Document:

Exhibit

Execution Version

Exhibit 4.3
Dated       September 2018
EURONAV NV 
as Borrower
and
THE BANKS AND FINANCIAL INSTITUTIONS 
listed in Schedule 1
as Lenders
and
THE BANKS AND FINANCIAL INSTITUTIONS 
listed in Schedule 2 
as Swap Banks
and
DNB (UK) LIMITED 
NORDEA BANK AB (PUBL), FILIAL I NORGE 
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
BNP PARIBAS FORTIS SA/NV
as Mandated Lead Arrangers
and
BNP PARIBAS FORTIS SA/NV
DNB (UK) LIMITED 
NORDEA BANK AB (PUBL), FILIAL I NORGE 
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
as Bookrunners
and
NORDEA BANK AB (PUBL), FILIAL I NORGE
as Co-ordinator
and
NORDEA BANK AB (PUBL), FILIAL I NORGE
as Agent and Security Trustee

LOAN AGREEMENT
relating to 
a revolving credit facility of up to $200,000,000

Index
Clause    Page

1Interpretation    1
2Facility    24
3Position of the Lenders and Swap Banks    25
4Drawdown    26
5Interest    27
6Interest Periods    31
7Default Interest    32
8Reduction, Repayment, Prepayment and Cancellation    33
9Conditions Precedent    38
10Representations and Warranties    39
11General Undertakings    42
12Corporate Undertakings    47
13Insurance    50
14Ship Covenants    54
15Security Cover    59
16Payments and Calculations    60
17Application of Receipts    63
18Application of Earnings    64
19Events of Default    65
20Fees and Expenses    69
21Indemnities    70
22No Set-Off or Tax Deduction    73
23Illegality, etc.    75
24The Agent, the Mandated Lead Arrangers and the Reference Banks    76
25The Security Trustee    86
26Conduct of Business by the Creditor Parties    101
27Sharing among the Creditor Parties    101
28Increased Costs    102
29Set‐ Off    105
30Transfers and Changes in Lending Offices    106
31Confidential Information    111
32Confidentiality of Funding Rates and Reference Bank Quotations    114
33Variations and Waivers    116
34Bail-In    117
35Notices    118
36Supplemental    120
37Law and Jurisdiction    121

Schedule 1 Lenders and Commitments122
Schedule 2 Swap Banks125
Schedule 3 Drawdown Notice126
Schedule 4 Condition Precedent Documents127
Part A127
Part B128
Part C130
Schedule 5 Transfer Certificate132
Schedule 6 Details of Ships136
Schedule 7 Designation Notice137
Schedule 8 Form of Certificate of Compliance138
Schedule 9 Timetables140

EUROPE/62530140v12

Execution Pages141

EUROPE/62530140v12

THIS AGREEMENT is made on       September 2018
PARTIES
		
	(1)
	EURONAV NV, as Borrower

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

		
	(3)
	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 2 (Swap Banks), as Swap Banks

		
	(4)
	DNB (UK) LIMITED, NORDEA BANK AB (PUBL), FILIAL I NORGE and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), BNP PARIBAS FORTIS SA/NV as Mandated Lead Arrangers

		
	(5)
	BNP PARIBAS FORTIS SA/NV, DNB (UK) LIMITED, NORDEA BANK AB (PUBL), FILIAL I NORGE and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) as Bookrunners

		
	(6)
	NORDEA BANK AB (PUBL), FILIAL I NORGE, as Co-ordinator

		
	(7)
	NORDEA BANK AB (PUBL), FILIAL I NORGE, as Agent

		
	(8)
	NORDEA BANK AB (PUBL), FILIAL I NORGE, as Security Trustee

BACKGROUND
		
	(A)
	The Lenders have agreed to make available to the Borrower a revolving credit facility of up to $200,000,000 for the purpose of providing the Borrower with funds for general corporate and working capital purposes.

		
	(B)
	The Swap Banks may agree to enter into interest rate swap transactions with the Borrower from time to time to hedge the Borrower's exposure under this Agreement to interest rate fluctuations.

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

OPERATIVE PROVISIONS
IT IS AGREED as follows:
		
	1
	INTERPRETATION

		
	1.1
	Definitions

Subject to Clause 1.5 (General Interpretation), in this Agreement:
"Account Pledge" means a deed or pledge creating security in respect of the Earnings Account to be executed by the Borrower in favour of the Security Trustee in the Agreed Form.
"Advance" means the principal amount of each borrowing by the Borrower under this Agreement.
"Affected Lender" has the meaning given in Clause 5.9 (Market disruption).

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"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 Nordea Bank AB (publ), filial i Norge, acting in such capacity through its office at Essendropsgate 7, Oslo, Norway, 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), 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, 23/F, 248 Queen's Road, East Wanchai, Hong Kong or any Affiliate of it; or 

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

		
	(iv)
	V. Ships of 63 Queen Victoria Street, EC4N 4UA, London, England or any Affiliate of it; or

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

		
	(vi)
	Northern Marine Limited, of Alba House, 2 Central Avenue, Clydebank, Glasgow, G81 2QR, Scotland or any Affiliate of it; and

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

		
	(i)
	the Borrower; or

		
	(ii)
	any wholly owned subsidiary of the Borrower,

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

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"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 Majority Lenders) and the Borrower may agree.
"Authorisation" means an authorisation, consent, approval, resolution, licence, permit, ruling, exemption, filing, notarisation, legalisation or registration.
"Available Commitment" means, in relation to a Lender and at any time, its Commitment less its Contribution at that time (and "Total Available Commitments" means the aggregate of the Available Commitments of all the Lenders).
"Availability Period" means the period commencing on the date of this Agreement and ending on the earlier of:
		
	(a)
	the Maturity Date; or

		
	(b)
	if earlier, the date on which the Total Commitments are fully 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.
"Bookrunners" means BNP Paribas Fortis SA/NV, DNB (UK) Limited, Nordea Bank AB (publ), filial i Norge and Skandinaviska Enskilda Banken AB (publ).
"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 Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in the Loan or Unpaid Sum to the last day of the current Interest Period in relation to the Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period,

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

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

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	(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.

"Code" means the United States Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder.
"Commitment" means, in relation to a Lender, the amount set opposite its name in Schedule 1 (Lenders and Commitments), or, as the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and "Total Commitments" means the aggregate of the Commitments of all the Lenders).
"Confidential Information" means all information relating to 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 31.2 (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

		
	(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.

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"Confirmation", in relation to any continuing Designated Transaction, has the meaning given in the relevant Master Agreement.
"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.
"Co-ordinator" means Nordea Bank AB (publ), filial i Norge, acting in such capacity through its office at Essendropsgate 7, Oslo, Norway, or any successor of it.
"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 Mandated Lead Arrangers, any Lender or any Swap Bank, 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.

"Designated Transaction" means a Transaction which fulfils the following requirements:
		
	(a)
	it is entered into by the Borrower pursuant to a Master Agreement with a Swap Bank;

		
	(b)
	its purpose is the hedging of the exposure of the Borrower under this Agreement to fluctuations in LIBOR arising from the funding of the Loan (or any part thereof) for a period expiring no later than the Maturity Date; 

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

5    EUROPE/62530140v12

		
	(d)
	it is designated by the Borrower and/or by the relevant Swap Bank, by delivery by the Borrower and/or that Swap Bank to the Agent of a notice of designation in the form set out in Schedule 7 (Designation Notice), as a Designated Transaction for the purposes of the Finance Documents.

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

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

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

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

and which (in each case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.
"Dollars" and "$" means the lawful currency for the time being of the United States of America.
"Drawdown Date" means, in relation to an Advance, the date requested by the Borrower for the Advance to be made, or (as the context requires) the date on which the Advance is actually made.
"Drawdown Notice" means a notice in the form set out in Schedule 3 (Drawdown Notice) (or in any other form which the Agent approves or reasonably requires).
"Earnings" means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the 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 Oslo designated "Euronav NV - 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.

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"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.

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

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

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

"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, the Co-ordinator 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;

8    EUROPE/62530140v12

		
	(g)
	the Account Pledges;

		
	(h)
	the Master Agreement Assignments;

		
	(i)
	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 and/or the Swap Banks under this Agreement or any of the other documents referred to in this definition; or

		
	(j)
	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.

"Fleet Age" means, as at any date, the mean age of the Ships then subject to a Mortgage.
"Funding Rate" means any individual rate notified by a Lender to the Agent pursuant to sub-paragraph (ii) of paragraph (a) of Clause 5.10 (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.
"Green Passport" means, in relation to a Ship, a green passport statement of compliance issued by that Ship's classification society which includes a list of any and all materials known to be potentially hazardous and listed in the construction or on board that Ship.

9    EUROPE/62530140v12

"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.
"Hong Kong Convention" means the International Maritime Organization's convention for the Safe and Environmentally Sound Recycling of Ships, 2009 together with the guidelines to be issued by the International Maritime Organization in connection with such convention.
"IFRS" means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements but, for the purposes of Clause 12.5 (Financial covenants) only, disregarding any changes to the treatment of operating leases effective after the date of this Agreement.
"Impaired Agent" means the Agent at any time when: 
		
	(a)
	it has failed to make (or has notified a party to a Finance Document that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment;

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

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

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

unless, in the case of paragraph (a) above:
		
	(i)
	its failure to pay is caused by:

		
	(A)
	administrative or technical error; or

		
	(B)
	a Disruption Event; and 

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

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

"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 

10    EUROPE/62530140v12

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

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

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

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

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

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

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

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

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

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

"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:

11    EUROPE/62530140v12

		
	(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.
"Lender" means a bank or financial institution listed in Schedule 1 (Lenders and Commitments) and acting through its branch indicated in Schedule 1 (Lenders and Commitments) (or through another branch notified to the Borrower under Clause 30.13 (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 5.7 (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 with a person other than a wholly-owned subsidiary of the Borrower and 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, Nordea Bank AB (publ), filial i Norge, BNP Paribas Fortis SA/NV and Skandinaviska Enskilda Banken AB (publ).
"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 662/3 per cent. of the Total Commitments.
"Margin" means 2.00 per cent. per annum.

