resign as such by giving not less than 20 calendar days
prior written notice thereof to the Issuer. Hence, the Issuer shall appoint a new arranger and shall inform each Dealer thereof.

 

		(b)	Nothing above shall prevent the Issuer from appointing a new arranger for the management
of the Programme, provided it shall give the Arranger not less than 20 calendar days’ prior written notice of its discharge.
The Issuer shall inform each Dealer thereof.

 

		8.2	Termination of and resignation by a Dealer

 

		(a)	The Issuer may terminate the appointment of any Dealer on not less than 30 days' written
notice to the relevant Dealer. Each Dealer may resign on not less than 30 days' notice to the Issuer. The Issuer shall promptly
inform the other Dealer or Dealers, if any, and the Domiciliary Agent of such termination or resignation.

 

		(b)	The rights and obligations of each party to this Agreement shall not terminate in respect
of any rights or obligations accrued or incurred before the date on which such termination takes effect and the provisions of Clauses
6.7 (Indemnification) and 6.8 (Costs and expenses) shall survive termination of this Agreement.

 

		8.3	Appointment of an Additional Dealer

 

		(a)	The Issuer may appoint one or more Additional Dealers upon the terms of this Agreement by
sending a dealer accession letter to the Additional Dealer substantially in the form of Schedule 3. The appointment will only become
effective if (i) the existing Dealers consent to such appointment (such consent not to be unreasonably withheld or delayed) and
(ii) the Additional Dealer confirms acceptance of its appointment to the Issuer by signing that dealer accession letter and delivering
it to the Issuer. The Issuer may limit that appointment to a particular issue of Treasury Notes or for a particular period of time
(which need not be a finite period of time).

 

		(b)	The Additional Dealer shall become a party to this Agreement on the later of:

 

		(i)	the date of the signature of the dealer accession letter by the Additional Dealer in accordance
with paragraph (a) above; and

 

		(ii)	the date specified in the dealer accession letter as the date of appointment, and the Additional
Dealer shall then be vested with all the authority, rights, powers, duties and obligations as if originally named as a Dealer under
this Agreement.

 

		(c)	If the appointment of that Additional Dealer is limited to a particular issue of Treasury
Notes or period of time:

 

		(i)	such authority, rights, powers, duties and obligations shall extend to the relevant Treasury Notes
or period only; and

 

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		(ii)	following the relevant issue of Treasury Notes or the expiry of the time period, the relevant
Additional Dealer shall have no further authority, rights, powers, duties or obligations except such as may have accrued or been
incurred prior to, or in connection with, the issue of such Treasury Notes or during that time period.

 

		(d)	The Issuer shall promptly notify the Domiciliary Agent and each other Dealer of any appointment.
The Issuer agrees to supply to such Additional Dealer, upon appointment, a copy of the conditions precedent documents specified
in Schedule 1, if requested by the Additional Dealer.

 

		(e)	Notwithstanding any other provision of this Agreement, the Issuer agrees and commits to
not appoint any other dealer, and each Dealer agrees not to resign, during the 6 months following the date of this Agreement.

 

		9.	Transfers
                                         to affiliates

 

If, at any time, the Dealer or Additional
Dealer, if any, transfers all or substantially all of its commercial paper business to any of its affiliates then, on the date
that transfer becomes effective, the relevant affiliate shall become the successor to that Dealer under this Agreement without
the execution or filing of any paper or any further act on the part of the parties to this Agreement. Upon that transfer becoming
effective, all references in this Agreement to the relevant Dealer shall be deemed to be references to the relevant affiliate.
The relevant Dealer shall, promptly following that effective date, give notice of the transfer to the Issuer with a copy to the
Domiciliary Agent.

 

		10.	CALCULATION
AGENT

 

		(a)	If floating rate Notes are to be issued, the Issuer will, at its discretion, appoint either the
relevant Dealer or the Domiciliary Agent or any other person to be the Calculation Agent in respect of such floating rate Notes.
The prior consent of that Dealer, Domiciliary Agent or other person is required for this appointment.

 

		(b)	If a Dealer has agreed to be the Calculation Agent, its appointment as such shall be on the terms
of the form of agreement set out in Schedule 8, and that Dealer will be deemed to have entered into an agreement in that form for
a particular calculation if it is named as Calculation Agent in the redemption calculation attached to or endorsed on the relevant
Note.

 

		(c)	If the Domiciliary Agent has agreed to be the Calculation Agent, its appointment shall be on the
terms set out in the Domiciliary Agency Agreement.

 

		(d)	If the person who has agreed to act as Calculation Agent is not a Dealer or the Domiciliary Agent,
that person shall execute (if it has not already done so) an agreement substantially in the form of the agreement set out in Schedule
8.

 

		11.	STATUS
OF THE DEALERS AND THE ARRANGER

 

The Arranger shall have only those
duties, obligations and responsibilities expressly specified in this Agreement. Each of the Dealers agrees that the Arranger has
only acted in an administrative capacity to facilitate the establishment and/or maintenance of the Programme and has no responsibility
to it for:

 

		(e)	the adequacy, accuracy, completeness or reasonableness of any representation, warranty, undertaking,
agreement, statement or information in the Information Memorandum, this Agreement or any information provided by it in connection
with the Programme; or

 

		(f)	the nature and suitability to it of all legal, tax and accounting matters and all documentation
in connection with the Programme or any Treasury Notes.

 

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		12.	NOTICES

 

		12.1	Written Communication

 

Any communication to be made under
this Agreement shall be made in writing and, unless otherwise agreed, may be made by fax, letter, e-mail or by telephone (in the
latter case to be confirmed promptly by fax, letter or e-mail).

 

		12.2	Delivery

 

		(a)	Any communication by letter shall be made to the intended recipient and marked for the attention
of the person, or any one of them, at its relevant address and shall be deemed to have been made upon delivery.

 

		(b)	Any communication to be made by fax shall be made to the intended recipient and marked for
the attention of the person, or any one of them, at its relevant fax number and shall be deemed to have been received when that
fax communication has been received by the intended recipient in legible form.

 

		(c)	Any communication to be made by e-mail shall be made to the address from time to time designated
by the relevant party and shall be deemed to have been received when that email has been actually received in readable form at
the correct address.

 

		(d)	Any communication to be made by telephone shall be made to the intended recipient at the
relevant telephone number from time to time designated by that party to the other parties for the purpose of this Agreement and
shall be deemed to have been received when made provided that prompt confirmation of that communication is given by fax or letter.

 

		(e)	A communication given under this Agreement after 4.00 p.m. on a Business Day will only be
deemed to be given on the next Business Day.

 

		12.3	Contact details

 

For purposes of Clause 12.2 (Delivery),
the relevant contact details of each party to this Agreement shall be as set out in Schedule 7 (Addresses for notices) to
this Agreement, or as otherwise notified by any party to each other party to this Agreement.

 

		12.4	Language

 

Any notice or other
document given in connection with a Programme Agreement or Treasury Note must be in English or French or Dutch.

 

		13.	PARTIAL
INVALIDITY

 

If, at any time, any provision of
this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the
law of any other jurisdiction will in any way be affected or impaired.

 

		14.	REMEDIES
AND WAIVERS

 

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

 

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		15.	COUNTERPARTS

 

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

 

		16.	APPLICABLE
LAW AND JURISDICTION

 

This Agreement shall be governed
by and construed in accordance with the laws of the Kingdom of Belgium and any dispute in relation therewith will be subject to
the exclusive jurisdiction of the courts of Brussels, Belgium. Each of the Issuer, and the Dealer or Additional Dealer, if any,
irrevocably submit to the jurisdiction of such courts and waive any objection to proceedings in such courts whether on the ground
of venue or on the ground that the proceedings have been brought in an inconvenient forum.

 

This Agreement is executed in 2 original copies,
of which each party hereto acknowledges having received one.