12    EUROPE/62530140v12

"Master Agreement" means each master agreement (on the 1992 or 2002 (as the case may be) ISDA (Multicurrency-Crossborder) form) in an agreed form made or to be made between the Borrower and a Swap Bank and includes all Designated Transactions from time to time.
"Master Agreement Assignment" means, in relation to each Master Agreement, the assignment of the Master Agreement in the Agreed Form.
"Maturity Date" means 31 January 2025.
"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 owning that Ship in favour of the Security Trustee (and/or such other Creditor Parties as may be appropriate in the opinion of the Agent and in the context of the relevant Approved Flag), each such mortgage to be in the Agreed Form and, where the relevant Approved Flag is Belgian or French flag, the amount secured by such mortgage shall be limited to 125 per cent. of the Fair Market Value of the relevant Ship as at the date of the relevant mortgage.
"Non-Consenting Lender" means any Lender which does not and continues not to consent or agree to:
		
	(a)
	a request of the 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 28.1 (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);

		
	(c)
	liens for salvage;

13    EUROPE/62530140v12

		
	(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 Master Agreement;

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

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

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

"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

14    EUROPE/62530140v12

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

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

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

and covers any such transaction, matter or statement, whether entered into, arising or made at any time before the signing of this Agreement or on or at any time after that signing.
"Potential Event of Default" means an event or circumstance which, with the giving of any notice, the lapse of time, a reasonable determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default.
"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.
"Reduction Amount" means the amount resulting from the following formula:
Total Commitments x 0.5
18 – Fleet Age
"Reference Banks" means Nordea Bank AB (publ), filial i Norge, 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;

"Repayment Date" means a date on which a repayment is required to be made under Clause 8 (Reduction, Repayment, Prepayment and Cancellation).
"Replacement Finance Documents" means, in relation to a Ship, a Mortgage, Deed of Covenant (if applicable) and General Assignment in relation to the relevant Ship executed by the Borrower.

15    EUROPE/62530140v12

"Replacement Ship" means a Ship nominated by the Borrower and approved by the Agent (acting on the instructions of the Lenders) which is:
		
	(a)
	a double hull crude oil tanker;

		
	(b)
	between 150,000 dwt and 325,000 dwt;

		
	(c)
	no more than 7 years of age when it becomes a Ship and is financed under this Agreement;

		
	(d)
	classed with an Approved Classification Society;

		
	(e)
	registered under an Approved Flag;

		
	(f)
	built at a reputable yard; and

		
	(g)
	owned by the Borrower.

"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 Amount"  means the aggregate of the parts of the Total Commitments which have been designated Restricted Amounts in accordance with paragraph (b) of Clause 8.8 (Mandatory prepayment and cancellation on sale or Total Loss) as may be reduced pursuant to Clause 8.9 (Replacement Ships following a sale or Total Loss).
"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 and the United States of America 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.

16    EUROPE/62530140v12

"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 the Master Agreements or any judgment relating to any Finance Document or the Master Agreements; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.
"Security 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.
"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 paragraph (i) 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 and the Master Agreements have been paid;

		
	(b)
	no amount is owing or has accrued (without yet having become due for payment) under any Finance Document or the Master Agreements and all Commitments have terminated;

17    EUROPE/62530140v12

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

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

"Security 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,

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 Nordea Bank AB (publ), filial i Norge, acting in such capacity through its office at Essendropsgate 7, Oslo, Norway, or any successor of it.
"Servicing Bank" means the Agent or the Security Trustee.
"Ship" means:
		
	(a)
	each of the two VLCC and seven Suezmax type vessels listed in Schedule 6 (Details of Ships) which are owned by the Borrower (and which are also sometimes referred to in this Agreement by their individual names listed in Schedule 6 (Details of Ships); and

		
	(b)
	each Replacement Ship that has become a Ship in accordance with Clause 8.9 (Replacement Ships following a sale or Total Loss).

"Ship Loan Amount" means, in respect of a Ship, the amount given under the heading Ship Loan Amount against that Ship's name in Schedule 6 (Details of Ships).

18    EUROPE/62530140v12

"Specified Time" means a day or time determined in accordance with Schedule 9 (Timetables).
"Swap Bank" means a bank or financial institution listed in Schedule 2 (Swap Banks) and acting through its branch indicated in that Schedule.
"Swap Counterparty" means, at any relevant time and in relation to a continuing Designated Transaction, the Swap Bank which enters into that Designated Transaction.
"Tankers International Pool" means the Tankers International tanker pool governed by Tankers International Limited with its registered office at 81 Kings Road, London SW3 4NX, United Kingdom.
"Tax Deduction" has the meaning given in Clause 22.5 (Tax Deduction).
"Third Parties Act" has the meaning given in Clause 36.4 (Third Party rights).
"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;

		
	(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.

"Transaction" has the meaning given in each Master Agreement.
"Transaction Security" means the Security Interest created or evidenced or expressed to be created or evidenced under the Finance Documents.

19    EUROPE/62530140v12

"Transfer Certificate" has the meaning given in Clause 30.2 (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:

		
	(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.

20    EUROPE/62530140v12

"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").
"Nordea Bank AB (publ)" (either directly or indirectly in its capacity as Swap Bank or any other capacity) in the Finance Documents shall be automatically construed as a reference to Nordea Bank Abp in the event of any corporate reconstruction, merger, amalgamation, consolidation between Nordea Bank AB (publ) and Nordea Bank Abp where Nordea Bank Abp is the surviving entity and acquires all the rights of and assumes all the obligations of Nordea Bank AB (publ) and nothing in the Finance Documents shall be construed so as to restrict, limit or impose any notification or other requirement or condition on either Nordea Bank AB (publ) or Nordea Bank Abp in respect of the acquisition of rights to or assumption of obligations by Nordea Bank Abp hereunder pursuant to such merger.
"Nordea Bank AB (publ), filial i Norge" (either directly or indirectly in its capacity as Lender, Agent and/or Security Agent or any other capacity) in the Finance Documents shall be automatically construed as a reference to Nordea Bank Abp, filial i Norge in the event of any corporate reconstruction, merger, amalgamation, consolidation between Nordea Bank AB (publ) and Nordea Bank Abp where Nordea Bank Abp is the surviving entity and acquires all the rights of and assumes all the obligations of Nordea Bank AB (publ), filial i Norge and nothing in the Finance Documents shall be construed so as to restrict, limit or impose any notification or other requirement or condition on either Nordea Bank AB (publ), filial i Norge or Nordea Bank Abp, filial i Norge in respect of the acquisition of rights to or assumption of obligations by Nordea Bank Abp, filial i Norge hereunder pursuant to such merger.
"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.

21    EUROPE/62530140v12

"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

22    EUROPE/62530140v12

		
	(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 in Clause 1.1 (Definitions) to a Finance Document or any other document being in an "agreed form" are to the form agreed between the Agent (acting with the authorisation of each of the other Creditor Parties) and the Borrower;

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

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

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

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

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

		
	1.6
	Headings

In interpreting a Finance Document or any provision of a Finance Document, all clause, sub‐clause and other headings in that and any other Finance Document shall be entirely disregarded.
		
	2
	FACILITY

		
	2.1
	Amount of facility

Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrower a revolving credit facility not exceeding $200,000,000.
		
	2.2
	Lenders' participations

Subject to the other provisions of this Agreement, each Lender shall participate in each Advance in the proportion which, as at the relevant Drawdown Date, its Commitment bears to the Total Commitments.
		
	2.3
	Purpose of Advances

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

23    EUROPE/62530140v12

		
	3
	POSITION OF THE LENDERS AND SWAP BANKS

		
	3.1
	Interests several

The rights of the Lenders and the Swap Banks under this Agreement are several.
		
	3.2
	Individual right of action

Each Lender and each Swap Bank shall be entitled to sue for any amount which has become due and payable by the Borrower to it under a Finance Document or by the Borrower under a Master Agreement without joining the Agent, the Security Trustee, any Arranger, any other Lender or any other Swap Bank as additional parties in the proceedings.
		
	3.3
	Proceedings requiring Majority Lender consent

Except as provided in Clause 3.2 (Individual right of action), no Lender and no Swap Bank may commence proceedings against the Borrower or any Security Party in connection with a Finance Document or a Master Agreement without the prior consent of the Majority Lenders.
		
	3.4
	Obligations several

The obligations of the Lenders under this Agreement and of the Swap Banks under the Master Agreement to which it is a party are several; and a failure of a Lender to perform its obligations under this Agreement or a failure by a Swap Bank to perform its obligations under the Master Agreement to which it is a party shall not result in:
		
	(a)
	the obligations of the other Lenders or other Swap Banks being increased; nor 

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

and in no circumstances shall a Lender or a Swap Bank have any responsibility for a failure of another Lender or another Swap Bank to perform its obligations under this Agreement or the Master Agreement to which it is a party.
		
	3.5
	Security Trustee as joint and several creditor

		
	(a)
	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).

24    EUROPE/62530140v12

		
	(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

Subject to the following conditions, the Borrower may request that an Advance be made by ensuring that the Agent receives a completed Drawdown Notice not later than 11.00 a.m. (London time) 3 Business Days prior to the intended Drawdown Date.
		
	4.2
	Availability

The conditions referred to in Clause 4.1 (Request for Advance) are that:
		
	(a)
	a Drawdown Date has to be a Business Day during the Availability Period and the first Drawdown Date will be on or before 30 September 2018;

		
	(b)
	the first Advance in respect of any Ship shall not be after 20 December 2018;

		
	(c)
	there shall be no more than ten Advances outstanding at any one time; 

		
	(d)
	there shall be a minimum Advance of $1,000,000; and

		
	(e)
	the aggregate amount of the Advances outstanding at any time shall not exceed the Total Commitments minus the Restricted Amount at that time.

		
	4.3
	Notification to Lenders of receipt of a Drawdown Notice

The Agent shall promptly notify the Lenders that it has received a Drawdown Notice and shall inform each Lender of:
		
	(a)
	the amount of the Advance and the Drawdown Date;

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

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

		
	4.4
	Drawdown Notice irrevocable

A Drawdown Notice must be signed by a duly authorised person on behalf of 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.
		
	4.5
	Lenders to make available Contributions

Subject to the provisions of this Agreement, each Lender shall, on and with value on each Drawdown Date, make available to the Agent for the account of the Borrower the amount due from that Lender on that Drawdown Date under Clause 2.2 (Lenders' participations).
		
	4.6
	Disbursement of Advances

25    EUROPE/62530140v12

Subject to the provisions of this Agreement, the Agent shall on each Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5 (Lenders to make available Contributions); and that payment to the Borrower shall be made to the account which the Borrower specifies in the Drawdown Notice.
		
	4.7
	Disbursement of Advances to third party

A payment by the Agent under Clause 4.6 (Disbursement of Advances) shall constitute the making of the relevant Advance and the Borrower shall thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender's Contribution.
		
	5
	INTEREST

		
	5.1
	Payment of normal interest

Subject to the provisions of this Agreement, interest on each Advance in respect of an Interest Period shall be paid by the 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 an Interest Period shall be the aggregate of the Margin and LIBOR for that Interest Period.
		
	5.3
	Payment of accrued interest

In the case of an Interest Period longer than 3 months, accrued interest shall be paid every 3 months during that Interest Period and on the last day of that Interest Period.
		
	5.4
	Notification of rates of 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.

		
	5.5
	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 5.5 (Role of Reference Banks) subject to Clause 36.4 (Third Party rights) and the provisions of the Third Parties Act.

		
	5.6
	Third Party Reference Banks

26    EUROPE/62530140v12

A Reference Bank which is not a Party may rely on Clause 5.5 (Role of Reference Banks), Clause 5.14 (Replacement of Screen Rate) and Clause 32 (Confidentiality of Funding Rates and Reference Bank Quotations) subject to Clause 36.4 (Third Party rights) and the provisions of the Third Parties Act.
		
	5.7
	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 5.10 (Cost of funds) shall apply to the Loan or that part of the Loan for that Interest Period.

		
	5.8
	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.

		
	5.9
	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 5.10 (Cost of funds) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.
		
	5.10
	Cost of funds

		
	(a)
	If this Clause 5.10 (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 Margin; and

27    EUROPE/62530140v12

		
	(ii)
	the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period to be that which expresses as a percentage rate per annum the cost to 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 ‎5.10 (Cost of funds) applies pursuant to Clause 5.9 (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.
		
	5.11
	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.

		
	5.12
	Notification of market disruption

The Agent shall notify the Borrower and each of the Lenders stating the circumstances falling within Clause 5.9 (Market disruption) which have caused its notice to be given.
		
	5.13
	Suspension of drawdown

If the Agent's notice under Clause 5.12 (Notification of market disruption) is served before an Advance is to be made the Lenders' obligations to make or participate in that Advance (as the case may be) shall be suspended while the circumstances referred to in the Agent's notice continue.
		
	5.14
	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

28    EUROPE/62530140v12

		
	(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.

		
	5.15
	Negotiation of alternative rate of interest

If the Agent's notice under Clause 5.12 (Notification of market disruption) is served after an Advance has been made, 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 5.12 (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.
		
	5.16
	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.
		
	5.17
	Alternative rate of interest in absence of agreement

If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period, then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in Dollars or in any available currency of their or its Contribution plus the Margin; and the procedure provided for by this Clause 5.17 (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.
		
	5.18
	Notice of prepayment

If the Borrower does not agree with an interest rate set by the Agent under Clause 5.17 (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.
		
	5.19
	Prepayment

A notice under Clause 5.18 (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 Margin.
		
	5.20
	Application of prepayment

The provisions of Clause 8 (Reduction, Repayment, Prepayment and Cancellation) shall apply in relation to the prepayment.
		
	6
	INTEREST PERIODS

		
	6.1
	Commencement of Interest Periods

29    EUROPE/62530140v12

The first Interest Period applicable to an Advance shall commence on the Drawdown Date relating to that Advance and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period.
		
	6.2
	Duration and consolidation of normal Interest Periods

Subject to Clauses 6.3 (Duration of Interest Periods for repayment instalments) and 6.4 (No Interest Period to extend beyond final Maturity Date), each Interest Period shall be: 
		
	(a)
	1, 3 or 6 months as notified by the 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)
	in the case of the first Interest Period applicable to the second and any subsequent Advance and if the Borrower notifies the Agent in the Drawdown Notice for such Advance, a period ending on the last day of the Interest Period applicable to the Advance then current, whereupon that Advance and the Advance then current shall be consolidated and treated as a single Advance and if more than one Advance has been made at the time the Borrower notifies the Agent that it wishes to consolidate the Interest Periods of the Advances, the relevant Interest Periods shall be consolidated with the Interest Period applicable to the first Advance so that the Interest Period for that Advance expires on the same date as the Interest Period for the Advance then current; or

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

		
	(d)
	such other period as the Agent may, with the authorisation of all the Lenders, 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 (Reduction, 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 final Maturity Date

No Interest Period shall end after the Maturity Date and any Interest Period which would otherwise extend beyond the Maturity Date shall instead end on the Maturity Date.
		
	6.5
	Non-availability of matching deposits for Interest Period selected

If, after the 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.
		
	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

30    EUROPE/62530140v12

		
	7.1
	Default interest

		
	(a)
	If the Borrower fails to pay any amount payable by it under a Finance Document other than a Master Agreement 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 percentage 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 percentage 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
	REDUCTION, REPAYMENT, PREPAYMENT AND CANCELLATION

		
	8.1
	Reduction of Total Commitments

The Total Commitments shall be reduced by equal consecutive semi-annual reductions, each in the amount of the Reduction Amount as at the date of the first reduction and:
		
	(a)
	the first reduction shall take place on 30 June 2019 and the last reduction shall take place on or before the Maturity Date;

		
	(b)
	each reduction in the Total Commitments pursuant to this Clause 8.1 (Reduction of Total Commitments) shall cause the amount of the Total Commitments to be permanently reduced by the amount of the reduction pro rata between any Restricted Amount and the other part of the Total Commitments; and

		
	(c)
	the Borrower shall ensure that at all times the aggregate outstanding amount of the Advances is not greater than the then applicable Total Commitments and, without prejudice to the generality of the foregoing, the Borrower shall if necessary immediately prepay some or all of the outstanding Advances so that the aggregate outstanding amount of the Advances does not (taking into account the scheduled reduction of the Total Commitments) exceed the Total Commitments as reducing from time to time thereafter pursuant to this Clause 8.1 (Reduction of Total Commitments).

		
	8.2
	Repayment of Advances

Subject to the provisions of Clause 8.1 (Reduction of Total Commitments):
		
	(a)
	each Advance shall be repaid in full on the last day of its Interest Period; and

31    EUROPE/62530140v12

		
	(b)
	unless the Borrower notifies the Agent to the contrary not later than 11.00 a.m. (London time) 3 Business Days prior to the Repayment Date applicable to an Advance, then, notwithstanding paragraph (a) of Clause 8.2 (Repayment of Advances), where that Repayment Date is also a Drawdown Date in respect of another Advance, the Agent shall, on behalf of the Borrower, apply the Advance which would otherwise have been paid to the Borrower on that Drawdown Date in or towards the discharge of the amount payable by the Borrower on that Repayment Date pursuant to paragraph (a) of Clause 8.2 (Repayment of Advances) (but without prejudice to the obligation of the Borrower to pay any balance due after application of such amount).

		
	8.3
	Maturity Date

On the Maturity Date, any undrawn Commitments shall be cancelled and 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 any Advances then outstanding.

		
	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 and cancellation on sale or Total Loss

32    EUROPE/62530140v12

		
	(a)
	The relevant proportion of the Total Commitments shall be cancelled (and the Borrower shall be obliged to prepay any part of the Advances which exceeds the reduced Total Commitments):

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

		
	(ii)
	if a Ship which is subject to a Mortgage becomes 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.