 

for the Issuer,

 

Euronav NV

 

	/s/ Egied Verbeeck	 	/s/ Hugo De Stoop
	Name Egied Verbeeck	 	Name Hugo De Stoop
	Title  Member Executive Committee	 	Title  CFO, Member of Exec

 

for the Arranger and Dealer

 

BNP Paribas Fortis SA/NV

 

	/s/ Martin De Patoul	 	/s/ Martine Van Sway
	Name Martin De Patoul	 	Name Martine Van Sway
	Title  Company Lawyer	 	Title   CP Dealer

 

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SCHEDULE
1

CONDITION PRECEDENT DOCUMENTS

 

		1.	A certified copy of the Issuer’s constitutional documents.

 

		2.	A certified copy of all documents evidencing the internal authorisations required to be granted
by the Issuer:

 

		(a)	approving the terms of, and the transactions contemplated by, the Treasury Notes and Programme
Agreements to which it is a party and resolving that it execute the Treasury Notes and Programme Agreements to which it is a party;

 

		(b)	authorising a specified person or persons to negotiate the terms and execute the Programme Agreements
to which it is a party on its behalf; and

 

		(c)	authorising a specified person, or persons on its behalf, to sign and/or despatch all documents
and notices to be signed and/or despatched by it under or in connection with Treasury Notes and Programme Agreements to which it
is a party.

 

		3.	A certified copy of any other power of attorney, authorisation or delegation pursuant to which
specified persons may take any action on behalf of the Issuer in relation to the Programme and/or the issue of Treasury Notes thereunder.

 

		4.	A certified copy of any governmental or other consents required for the issue of Treasury Notes
and for the Issuer to enter into, deliver and perform its obligations under the Treasury Notes and the Programme Agreements (as
applicable).

 

		5.	A copy of any financial information that is available and that is required to be delivered pursuant
to Clause 6.2.

 

		6.	A copy of a duly executed version of:

 

		(a)	the Information Memorandum;

 

		(b)	this Agreement;

 

		(c)	the Domiciliary Agency Agreement; and

 

		(d)	the Clearing Services Agreement.

 

		7.	A list of the names and titles and specimen signatures of the persons authorised:

 

		(a)	to sign on behalf of the Issuer the Programme Agreements to which it is a party;

 

		(b)	to sign on behalf of the Issuer all notices and other documents to be delivered in connection with
the Programme Agreements and the Treasury Notes; and

 

		(c)	to take any other action on behalf of the Issuer in relation to the commercial paper programme
established by the Programme Agreements and/or the issue of Treasury Notes thereunder.

 

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SCHEDULE
2

SELLING
RESTRICTIONS

 

		1.	General

 

Each Dealer has represented, warranted and
agreed, and each further Dealer appointed under the Programme will be required to represent, warrant and agree, that it will observe
all applicable laws and regulations in any jurisdiction in which it may offer, sell or deliver Treasury Notes and it will not directly
or indirectly offer, sell, resell, re-offer or deliver Treasury Notes or distribute the Information Memorandum, advertisement or
other offering material in any country or jurisdiction except under circumstances that will result, to the best of its knowledge
and belief, in compliance with all applicable laws and regulations. This Information Memorandum does not constitute, and may not
be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized
or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make
such offer or solicitation.

 

Any Treasury Note may only be offered, sold
or transferred to an investor (i) that is not a private individual (personne physique / natuurlijk persoon) and (ii) that
directly or indirectly holds the Treasury Note on a securities account opened in the in the clearing system of the NBB (or with
a custodian) on which no Belgian withholding tax is due or will be levied (an “X-account”).

 

		2.	Belgium

 

This Information Memorandum has not been submitted
for approval to the Belgian Financial Services and Markets Authority and, accordingly, the Treasury Notes may not be distributed
in Belgium by way of public offering, as defined for the purposes of the law of 16 June 2006 on public offerings of investment
instruments and the admission of investment instruments to trading on regulated markets, as amended or replaced from time to time.

 

In addition, (i) the Treasury Notes are to
be kept at all times on a securities account with a participant in the Clearing System, and (ii) no issuance or transfer of Treasury
Notes may result in any investor holding Treasury Notes less than the minimum amount stipulated by or established in accordance
with Article 4 of the Treasury Notes Law and/or stipulated by or established in accordance with Article 6 of the Treasury Notes
Decree.

 

		3.	Public Offer Selling Restriction under the Prospectus Directive
(European Economic Area)

 

In
relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant
Member State”), each Dealer has represented and agreed, and each further Dealer appointed
under the Programme will be required to represent and agree, that with effect from and including the date on which the Prospectus
Directive is implemented in that Member State (the “Relevant Implementation Date”)
it has not made and will not make an offer of Treasury Notes to the public in that Relevant Member State. 