In this Clause 8.8 (Mandatory prepayment and cancellation on sale or Total Loss), "relevant proportion" means a fraction of which the numerator is the Fair Market Value of the Ship (determined as at the date of the most recent appraisal and not more than 6 months prior to the date of the sale or Total Loss) which is to be sold or the subject of Total Loss and the denominator is the aggregate of the most recently determined Fair Market Values of the Ships (determined on the same basis) mortgaged pursuant to this Agreement immediately prior to the sale or Total Loss.
Any cancellation and/or prepayment pursuant to paragraph (a) of Clause 8.8 (Mandatory prepayment and cancellation on sale or Total Loss) shall be applied pro rata to any Advances then outstanding and pro rata against the future reductions of the Total Commitments pursuant to Clause 8.1 (Reduction of Total Commitments).
If any Advance is cancelled and/or prepaid pursuant to paragraph (a) of Clause 8.8 (Mandatory prepayment and cancellation on sale or Total Loss), then that amount may not be reborrowed and the Total Commitments will be permanently reduced by the amount of the cancellation and/or prepayment applicable to the Advance and future reductions pursuant to Clause 8.1 (Reduction of Total Commitments) shall be reduced on a pro rata basis.
		
	(b)
	At the time of the cancellation of the Total Commitments and prepayment of the Advances pursuant to paragraph (a), an amount of the Total Commitments shall become a Restricted Amount in the amount required to ensure that the aggregate of the Fair Market Values (determined as provided in Clause 15.3 (Valuation of Ships) of each Ship subject to a Mortgage is not below 175 per cent. of the Total Commitments less the Restricted Amounts (and the Borrower shall be obliged to prepay any part of the Advances which exceed the Total Commitments minus the Restricted Amounts).

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

		
	8.9
	Replacement Ships following a sale or Total Loss

		
	(a)
	Where there is a Restricted Amount following the sale or Total Loss of a Ship, the Borrower shall within 30 Business Days of such sale or Total Loss notify the Agent if it intends to provide a Replacement Ship or Replacement Ships as security for the Secured Liabilities in substitution for the Ship which has been sold or become a Total Loss.

		
	(b)
	If the Borrower does not provide such notification, the Restricted Amount will not be available for re-borrowing.

		
	(c)
	If the Borrower does provide such notification, the Borrower shall:

		
	(i)
	provide such Replacement Ship or Replacements Ships; or

33    EUROPE/62530140v12

		
	(ii)
	notify the Agent that it no longer intends to provide a Replacement Ship or Replacement Ships,

within 12 months of such sale or Total Loss and, if the Borrower gives a notification pursuant to paragraph (c)(ii), it shall simultaneously give the Agent notice of the date on which an amount of the Total Commitments equal to the Restricted Amount is to be cancelled pursuant to Clause 8.14 (Voluntary cancellation of Commitments) and, upon such cancellation of the Total Commitments becoming effective, the Restricted Amount shall be reduced by an equal amount.
		
	(d)
	The Restricted Amount, or part thereof, shall be reduced in accordance with paragraph (e) subject to the following conditions:

		
	(i)
	the Agent confirms to the Borrower that the Replacement Ship satisfies the requirements listed in the definition of Replacement Ship;

		
	(ii)
	no Potential Event of Default or Event of Default has occurred and is continuing at such time or would, in the reasonable opinion of the Majority Lenders, arise from such Replacement Ship becoming a Ship;

		
	(iii)
	the Agent has received the documents described in Part C of Schedule 4 (Condition Precedent Documents) in relation to a Replacement Ship in form and substance satisfactory to the Agent and its lawyers.

		
	(e)
	Upon satisfaction of the conditions under paragraph (d):

		
	(i)
	the relevant Replacement Ship shall become a Ship for the purposes of this Agreement; and

		
	(ii)
	the Restricted Amount shall be reduced to such amount as is required to ensure that the aggregate of the Fair Market Values (determined as provided in Clause 15.3 (Valuation of Ships) of each Ship subject to a Mortgage is not below 175 per cent. of the Total Commitments minus any remaining Restricted Amount.

		
	8.10
	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.
		
	8.11
	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.
		
	8.12
	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.

34    EUROPE/62530140v12

		
	8.13
	Reborrowing

Subject to the terms of this Agreement, any amount repaid may be reborrowed.
		
	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 either:

		
	(i)
	$1,000,000 or a higher integral multiple of $1,000,000; or

		
	(ii)
	where the Borrower is obliged to make such cancellation pursuant to paragraph (c) of Clause 8.9 (Replacement Ships following a sale or Total Loss), equal to the Restricted Amount in relation to the corresponding Ship that has been sold; 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 also on a pro rata basis against the future instalments repayable pursuant to Clause 8.1 (Reduction of Total Commitments).
		
	8.17
	Unwinding of Designated Transactions

On or prior to any full or partial repayment or prepayment of the Loan under this Clause 8 (Reduction, Repayment, Prepayment and Cancellation) or any other provision of this Agreement, the Borrower shall wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to Clause 8.1 (Reduction of Total Commitments).
		
	8.18
	Right of replacement or 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 28 (Increased Costs);

35    EUROPE/62530140v12

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 an Advance is subject to the following conditions precedent: 
		
	(a)
	that, on or before the date of this Agreement, the Agent receives the documents and fees described in Part A of Schedule 4 (Condition Precedent Documents) in form and substance satisfactory to the Agent and its lawyers;

		
	(b)
	that, on or before the initial Drawdown Date and each Drawdown Date that relates to a Ship:

		
	(i)
	the Agent receives the documents described in Part B of Schedule 4 (Condition Precedent Documents) in form and substance satisfactory to the Agent and its lawyers; and

		
	(ii)
	during the period from 31 December 2017 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 or the Group 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:

		
	(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)
	none of the circumstances contemplated by Clause 5.9 (Market disruption) has occurred and is continuing; and

		
	(iv)
	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 

36    EUROPE/62530140v12

(v) on the rights or remedies of the Lenders, (w) on the performance of the Borrower or 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 or 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 Advance, 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 an Advance 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

The Borrower 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

The Borrower has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:
		
	(a)
	to execute the Finance Documents and the Master Agreements to which the Borrower is a party; and

		
	(b)
	to borrow under this Agreement, to enter into Designated Transactions under the Master Agreements to which the Borrower is a party and to make all the payments contemplated by, and to comply with, those Finance Documents and those Master Agreements.

		
	10.4
	Consents in force

All the consents referred to in Clause 10.3 (Corporate power) remain in force and nothing has occurred which makes any of them liable to revocation.
		
	10.5
	Legal validity; effective Security Interests

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The Finance Documents and the Master Agreements to which the Borrower is a party, do now or, as the case may be, will, upon execution and delivery (and, where applicable, registration as provided for in the Finance Documents): 
		
	(a)
	constitute the Borrower's legal, valid and binding obligations enforceable against the Borrower 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 and each Master Agreement: 
		
	(a)
	the Borrower that is a party to that Finance Document or Master Agreement will have the right to create all the Security Interests which that Finance Document or Master Agreement purports to create; and

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

		
	10.7
	No conflicts

The execution by the Borrower of each Finance Document and each Master Agreement to which it is a party, and the borrowing by the Borrower of the Loan, and the Borrower's compliance with each Finance Document and each Master Agreement to which it is a party will not involve or lead to a contravention of:
		
	(a)
	any law or regulation; or

		
	(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 2017.

38    EUROPE/62530140v12

		
	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 Advances), in relation to the utilisation by the Borrower of the Advances 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 2015/849/EC of the European Parliament and of the Council of the European Union of 20 May 2015).
		
	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.

39    EUROPE/62530140v12

		
	10.17
	Pari passu obligations

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

The Borrower is not a US Tax Obligor.
		
	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 any Ship owned by the Borrower, 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.

40    EUROPE/62530140v12

		
	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 2018, the audited consolidated accounts of the Group and audited individual accounts of the Borrower;

		
	(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 audited consolidated balance sheet of the Group certified as to its correctness by the chief financial officer of the Borrower and the audited individual balance sheet of the Borrower certified as to its correctness by an officer or director 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;

		
	(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 Borrower and the Group for the next 3 years in a format which is acceptable to the Agent; and

		
	(e)
	together with the annual audited consolidated accounts and with each balance sheet of the Group referred to in paragraphs (a) and (b), a compliance certificate (together with supporting schedules, if any) signed by the chief financial officer of the Borrower in the form attached as Schedule 8 (Form of Certificate of Compliance) (or in any other format which the Agent may approve and with such other information as the Agent may require) evidencing compliance with the financial undertakings in Clause 12.5 (Financial Covenants) and also listing the Fair Market Value of each of the Ships.

		
	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 Group (or the Borrower, as the case may be) at the date of those accounts and of profit for the period to which those accounts relate; and

		
	(c)
	fully disclose or provide for all significant liabilities of the Group (or the Borrower, as the case may be).

		
	11.7
	Provision of further information

41    EUROPE/62530140v12

		
	(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 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 and any Master Agreement to which it is a party;

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

and 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

		
	(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 any 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

42    EUROPE/62530140v12

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 the Borrower 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 the Borrower.
		
	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;

		
	(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 customer" 

43    EUROPE/62530140v12

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 subsidiary of the Borrower is or will become a Restricted Party.