 

The
expression Prospectus Directive means Directive 2003/71/EC (and each and all amendments thereto, including the 2010 PD Amending
Directive, to the extent implemented to the Relevant Member State), and includes any relevant implementing measure in each Relevant
Member State and the expression 2010 PD Amending Directive means Directive 2010/73/EU.

 

		4.	United Kingdom

 

The Dealer has represented and agreed, and
each further Dealer appointed under the Programme will be required to represent and agree, that:

 

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		(a)	in relation to any Treasury Notes, (i) it is a person whose ordinary activities involve it in acquiring,
holding, managing or disposing of investments (as principal or agent) for the purposes of its business and (ii) it has not offered
or sold and will not offer or sell any Treasury Notes other than to persons whose ordinary activities involve them in acquiring,
holding, managing or disposing of investments (as principal or as agent) for the purposes of their businesses or who it is reasonable
to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where
the issue of the Treasury Notes would otherwise constitute a contravention of Section 19 of the UK FSMA by the Issuer;

		(b)	it has only communicated or caused to be communicated and will only communicate or cause to be
communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the UK FSMA) received
by it in connection with the issue or sale of any Treasury Notes in circumstances in which Section 21(1) of the UK FSMA does not
apply to the Issuer; and

		(c)	it has complied and will comply with all applicable provisions of the UK FSMA with respect to anything
done by it in relation to any Treasury Notes in, from or otherwise involving the United Kingdom.

 

		5.	United States of America

 

The Treasury Notes have not been and will not
be registered under the U.S. Securities Act of 1933 (the “Securities Act”) and may not be offered or sold within
the United States or to, or for the account or benefit of, U.S. persons except in accordance with an exemption from the registration
requirements of the Securities Act. Each Dealer represented that it has offered and sold, and agrees that they will offer and sell,
Treasury Notes only outside the United States to non-US persons in accordance with Rule 903 of Regulation S under the Securities
Act (“Regulation S”). Accordingly, none of the Dealer, its affiliates or any persons acting on its or their
behalf have engaged or will engage in any directed selling efforts in the United States with respect to the Treasury Notes, and
it and they have complied and will comply with the requirements of Regulation S, including implementing the applicable offering
restrictions. Each Dealer and its affiliates also agree that, at or prior to confirmation of sale of Treasury Notes, they will
have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Treasury
Notes from them during the distribution compliance period a confirmation or notice to substantially the following effect:

 

“The
securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the “Securities Act”)
and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their
distribution at any time or (ii) otherwise until 40 days after the completion of the distribution of an identifiable tranche of
which such Treasury Notes are a part in accordance with Regulation S under the Securities Act. Terms used above have the meanings
given to them by Regulation S under the Securities Act.”

 

Terms used in this paragraph have the meanings
given to them by Regulation S.

 

		6.	Japan

 

The
Notes have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as
amended; (the “FIEA”). Accordingly, each
Dealer has represented and agreed (and each further Dealer appointed under the Programme will be required to represent and agree)
that it has not, directly or indirectly, offered or sold and will not, directly or indirectly, offer or sell any Notes in Japan
or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any
corporation or other entity organised under the laws of Japan) or to others for re-offering or resale, directly or indirectly,
in Japan or to, or for the benefit of, a resident of Japan, except pursuant to an exemption from the registration requirements
of, and otherwise in compliance with, the FIEA and other applicable laws, regulations and ministerial guidelines of Japan.

 

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SCHEDULE
3

DEALER
ACCESSION LETTER

 

[Letterhead of Issuer]

 

[Date]

 

		To:	[Name of new dealer]

		cc.:	[list all existing Dealers]

		cc.:	BNP Paribas Fortis SA/NV as Domiciliary Agent

 

Dear Sirs

 

EUR [___________________] Belgian Multi-currency
Short-Term Treasury Notes Programme

 

We
refer to a dealer agreement dated 6 June 2017 (the “Dealer Agreement”) between ourselves Issuer, BNP
Paribas Fortis SA/NV [l],
and [l] as
Dealer(s) and BNP Paribas Fortis SA/NV as Arranger, relating to an EUR [___________________] Belgian Multi-currency Short-Term
Treasury Notes Programme. Terms used in the Dealer Agreement shall have the same meaning in this letter.

 

In accordance with Clause 8.3 (Appointment
of Additional Dealer) of the Dealer Agreement, we hereby appoint you as an Additional Dealer for the Programme upon the terms
of the Dealer Agreement with [immediate effect/effect from [date]][for [       ] issue of Treasury
Notes/for the period [       ] to [       ]]. [Copies of
each of the condition precedent documents set out in Schedule 1 to the Dealer Agreement have been sent to you, as requested].

 

Please confirm acceptance of your appointment
upon such terms by signing and returning to us the enclosed copy of this letter, whereupon you will, in accordance with Clause
8.3 (Appointment of Additional Dealer) of the Dealer Agreement, become a party to the Dealer Agreement vested with all the
authority, rights, powers, duties and obligations set out in that Clause 8.3.

 

Yours faithfully

 

	 	 
	for and on behalf of	 
	[_______________________]	 

 

We hereby confirm acceptance of our appointment
as a Dealer upon the terms of the Dealer Agreement referred to above. For the purposes of Clause [12] (Notices) of the Dealer
Agreement our contact details are as follows:

 

[NAME OF DEALER]

	Address: [        ] 	 
	Telephone:	[        ]	 
	Fax:	[        ]	 

Contact: [        ]

	Dated:	 	 
	Signed:	 	 
	 	for [Name of new Dealer]	 

 

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SCHEDULE
4

NOTIFICATION
LETTER FOR AN INCREASE IN THE PROGRAMME MAXIMUM AMOUNT

 

[Letterhead of Issuer]

 

		To:	The Dealer referred to below

		cc.	BNP Paribas Fortis SA/NV (as Domiciliary Agent)

		cc.	BNP Paribas Fortis SA/NV (as Arranger)

 

[Date]

Dear Sirs

 

EUR [__________________] Belgian Multi-currency
Short-Term Treasury Notes Programme

 

We
refer to a dealer agreement dated 6 June 2017 (the “Dealer Agreement”) between ourselves as Issuer, BNP
Paribas Fortis SA/NV [l],
and [l] as
Dealer(s) and the Arranger relating to an EUR [____________] Belgian Multi-currency Short-Term Treasury Notes Programme. Terms
used in the Dealer Agreement shall have the same meaning in this letter.

 

In accordance with Clause 3.6 (Increase
in Programme Maximum Amount) of the Dealer Agreement, we hereby notify each of the addressees listed above that the Maximum
Amount is to be increased from EUR [_______________] to EUR [_________________] with effect from [date], subject to delivery to
the Dealers, the Arranger and the Domiciliary Agent of the following documents:

 

		(a)	a certificate from a duly authorised officer of the Issuer confirming that no changes have
been made to the constitutional documents of the Issuer since the date of the Dealer Agreement or, if there has been a change,
a certified copy of the constitutional documents currently in force;

 

		(b)	certified copies of all documents evidencing the internal authorisations and approvals required
to be granted by the Issuer for such an increase in the Programme Maximum Amount;

 

		(c)	certified copies of the written consent of the Domiciliary Agent [and] [specify any applicable
governmental or other consents required by the Issuer] in relation to the increase];

 

		(d)	a list of names, titles and specimen signatures of the persons authorised to sign on behalf
of the Issuer all notices and other documents to be delivered in connection with such an increase in the Programme Maximum Amount;

 

		(e)	an updated or supplemental Information Memorandum reflecting the increase in the Programme Maximum
Amount of the Programme; and

 

Yours faithfully,

 

	Name:	 
	Title:	 
	for and on behalf of	 

 

[l]

 

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SCHEDULE
5

FORM
OF TRADE CONFIRMATION

 

	To:	[_________________________]
	Attention:	[_________________________]
	Fax:	[_________________________]

 

	To:	BNP Paribas Fortis SA/NV as Domiciliary Agent, Montagne du Parc/Warandeberg 3, 1000 Brussels, Belgium
	Attention:	CP Desk
	Fax:	+32 (0)2 565 62 56
	E-mail:	belgiumdomestic@bnpparibasfortis.com