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

		
	(c)
	procure that no proceeds of any Advance 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
	Documents to be provided following execution of a Master Agreement

Following the execution of each Master Agreement, the Borrower shall procure that promptly following the execution of such Master Agreement the Agent has received the following documents in form and substance satisfactory to the Agent and its lawyers:
		
	(a)
	a Master Agreement Assignment in relation to the relevant Master Agreement;

		
	(b)
	if required by the Agent and in the case of each Mortgage an amendment or addenda to that Mortgage specifying such consequential amendments to that Mortgage as may be required as a consequence of the entry by the Borrower and the relevant Swap Bank into the Master Agreement;

		
	(c)
	if required by the Agent and in the case of a Finance Document an amendment or addenda to that Finance Document specifying such consequential amendments to that Mortgage as may be required as a consequence of the entry by the Borrower and the relevant Swap Bank into the Master Agreement;

		
	(d)
	in each case if required for the provisions of the legal opinions referred to in paragraph (f), copies of the resolutions of the directors and shareholders of the Borrower authorising the execution of the Master Agreement Assignments, the Mortgage amendments and addenda referred to in paragraphs (a) to (c);

		
	(e)
	the original of any power of attorney under which any of the Master Agreement Assignments, the Mortgage amendments and addenda referred to in paragraphs (a) to (c) are to be executed on behalf of the Borrower;

		
	(f)
	documentary evidence that the Mortgage amendments and addenda referred to in paragraph (b) have been duly registered against that Ship as valid amendment or addenda to the Mortgage in accordance with the laws of the relevant Approved Flag; 

		
	(g)
	if required by the Agent, favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Belgium, the country where the Ship is registered and such other relevant jurisdictions as the Agent may require; and

		
	(h)
	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.

44    EUROPE/62530140v12

		
	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.
		
	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 the Borrower 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 (A) on the rights or remedies of the Lenders, (B) on the performance of the Borrower or the Group 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.
		
	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; and

		
	(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;

45    EUROPE/62530140v12

"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;
"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 

46    EUROPE/62530140v12

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.
		
	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 the Borrower, its business or any Ship owned by it.
		
	12.10
	Negative undertakings

The Borrower will not:
		
	(a)
	change its legal name, type of organisation or jurisdiction of incorporation; or

		
	(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) 

47    EUROPE/62530140v12

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.
		
	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 any Ships owned by the Borrower) (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 owned by it insured at the expense of the Borrower 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 owned by it:
		
	(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, 125 per cent. of the Loan and (ii) the Fair Market Value of that Ship; 

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

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

48    EUROPE/62530140v12

		
	(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 any Ship is entered, in each case being approved by the Security Trustee (such approval not to be unreasonably withheld), provide the Security Trustee with letters of undertaking:

49    EUROPE/62530140v12

		
	(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 paragraphs (a) and/or (b) of Clause 13.2 (Maintenance of obligatory insurances) 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 any Ship's P&I Club or war risks association.
		
	13.11
	Compliance with terms of insurances

The Borrower shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance in relation to any Ship invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular:
		
	(a)
	the Borrower shall (in the case of any Ships owned by the Borrower) 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 any 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 

50    EUROPE/62530140v12

association in which any Ship it is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and
		
	(d)
	the Borrower shall not employ any Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.

		
	13.12
	Alteration to terms of insurances

The 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 

51    EUROPE/62530140v12

are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance Provided that the cover in respect of the mortgagee's interest marine insurance shall not exceed 110 per cent. of the Loan.
Notwithstanding the above, if at any time the Agent or Security Trustee proposes to effect any insurances of the nature referred to in this Clause, it shall first notify the 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 owned by it registered in its name on an Approved Flag; and shall not do or allow to be done anything as a result of which such registration might be cancelled or imperilled and shall not change the name or country of registry of any Ship owned by it Provided that the Borrower may change the registry of a Ship owned by it 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 that Ship and subject to any appropriate consequential amendments to the Finance Documents.
		
	14.3
	Repair and classification

The Borrower shall keep each Ship owned by it in a good safe condition and state of repair:
		
	(a)
	consistent with first-class ship ownership and management practice;

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

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

52    EUROPE/62530140v12

		
	14.4
	Modification

The Borrower shall not make any modification or repairs to, or replacement of, any Ship owned by it or equipment installed on it which would or might materially and adversely alter the structure, type or performance characteristics of any such Ship or reduce its value.
		
	14.5
	Removal of parts

The Borrower shall not remove any material part of any Ship owned by it, or any item of equipment installed on any such Ship, except in the normal course of maintenance and repair, unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and becomes on installation on the Ship the property of the 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 owned by it 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 Borrowers' expense once per year) to board any Ship owned by it 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 Ship owned by it, 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 any 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.

53    EUROPE/62530140v12

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 owned by the Borrower, 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 owned by the Borrower;
		
	(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 any Ship owned by the Borrower 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 the Borrower 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)
	any Ship, its employment, position and engagements;

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

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

		
	(d)
	any towages and salvages;

		
	(e)
	the Borrower, the Approved Managers' or any 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 any 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 any 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 any Ship which is or is likely to be or to become a Major Casualty;

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

54    EUROPE/62530140v12

		
	(c)
	any requirement or recommendation made by any insurer or classification society or by any competent authority in respect of any 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 any Ship or its Earnings or any requisition of a Ship for hire which may be material in the context of this Agreement;

		
	(e)
	any 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;

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 any Ship on demise charter for any period;

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

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

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

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

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

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

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

		
	14.13
	Notice of Mortgage

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

55    EUROPE/62530140v12

		
	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 procure that each Ship has obtained a Green Passport, or equivalent document acceptable to the Agent, in respect of that Ship which shall be maintained throughout the Security Period and if such Green Passport is not available at the date of this Agreement it shall be obtained at the next special survey of that Ship.
		
	14.16
	Green scrapping

The Borrower shall maintain a policy that provides that each vessel owned by any member of the Group which is to be scrapped shall:
		
	(a)
	to the extent that the Hong Kong Convention is in force at the time of such scrapping, be scrapped in compliance with the Hong Kong Convention; or

		
	(b)
	to the extent that the Hong Kong Convention has not been ratified or otherwise is not yet in force at the time of such scrapping, the Borrower shall use reasonable endeavours to ensure that such vessel is scrapped in compliance with the Hong Kong Convention.

		
	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:
		
	(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

56    EUROPE/62530140v12

		
	(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)
	in dollars;

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

		
	(c)
	by an Approved Shipbroker; 

		
	(d)
	without physical inspection of that Ship;

		
	(e)
	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;

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

The Borrower shall provide (at their 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 (d) 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).
		
	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 Borrowers' obligations under Clauses 20.2 (Costs of negotiation, preparation etc.), 20.3 (Costs of variations, amendments, enforcement etc.) and 21.3 (Miscellaneous indemnities), the 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 

57    EUROPE/62530140v12

legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause.
		
	15.8
	Application of prepayment

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

		
	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):

58    EUROPE/62530140v12

		
	(a)
	any amount received by the Agent under a Finance Document for distribution or remittance to a Lender, a Swap Counterparty or the Security Trustee shall be made available by the Agent to that Lender, that Swap Counterparty or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Lender and the Swap Counterparty or the Security Trustee may have notified to the Agent not less than 5 Business Days previously; and

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

		
	16.5
	Permitted deductions by Agent

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount available to a Lender or a Swap Counterparty, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender or that Swap Counterparty under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that Lender or that Swap Counterparty to pay on demand.
		
	16.6
	Agent only obliged to pay when monies received

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the Borrower or any Lender or that Swap Counterparty any sum which the Agent is expecting to receive for remittance or distribution to the Borrower or that Lender or that Swap Counterparty until the Agent has satisfied itself that it has received that sum.
		
	16.7
	Refund to Agent of monies not received

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

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

		
	16.8
	Agent may assume receipt

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

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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 Mandated Lead 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).

		
	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;

		
	(b)
	SECONDLY: in or towards satisfaction of any amounts then due and payable to the Creditor Parties (other than the Swap Banks) under the Finance Documents (or any of them) in such order 

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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, 
		
	(c)
	THIRDLY: in retention of an amount equal to any amount not then due and payable to the Creditor Parties (other than the Swap Banks) under any Finance Document but which the Agent, by notice to the 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); 

		
	(d)
	FOURTHLY: in or towards satisfaction pro rata of any amount then due and payable under any Master Agreement which relates to a Designated Transaction;

		
	(e)
	FIFTHLY: in retention of an amount equal to any amount not then due and payable under any Master Agreement which relates to a Designated Transaction 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 (d); and

		
	(f)
	SIXTHLY: 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 the Swap Banks, 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 owned by it and proceeds under any Insurances in relation to any Ship owned by is are paid to the Earnings Account in relation to the Borrower 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.
		
	18.2
	Location of accounts

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The Borrower shall promptly:
		
	(a)
	comply with any requirement of the Agent as to the location or re‐location of the Earnings Account in relation to the Borrower; and

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

		
	19
	EVENTS OF DEFAULT

		
	19.1
	Events of Default

An Event of Default occurs if:
		
	(a)
	the Borrower or any Security Party fails to 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:

		
	(i)
	its failure to pay is caused by:

		
	(A)
	administrative or technical error; or

		
	(B)
	a Disruption Event; and

		
	(ii)
	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, 

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sequestration or distress in respect of a sum of, or sums aggregating, $10,000,000 or more or the equivalent in another currency; or
		
	(iii)
	an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person or any administrative or other receiver is appointed over any asset of a Relevant Person; or

		
	(iv)
	a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that it is insolvent or likely to become insolvent, or an administration notice is given or filed in relation to a Relevant Person, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that it should be wound up, placed in administration or cease to carry on business, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than 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;

63    EUROPE/62530140v12

		
	(j)
	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).

		
	(k)
	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

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

		
	(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

		
	(m)
	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

		
	(n)
	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 their respective subsidiaries; or

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

		
	(p)
	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

64    EUROPE/62530140v12

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

		
	19.3
	Termination of Commitments

On the service of a notice under 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.
		
	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
	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.
		
	19.6
	Notification of Creditor Parties and Security Parties

The Agent shall send to each Lender, the Security Trustee and each Security Party a copy or the text of any notice which the Agent serves on the 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.
		