 

Dealer Agreement dated 6 June 2017

 

We hereby confirm your instruction to prepare,
complete, authenticate and issue Treasury Notes (in accordance with the terms of the above Dealer Agreement and the Domiciliary
Agency Agreement (as defined therein)) and instruct you to:

 

A copy
of this Trade Confirmation countersigned by the Issuer shall be sent by fax at the latest by 6 PM (CET) on the Business Day before
the Issue Date (or, in respect of issues in currencies other than euro, by 6 PM (CET) on the second Business Day before the Issue
Date) to the Domiciliary Agent at:

	BNP Paribas Fortis SA/NV, Montagne du Parc /Warandeberg 3, 1000 Brussels, Belgium
	Attention:	back office primary market
	Fax:	+32 (0)2 565 62 56
	E-mail:	belgiumdomestic@bnpparibasfortis.com

 

 

	Name of relevant Dealer:	[__________________]
	Account of relevant Dealer:	[only if different than number referred to in Schedule 6 to the Dealer Agreement] [Euroclear/Clearstream, Luxembourg]

 

Credit the account of [name of Dealer]
with [NBB/Euroclear/Clearstream, Luxembourg] with the following Treasury Notes:

	(a)	Currency:	[	]
	(b)	Nominal Amount:	[	]
	(c)	Denomination:	[	]
	(d)	Trade Date:	[	]
	(e)	Issue Date:	[	]
	(f)	Maturity Date:	[	]
	(g)	Yield/Interest Rate:	[	]
	(h)	Interest Amount:	[	]
	(i)	Number of days:	[	]
	(j)	Basis (day count fraction):	[	]
	(k)	Discounted Amount:	[	]
	(l)	Calculation Agent:	[	]
	(m)	Other:	[	]

 

against payment of [currency]
[amount].

 

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EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

[unless originally sent by the Dealer in
electronic form or by an automated system, in which case a signature from the relevant Dealer will not be required] SIGNED
on behalf of

 

[NAME DEALER]

 

	 	 	 
	Name	 	Name
	Title	 	Title
	 	 	 
	Euronav NV	 	 
	 	 	 
	 	 	 
	Name	 	Name
	Title	 	Title

 

    	 	- 31 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

schedule
6

Initial
settlement instructions

 

	Dealer 	Account
	BNP Paribas Fortis SA/NV	NBB GEBABEBB36A
	 	 
	Domiciliary Agent	 
	BNP Paribas Fortis SA/NV	
        GEBABEBB36A for a direct clearing in the X/N
        system operated by the NBB; or

        -Euroclear 94783 for a clearing through Euroclear/Clearstream

 

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EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

Schedule
7

AdDresses
for notices

 

	If to the Issuer:	 
	
         

        Euronav NV

        De Gerlachekaai 20

        2000 Antwerpen

        Attn: Hugo De Stoop

        E-Mail: financial@euronav.com

        Phone : + 32 3 247 44 05

        Fax : + 32 3 247 44 09
	 
	 	 
	If to the Arranger	 
	
         

        BNP Paribas Fortis SA/NV

        Montagne du Parc / Warandeberg 3

        1000 Brussels, Belgium

         

        Attn: Legal CIB Capital Markets
        Securities

        Tel: +32 (0)2 228 92 09

        Fax: +32 (0)2 565 98 04

        e-mail: docsecurities.mbc@bnpparibasfortis.com
	 
	
         

        If to the Domiciliary
        Agent

         

        BNP Paribas Fortis SA/NV

        Montagne du Parc / Warandeberg 3

        1000 Brussels, Belgium

         

        Attn: CP Desk

        Tel: +32 (0)2 565 75 30

        Fax: +32 (0)2 565 98 29

        Attn: Back Office

        Fax: +32 (0)2 565 62 56

        E-mail: belgiumdomestic@bnpparibasfortis.com

         
	 
	If to the Dealer:	 
	
         

        BNP Paribas Fortis SA/NV

        Attn: CP Desk

        Tel: +32 (0)2 565 75 30

        Fax: +32 (0)2 565 98 29

        E-mail: belgiumdomestic@bnpparibasfortis.com
	 

 

    	 	- 33 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

Schedule
8

form
of calculation agency agreement

 

THIS
AGREEMENT is made on [l]

 

BETWEEN:

 

		(1)	Euronav NV as issuer (the “Issuer”);

 

		(2)	[CALCULATION AGENT], as the Calculation Agent appointed pursuant to the terms hereof (the “Calculation
Agent”, which expression shall include any successor thereto).