	19.7
	Creditor Party rights unimpaired

Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders or a Swap Counterparty under a Finance Document, a Master Agreement or the general law; and, in particular, this Clause is without prejudice to Clause 3.1 (Interests several).
		
	19.8
	Exclusion of Creditor Party liability

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

65    EUROPE/62530140v12

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.
		
	19.9
	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.
		
	19.10
	Interpretation

In paragraph (e) of Clause 19.1 (Events of Default) 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 paragraph (e) of Clause 19.1 (Events of Default) "petition" includes an application.
		
	19.11
	Position of Swap Counterparties

Neither the Agent nor the Security Trustee shall be obliged, in connection with any action taken or proposed to be taken under or pursuant to the foregoing provisions of this Clause 19 (Events of Default), to have any regard to the requirements of a Swap Counterparty except to the extent that such Swap Counterparty is also a Lender.
		
	20
	FEES AND EXPENSES

		
	20.1
	Fees

The Borrower shall pay to the Agent:
		
	(a)
	on the date of this Agreement or as otherwise agreed, the fees in amounts previously agreed in writing between the Agent and the Borrower; and

		
	(b)
	quarterly in arrears on each 31 March, 30 June, 30 September and 31 December and on the first Drawdown Date (or, if earlier, the date on which this Agreement is terminated) during the period from the date of this Agreement to the last day of the Availability Period (or, if earlier, the date on which this Agreement is terminated), for the account of the Lenders, a commitment fee at the rate of 35 per cent. of the Margin per annum on the Total Available Commitments, for distribution among the Lenders pro rata to their Commitments.

		
	20.2
	Costs of negotiation, preparation etc.

The Borrower shall pay to the Agent on its demand the amount of all expenses incurred by the Agent or the Security Trustee in connection with the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document.
		
	20.3
	Costs of variations, amendments, enforcement etc.

66    EUROPE/62530140v12

The Borrower shall pay to the Agent, on the Agent's demand, for the account of the Creditor Party concerned the amount of all expenses incurred by a Creditor Party in connection with:
		
	(a)
	any amendment or supplement to a Finance Document or any proposal for such an amendment to be made; 

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

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

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

There shall be recoverable under paragraph (d) the full amount of all legal expenses, whether or not such as would be allowed under rules of court or any taxation or other procedure carried out under such rules.
		
	20.4
	Documentary taxes

The Borrower shall promptly pay any tax payable on or by reference to any Finance Document, and shall, on the Agent's demand, fully indemnify each Creditor Party against any claims, expenses, liabilities and losses resulting from any failure or delay by the Borrower to pay such a tax.
		
	20.5
	Certification of amounts

A notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 20 (Fees and Expenses) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due.
		
	21
	INDEMNITIES

		
	21.1
	Indemnities regarding borrowing and repayment of Loan

The Borrower shall fully indemnify the Agent and each Lender on the Agent's demand and the Security Trustee on its demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party as a result of or in connection with:
		
	(a)
	an Advance not being borrowed on the date specified in the relevant Drawdown Notice for any reason other than a default by the Lender claiming the indemnity; 

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

		
	(c)
	any failure (for whatever reason) by the 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));

67    EUROPE/62530140v12

		
	(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.

		
	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 severally on their respective demands in respect of all claims, expenses, liabilities and losses which may be made or brought against or incurred by a Creditor Party, in any country, as a result of or in connection with:
		
	(a)
	any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the Agent, the Security Trustee or any other Creditor Party or by any receiver appointed under a Finance Document; 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 Creditor Party concerned.
		
	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;

the Borrower shall indemnify within 3 Business Days of demand the Creditor Party concerned against the loss arising when the amount of the payment actually received by that Creditor Party is converted at the available rate of exchange into the Contractual Currency.
In this Clause 21.4 (Currency indemnity), the "available rate of exchange" means the rate at which the Creditor Party concerned is able at the opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

68    EUROPE/62530140v12

This Clause 21.4 (Currency indemnity) creates a separate liability of the Borrower which is distinct from their other liabilities under the Finance Documents and which shall not be merged in any judgment or order relating to those other liabilities.
		
	21.5
	Sanctions and regulatory indemnities

The Borrower shall pay to the Agent 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 their partners, directors, officers, employees or agents that violates any Sanctions Laws.

		
	21.6
	Application to Master Agreements

For the avoidance of doubt, Clause 21.4 (Currency indemnity) does not apply in respect of sums due from the Borrower to a Swap Counterparty under or in connection with a Master Agreement as to which sums the provisions of section 8 (Contractual Currency) of that Master Agreement shall apply.
		
	21.7
	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.
		
	21.8
	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

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Subject as provided in Clause 30.17 (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:
		
	(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 (or any of them) have 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.

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	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.
		
	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
	Application to Master Agreements

For the avoidance of doubt, Clause 22 (No Set-Off or Tax Deduction) does not apply in respect of sums due from the Borrower to a Swap Counterparty under or in connection with a Master Agreement as to which sums the provisions of section 2(d) (Deduction or Withholding for Tax) of that Master Agreement shall apply.
		
	22.8
	FATCA 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

71    EUROPE/62530140v12

		
	(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.

		
	22.9
	FATCA Deduction 

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

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

		
	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 (Reduction, Repayment, Prepayment and Cancellation).
		
	23.4
	Mitigation

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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

		
	(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 MANDATED LEAD ARRANGERS AND THE REFERENCE BANKS

		
	24.1
	Appointment of the Agent

		
	(a)
	Each of the Mandated Lead Arrangers, the Lenders and the Swap Banks appoints the Agent to act as its agent under and in connection with the Finance Documents.

		
	(b)
	Each of the Mandated Lead Arrangers, the Lenders and the Swap Banks 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 

73    EUROPE/62530140v12

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.

		
	(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 33 (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 30.3 (Transfer Certificate, delivery and notification), paragraph (b) above shall not apply to any Transfer Certificate.

74    EUROPE/62530140v12

		
	(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 Mandated Lead Arrangers have no obligations of any kind to any other Party under or in connection with any Finance Document.
		
	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 Mandated Lead 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

75    EUROPE/62530140v12

		
	(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.

		
	(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 Mandated Lead 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 

76    EUROPE/62530140v12

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 Mandated Lead 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 Mandated Lead 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

		
	(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,

77    EUROPE/62530140v12

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 Mandated Lead 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,

on behalf of any Creditor Party and each Creditor Party confirms to the Agent and the Mandated Lead 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 Mandated Lead 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.

78    EUROPE/62530140v12

		
	(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 Mandated Lead 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.

		
	(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 22.8 (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 22.8 (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;

79    EUROPE/62530140v12

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 Mandated Lead 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 or Swap Bank 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 or, as the case may be, the Swap Bank:

		
	(i)
	entitled to or liable for any payment due under any Finance Document on that day; and

		
	(ii)
	entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,

unless it has received not less than five Business Days' prior notice from that Lender or Swap Bank 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 35.7 (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 35.2 (Addresses for communications) and Clause 35.7 (Electronic communication) and the Agent shall be entitled to treat such person as 

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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 Mandated Lead 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.

		
	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 Mandated Lead 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

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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.

		
	(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.

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	(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.

		
	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

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	(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).

		
	(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 33 (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.

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	(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.

		
	(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:

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	(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.

		
	(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:

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	(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

		
	(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:

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	(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.
		
	(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 

88    EUROPE/62530140v12

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

		
	(ii)
	the transfer, by way of a document expressed as a deed, of all the Security Property to that successor.

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	(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 

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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 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 agrees 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:

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	(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;

		
	(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,

		
	(iv)
	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.

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	(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.

		
	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

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	(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

		
	(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.

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	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).

		
	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.

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	(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.
		
	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
	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.

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	27
	SHARING AMONG THE CREDITOR PARTIES

		
	27.1
	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:
		
	(a)
	the Recovering Creditor Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent;

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
		
	(b)
	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).

		
	27.2
	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.
		
	27.3
	Recovering Creditor Party's rights

On a distribution by the Agent under Clause 27.2 (Redistribution of payments) of a payment received by a Recovering Creditor Party from 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.
		
	27.4
	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.

		
	27.5
	Exceptions

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	(a)
	This Clause 27 (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.

		
	28
	INCREASED COSTS

		
	28.1
	Increased costs

		
	(a)
	Subject to Clause 28.3 (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:

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	(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

		
	(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.
		
	28.2
	Increased cost claims

		
	(a)
	A Creditor Party intending to make a claim pursuant to Clause 28 (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.

		
	28.3
	Exceptions

Clause 28 (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 paragraph (e) of Clause 21.1 (Indemnities regarding borrowing and repayment of Loan), Clause 22.2 (Grossing-up for taxes) (or would have been compensated for under paragraph (e) of Clause 21.1 (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 30.17 (Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending office) (or would have been compensated for under Clause 30.17 (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 30.17 (Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending office) applied);

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

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	(e)
	incurred by a Swap Bank in its capacity as such.

		
	28.4
	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 28.1 (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.
		
	28.5
	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 28.4 (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.
		
	28.6
	Notice of prepayment

If the Borrower is not willing to continue to compensate the Notifying Lender for the increased cost under Clause 28.5 (Payment of increased costs), the Borrower may give the Agent not less than 5 Business Days' notice of their intention to prepay the Notifying Lender's Contribution or to procure a Transferee Lender.
		
	28.7
	Prepayment; termination of Commitment

A notice of prepayment under Clause 28.6 (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.

		
	28.8
	Application of prepayment

Clause 8 (Reduction, Repayment, Prepayment and Cancellation) shall apply in relation to the prepayment.
		