 

WHEREAS:

 

		(A)	Under a dealer agreement (as amended, supplemented and/or restated from time to time, the “Dealer Agreement”)
dated 6 June 2017 and made between, among others, the Issuer and the Dealer(s) referred to therein, and a domiciliary agency agreement
(as amended, supplemented and/or restated from time to time, the “Domiciliary Agency Agreement”) dated 6 June
2017 and made between, among others, the Issuer and the agent[s] referred to therein, the Issuer established a euro-commercial
paper programme (the “Programme”).

 

		(B)	The Dealer Agreement contemplates, inter alia, the issue under the Programme of floating rate notes and provides for
the appointment of calculation agents in relation thereto. Each such calculation agent's appointment shall be on substantially
the terms and subject to the conditions of this Agreement.

 

IT IS AGREED as follows:

 

		1.	INTERPRETATION

 

		(a)	Terms not expressly defined herein shall have the meanings given to them in the Dealer Agreement or the Domiciliary
Agency Agreement.

 

		(b)	Any reference in this Agreement to a statute, any provision thereof or to any statutory instrument, order or regulation
made thereunder shall be construed as a reference to such statute, provision, statutory instrument, order or regulation as the
same may have been, or may from time to time be, amended or re-enacted.

 

		(c)	“Relevant Notes” means such floating rate notes in respect of which the Calculation Agent is appointed.

 

		2.	APPOINTMENT OF CALCULATION AGENT

 

			The Issuer appoints the Calculation Agent as its agent for the purpose of calculating the amount of interest in respect
                                                                             of the Relevant Notes upon the terms and subject to the conditions of this Agreement. The Calculation Agent accepts such
                                                                             appointment.

 

		3.	DETERMINATION AND NOTIFICATION

 

		(a)	The Calculation Agent shall determine the amount of interest payable on, each Relevant Note in
accordance with the redemption calculation applicable thereto.

 

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EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

		(d)	The Calculation Agent shall as soon as it has made its determination as provided for in paragraph (a) above (and, in
any event, no later than the close of business on the date on which the determination is made) notify the Issuer and the Domiciliary
Agent (if other than the Calculation Agent) of the amount of interest so payable.

 

		4.	STAMP DUTIES

 

The Issuer will pay any stamp, registration
and other similar taxes and duties (including any interest and penalties thereon or in connection therewith) payable in connection
with the execution, delivery and performance of this Agreement.

 

		5.	INDEMNITY AND LIABILITY

 

		(e)	The Issuer shall indemnify and hold harmless on demand the Calculation Agent, on an after tax basis, against any claim,
demand, action, liability, damages, cost, loss or expense (including, without limitation, legal fees and any applicable value added
tax) which it may incur arising out of, in connection with or based upon the exercise of its powers and duties as Calculation Agent
under this Agreement, except such as may result from its own negligence, default or bad faith or that of its officers, employees
or agents.

 

		(f)	The Calculation Agent shall indemnify and hold harmless on demand the Issuer on an after tax basis, against any claim,
demand, action, liability, damages, cost, loss or expense (including, without limitation, legal fees and any applicable value added
tax) which it may incur or which may be made against the Issuer as a result of or in connection with the appointment or the exercise
of the powers and duties of the Calculation Agent under this Agreement resulting from the negligence, default or bad faith of the
Calculation Agent or that of its officers, employees or agents.

 

		(g)	The Calculation Agent may, after prior written approval of the Issuer, consult as to legal matters with lawyers selected
by it, who may be employees of, or lawyers to, the Issuer. If such consultation is made, the Calculation Agent shall be protected
and shall incur no liability for action taken or not taken by it as Calculation Agent or suffered to be taken with respect to such
matters in good faith (after consultation with the Issuer), without negligence and in accordance with the opinion of such lawyers,
as addressed to both parties.

 

		6.	CONDITIONS OF APPOINTMENT

 

The Calculation Agent and the Issuer
agree that its appointment will be subject to the following conditions:

 

		(a)	in acting under this Agreement, the Calculation Agent shall act as an independent expert and shall not assume any obligations
towards or relationship of agency or trust for the Issuer or the owner or holder of any of the Relevant Notes or any interest therein;

 

		(b)	unless otherwise specifically provided in this Agreement, any order, certificate, notice, request, direction or other
communication from the Issuer made or given under any provision of this Agreement shall be sufficient if signed or purported to
be signed by a duly authorised employee of the Issuer;

 

		(c)	the Calculation Agent shall be obliged to perform only those duties which are set out in this Agreement;

 

    	 	- 35 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

		(d)	the Calculation Agent and its officers and employees, in its individual or any other capacity, may become the owner
of, or acquire any interest in, any Relevant Notes with the same rights that the Calculation Agent would have if it were not the
Calculation Agent hereunder; and

 

		(e)	all calculations and determinations made pursuant to this Agreement by the Calculation Agent shall (save in the case
of manifest error) be binding on the Issuer, the Calculation Agent and (if other than the Calculation Agent) the holder(s) of the
Relevant Notes and no liability to such holder(s) shall attach to the Calculation Agent in connection with the exercise by the
Calculation Agent of its powers, duties or discretion under or in respect of the Relevant Notes in accordance with the provisions
of this Agreement.

 

		7.	ALTERNATIVE APPOINTMENT

 

If, for any reason,
the Calculation Agent ceases to act as such or fails to comply with its obligations under Clause 3, the Issuer shall appoint
the Agent as Calculation Agent in respect of the Relevant Notes.

 

		8.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

 

A person who is not a party to this
Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement, but this does
not affect any right or remedy of any person which exists or is available apart from that Act.

 

		9.	GOVERNING LAW

 

This Agreement and every agreement for
the issue and purchase of Notes and any non-contractual obligations arising out of or in connection with any of them shall be governed
by, and construed in accordance with, English law.

 

		10.	JURISDICTION

 

		(a)	The English courts have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement
(including a dispute regarding the existence, validity or termination of this Agreement and any dispute relating to any non-contractual
obligations arising out of or in connection with this Agreement) and each party submits to the exclusive jurisdiction of the English
courts.

 

		(b)	The parties to this Agreement agree that the English courts are the most appropriate and convenient courts to settle
any such dispute and accordingly no such party will argue to the contrary.

 

		(c)	To the extent allowed by law, the Calculation Agent may take:

 

		(i)	proceedings in any other court with jurisdiction; and

 

		(ii)	concurrent proceedings in any number of jurisdictions.

 

    	 	- 36 -	 

    
EURONAV NV – Dealer Agreement – 6 June 2017 – Execution Version

    

 

		11.	[SERVICE OF PROCESS

 

		(a)	The Issuer irrevocably appoints [     ] as its agent under this Agreement for service of process
in any proceedings before the English courts in connection with this Agreement.

 

		(b)	If any person appointed as process agent is unable for any reason to act as agent for service of process, the Issuer
must immediately appoint another agent on terms acceptable to the Calculation Agent. Failing this, the Calculation Agent may appoint
another agent for this purpose.

 

		(c)	The Issuer agrees that failure by a process agent to notify it of any process will not invalidate the relevant proceedings.

 

		(d)	This Clause does not affect any other method of service allowed by law.]

 

[NB –
include if the Issuer is not incorporated in England and Wales]

 

		12.	PARTIAL INVALIDITY

 

If, at any time, any provision of this
Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the
law of any other jurisdiction will in any way be affected or impaired.

 

		13.	COUNTERPARTS

 

This Agreement may be signed in any
number of counterparts. This has the same effect as if the signatures on the counterpart were on a single copy of this Agreement.

 

This Agreement has been entered into on the date
stated at the beginning of this Agreement.

 

Euronav NV

 

	By:	 	 

 

[NAME OF CALCULATION AGENT]

 

	By:	 	 

 

    	 	- 37 -

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