	29
	SET‐ OFF

		
	29.1
	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

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	(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.

		
	29.2
	Existing rights unaffected

No Creditor Party shall be obliged to exercise any of its rights under Clause 29.1 (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).
		
	29.3
	Sums deemed due to a Lender

For the purposes of this Clause 29 (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.
		
	29.4
	No Security Interest

This Clause 29 (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.
		
	30
	TRANSFERS AND CHANGES IN LENDING OFFICES

		
	30.1
	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.
		
	30.2
	Transfer by a Lender

Subject to Clause 30.4 (Effective Date of Transfer Certificate), 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 (a "Transferee Lender") by delivering to the Agent a completed certificate in the form set out in Schedule 5 (Transfer Certificate) with any modifications approved or required by the Agent (a "Transfer Certificate") executed by the Transferor Lender and the Transferee Lender Provided that a Lender may make such transfer to any wholly owned subsidiary of it, to its parent company or to another subsidiary of its parent company without the consent of the Borrower 

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or the Agent and the fee referred to in Clause 30.11 (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 30.11 (Registration fee).

		
	30.3
	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 and each of the Swap Banks;

		
	(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),

but the Agent shall only be obliged to execute a Transfer Certificate delivered to it once it is satisfied it has complied with all necessary "know your customer" other similar checks under all applicable laws and regulations in relation to the transfer to the Transferee Lender.
		
	30.4
	Effective Date of Transfer Certificate

A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that it is signed by the Agent under Clause 30.3 (Transfer Certificate, delivery and notification) on or before that date.
		
	30.5
	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.
		
	30.6
	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.

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	30.7
	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;

		
	(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 5.9 (Market disruption) and Clause 20 (Fees and Expenses), and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and

		
	(g)
	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the original Lender would have incurred a loss of that kind or amount.

The rights and equities of 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.
		
	30.8
	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 30.4 (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.
		
	30.9
	Reliance on register of Lenders

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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.
		
	30.10
	Authorisation of Agent to sign Transfer Certificates

The Borrower, the Security Trustee, each Lender and each Swap Bank irrevocably authorise the Agent to sign Transfer Certificates on its behalf.
		
	30.11
	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.
		
	30.12
	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:

		
	(i)
	any Security Party, the Agent or the Security Trustee; or

		
	(ii)
	where (A) an Event of Default has occurred and is continuing; or (B) such sub-participation is in connection with that Lender's credit insurance arrangements, the Borrower.

Where (A) no Event of Default has occurred and is continuing or (B) such sub-participation is not in connection with that Lender's credit insurance arrangements, 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.

		
	30.13
	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.

		
	30.14
	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.
		
	30.15
	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 

104    EUROPE/62530140v12

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.
		
	30.16
	Security over Lenders' rights

In addition to the other rights provided to Lenders under this Clause 30 (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.

		
	30.17
	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 30.2 (Transfer by a Lender) or changes its lending office; and

		
	(b)
	as a result of circumstances existing at the date the assignment, transfer or change occurs the 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 28 (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.
		
	30.18
	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:

105    EUROPE/62530140v12

		
	(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 30 (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.

		
	31
	CONFIDENTIAL INFORMATION

		
	31.1
	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 31.2 (Disclosure of Confidential Information) and Clause 31.3 (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.
		
	31.2
	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 

106    EUROPE/62530140v12

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;
		
	(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 (c) 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 30.16 (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 

107    EUROPE/62530140v12

Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;
		
	(B)
	in relation to sub-paragraph (iv) of paragraph (b) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

		
	(C)
	in relation to sub-paragraphs (v), (vi) and (vii) of paragraph (b) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that 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.

		
	31.3
	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 the Borrower the following information:

		
	(i)
	name of the Borrower;

		
	(ii)
	country of domicile of the Borrower;

		
	(iii)
	place of incorporation of the Borrower;

		
	(iv)
	date of this Agreement;

		
	(v)
	Clause 37 (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;

108    EUROPE/62530140v12

		
	(xi)
	type of the relevant Loan;

		
	(xii)
	ranking of the relevant Loan;

		
	(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.

		
	31.4
	Entire agreement

This Clause 31 (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.
		
	31.5
	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.
		
	31.6
	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 31.2 (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 31 (Confidential Information).

		
	31.7
	Continuing obligations

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The obligations in this Clause 31 (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:
		
	(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.

		
	32
	CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS

		
	32.1
	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 5.4 (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;

110    EUROPE/62530140v12

		
	(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

		
	(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 32 (Confidentiality of Funding Rates and Reference Bank Quotations) relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause 5.4 (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.

		
	32.2
	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 32.1 (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 32 (Confidentiality of Funding Rates and Reference Bank Quotations).

		
	33
	VARIATIONS AND WAIVERS

		
	33.1
	Variations, waivers etc. by Majority Lenders

Subject to Clause 33.2 (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 by the Borrower, by the Agent on behalf of the Majority Lenders, by the Agent and the Security Trustee in their own rights, and, if the document relates to a Finance Document to which a Security Party is party, by that Security Party.
The consent of the 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.
		
	33.2
	Variations, waivers etc. requiring agreement of all Lenders

111    EUROPE/62530140v12

However, as regards the following, Clause 33.1 (Variations, waivers etc. by Majority Lenders) applies as if the words "by the Agent on behalf of the Majority Lenders" were replaced by the words "by or on behalf of every Lender":
		
	(a)
	a reduction in the Margin;

		
	(b)
	a change to the date for, the amount of, any payment of principal, interest, fees, or other sum payable under this Agreement;

		
	(c)
	a change to any Lender's Commitment;

		
	(d)
	a change to the definition of "Majority Lenders" or "Finance Documents";

		
	(e)
	a change to the preamble or to Clause 2 (Facility), Clause 3 (Position of the Lenders and Swap Banks), Clause 4 (Drawdown), Clause 5.1 (Payment of normal interest), paragraph (b) of Clause 16.1 (Currency and method of payments), Clause 17 (Application of Receipts), Clause 18 (Application of Earnings) or Clause 37 (Law and Jurisdiction);

		
	(f)
	a change to this Clause 33 (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.

		
	33.3
	Exclusion of other or implied variations

Except for a document which satisfies the requirements of Clauses 33.1 (Variations, waivers etc. by Majority Lenders) and 33.2 (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.
		
	34
	BAIL-IN

112    EUROPE/62530140v12

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:
		
	(a)
	any Bail-In Action in relation to any such liability, including (without limitation):

		
	(i)
	a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

		
	(ii)
	a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

		
	(iii)
	a cancellation of any such liability; and

		
	(b)
	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

		
	35
	NOTICES

		
	35.1
	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.
		
	35.2
	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 a Swap Bank:    At the address below its name in Schedule 2 (Swap Banks).

		
	(d)
	to the Agent and  
the Security Trustee:    Essendropsgate 7

Oslo
 
    Norway
Loan administration matters:
Fax No: (47) 22 48 66 88 
Attn:  International Loans Administration

113    EUROPE/62530140v12

Credit matters:
Fax No: (47) 22 48 44 91 
Attn:  Shipping, Offshore and Oil Services
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, the Swap Banks and the Security Parties.
		
	35.3
	Effective date of notices

Subject to Clauses 35.4 (Service outside business hours) and 35.5 (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.

		
	35.4
	Service outside business hours

However, if under Clause 35.3 (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 35.5 (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.
		
	35.5
	Illegible notices

Clauses 35.3 (Effective date of notices) and 35.4 (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.
		
	35.6
	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.

		
	35.7
	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 Debtdomain system), if the Agent and the relevant Creditor Party or Borrower:

114    EUROPE/62530140v12

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

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

		
	(c)
	notify each other of any change to their respective addresses or any other such information supplied to them.

Any electronic communication made between the Agent and another Creditor Party or 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 Debtdomain systems as an accepted method of communication under or in connection with the Finance Documents and agree that the Debtdomain 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 Debtdomain (or such other electronic collaborative website) will be effective once the communication is posted (in a readable form) to Debtdomain (or such other electronic collaborative website) by the Agent.
		
	35.8
	English language

Any notice under or in connection with a Finance Document shall be in English.
		
	35.9
	Meaning of "notice"

In this Clause 35 (Notices), "notice" includes any demand, consent, authorisation, approval, instruction, waiver or other communication.
		
	36
	SUPPLEMENTAL

		
	36.1
	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.

		
	36.2
	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.
		
	36.3
	Counterparts

A Finance Document may be executed in any number of counterparts.
		
	36.4
	Third Party rights

115    EUROPE/62530140v12

A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.
		
	37
	LAW AND JURISDICTION

		
	37.1
	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.
		
	37.2
	Exclusive English jurisdiction

Subject to Clause 37.3 (Choice of forum for the exclusive benefit of the Creditor Parties), the courts of England shall have exclusive jurisdiction to settle any Dispute.
		
	37.3
	Choice of forum for the exclusive benefit of the Creditor Parties

Clause 37.2 (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.
		
	37.4
	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.
		
	37.5
	Creditor Party rights unaffected

Nothing in this Clause 37 (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.
		
	37.6
	Meaning of "proceedings"

In this Clause 37 (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.

116    EUROPE/62530140v12

THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement.

117    EUROPE/62530140v12

118    EUROPE/62530140v12

Schedule 1 
 
LENDERS AND COMMITMENTS

119    EUROPE/62530140v12

	
			
	Lender
	Lending Office
	Total Commitment 
($)

	BNP Paribas Fortis SA/NV
	3, Montagne du Parc/1KA1D, 
1000 Brussels, 
Belgium
Geert Sterck
Tel: +32 2 565 2355 
Fax: +32 2 565 3403 
Email: geert.sterck@bnpparibasfortis.com 
Laura Falzone
Tel: +32 2 312 07 30 
Fax: +32 2 565 3403 
Email: laura.falzone@bnpparibasfortis.com
Credit Matters:
Hélène Pantalacci 
37 Place du Marché Saint Honoré 
75001 Paris 
France
Tel: +33 (0) 1 58 16 03 97 
Email: Helene.pantalacci@bnpparibas.com 
Guy Haesevoets
3, Montagne du Parc/1KA2E, 
1000 Brussels, 
Belgium
Tel: +32 (0) 2 565 8219 
Fax: +32 2 565 9593 
Email: guy.haesevoets@bnpparibasfortis.com  
Operations / Administrations:
Geert Sterck
3, Montagne du Parc/1KA1D, 
1000 Brussels, 
Belgium
Tel: +32 2 565 2355 
Fax: +32 2 565 3403 
Email: geert.sterck@bnpparibasfortis.com 
Laura Falzone/Davina Staessen
3, Montagne du Parc/1KA1D, 
1000 Brussels, 
Belgium
Tel: +32 2 312 07 30 / +32 2 565 10 49
Fax: +32 2 565 3403 
Email: laura.falzone@bnpparibasfortis.com / davina.staessen@bnpparibasfortis.com / structured.finance.bo.cb@bnpparibasfortis.com 
	50,000,000

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	Lender
	Lending Office
	Total Commitment 
($)

	DNB (UK) Limited
	8th Floor, The Walbrook Building, 25 Walbrook, London 8AF 
Credit Matters
Telephone:   0207 621 6010
Telefax:      0207 283 6931
E-mail:      Shipping Offshore and Logistics
Admin Matters
Telephone:   0207 621 6048
Telefax:   0207 283 5935
E-mail:   cmoalondon@dnb.no  
	50,000,000

	Nordea Bank AB (publ), filial i Norge
	Essendropsgate 7 
0368 Oslo 
Norway
Credit Matters: 
Tel: (47) 22 48 50 00 
Fax: (47) 22 36 97 31 
Email: sls.shipping.norway@nordea.com 
Attn: Shipping, Offshore and Oil Services
Administration Matters: 
Tel: (47) 22 48 50 00 
Fax: (47) 22 36 97 31 
Email: sls.shipping.norway@nordea.com 
Attn: International Loans Administration
	50,000,000

	Skandinaviska Enskilda Banken AB (publ)
	Filipstad Brygge 1, Pb 18473 Vika, 0123 Oslo
Tel: + 47 22827000
Credit Matters:
Egil Aarrestad (Client Executive) 
Filipstad Brygge 1, Pb 1843 Vika, 0123 Oslo 
Norway 
Tel: +47 22827021 
Email: egil.aarrestad@seb.no
Cecilie Landberg (Account Manager) 
Filipstad Brygge 1, Pb 1843 Vika, 0123 Oslo 
Telephone: +47 22827105 
E-mail:   cecilie.landberg@seb.no
Operations / Administrations:
Structured Credits Operations / Pumputienė, leva 
Postal Address: SE-106 40 Stockholm 
Office Address: Stjärntorget 4, Solna 
Tel: +37052594821 
Email: sco@seb.se
	50,000,000

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122    EUROPE/62530140v12

123    EUROPE/62530140v12

SCHEDULE 2     
 
SWAP BANKS
	
		
	Swap Bank
	Booking Office

	BNP Paribas Fortis SA/NV
	3, Montagne du Parc, 
1000 Brussels, 
Belgium
Hilde Van Verre/1KL1A
Tel: +32 2 565 85 33 
Email: hilde.vanverre@bnpparibasfortis.com 

	DNB Bank ASA
	8th Floor, The Walbrook Building, 
25 Walbrook, 
London 8AF

	Nordea Bank AB (publ)
	c/o Nordea Danmark, filial af Nordea Bank AB (publ), Sverige 
7288 Derivatives Services 
Postbox 805 
DK-0900 Copenhagen K, Denmark

	Skandinaviska Enskilda Banken AB (publ)
	Kungsträdgårdsgatan 8 
SE-106 40 Stockholm 
Sweden
Credit Matters:
Tel: +47 22 82 70 21 
Attn: Egil Aarrestad
Administration Matters:
Tel: +46 8 763 8551 
Fax: +46 8 611 0384
Attn: Structured Credits Operations

124    EUROPE/62530140v12

125    EUROPE/62530140v12

SCHEDULE 3     
 
DRAWDOWN NOTICE
		
	To:
	Nordea Bank AB (publ), filial i Norge 
Essendropsgate 7 
Oslo  
Norway

Attn:    Loans Administration
[—]
DRAWDOWN NOTICE
		
	1
	We refer to the loan agreement (the "Loan Agreement") dated [—] September 2018 and made between ourselves, as Borrower, the Lenders referred to therein, the Swap Banks referred to therein, the Mandated Lead Arrangers and Bookrunners referred to therein, yourselves as Co-ordinator, Agent and Security Trustee in connection with a revolving credit facility of US$200,000,000.  Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice.

		
	2
	We request to borrow the Advance [in respect of the Ship[s] "[—]", "[—]" and "[—]"] 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

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127    EUROPE/62530140v12

SCHEDULE 4     
 
CONDITION PRECEDENT DOCUMENTS
Part A

The following are the documents and fees referred to in Clause 9.1(a).
		
	1
	A duly executed original of this Agreement.

		
	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 11, 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
	The originals of any mandates or other documents required in connection with the opening or operation of the Earnings Accounts.

		
	6
	Copies of all consents which the Borrower or Security Party requires to enter into, or make any payment under any Finance Document.

		
	7
	Documentary evidence that the agent for service of process named in Clause 37 (Law and Jurisdiction) has accepted its appointment.

		
	8
	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.

		
	9
	The Agent has received all fees pursuant to the Fee Letter or Fee Letters separately agreed between the Borrower and the Agent.

		
	10
	The Agent has received all fees pursuant to the Fee Letter or Letters separately agreed between the Borrower and the Co-ordinator.

		
	11
	Evidence that all other fees, costs and expenses then due from the Borrower pursuant to Clause 20 (Fees and Expenses) have been paid or will be paid by the Drawdown Date.

		
	12
	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.

128    EUROPE/62530140v12

PART B    
The following are the documents referred to in Clause 9.1(b).  The "Ship" means the particular Ship to which the Advance relates.
		
	1
	In respect of the documents delivered by the Borrower to the Agent pursuant to Part A of this Schedule 4 (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 4 (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 relevant Ship and the Account Pledge each executed on or prior to the relevant Drawdown Date (and of each document required to be delivered by their respective terms).

		
	3
	Written confirmation from the Borrower stating that, other than as disclosed to the Agent, no Long Term Charter has been entered into by it in respect of any Ship.

		
	4
	In each case if required for the provisions of the legal opinions referred to in paragraph 10, copies of the resolutions of the directors of the Borrower authorising the execution of each of the Finance Documents to which the Borrower is a party.

		
	5
	The original of any power of attorney under which any Finance Document is to be executed on behalf of the Borrower.

		
	6
	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.

		
	7
	Documentary evidence that the relevant 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;

		
	(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.

129    EUROPE/62530140v12

		
	8
	Documents establishing that the Ship will, as from the relevant Drawdown Date, be managed by the Approved Manager on terms acceptable to the Lenders, together with:

		
	(a)
	the Manager's Undertaking in respect of the Ship; and

		
	(b)
	copies of the relevant Approved Manager's Document of Compliance and of that Ship's Safety Management Certificate (together with any other details of the applicable safety management system which the Agent requires) and ISSC.

		
	9
	Valuations of each Ship to determine its Fair Market Value, addressed to the Agent and the Lenders, stated to be for the purposes of this Agreement and dated not earlier than the date falling 30 days prior to the date of this Agreement and obtained in accordance with Clause 15 (Security Cover) and showing that the aggregate Fair Market Value of the Ships is equal to or greater than 125 per cent. of the Total Commitments.  It being understood that the valuation provided by Braemar ACM Valuations Limited dated 12 June 2018 and the valuation provided by Clarksons Valuations Limited dated 11 June 2018 shall be satisfactory.

		
	10
	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 Ship is registered and, in relation to the first Advance only, Norway and such other relevant jurisdictions as the Agent may require.

		
	11
	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.

		
	12
	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.

130    EUROPE/62530140v12

PART C    
The following are the documents referred to in Clause 8.9 (Replacement Ships following a sale or Total loss).
		
	1
	In respect of the documents delivered by the Borrowers to the Agent pursuant to Part A of this Schedule 4 (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 4 (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 Replacement Ship (and of each document required to be delivered by their respective terms).

		
	3
	Written confirmation from the Borrower stating that no Long Term Charter has been entered into by it in respect of the Replacement Ship.

		
	4
	In each case if required for the provisions of the legal opinions referred to in paragraph 9, copies of the resolutions of the directors of the Borrower authorising the execution of each of the Finance Documents to which the Borrower is a party.

		
	5
	The original of any power of attorney under which any Finance Document is to be executed on behalf of the Borrower.

		
	6
	Documentary evidence that the Replacement 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;

		
	(d)
	the Mortgage in relation to it has been duly registered against that Replacement 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.

		
	7
	Documents establishing that the Replacement Ship will, as from the date on which it becomes a Ship, be managed by the Approved Manager on terms acceptable to the Lenders, together with:

		
	(a)
	the Manager's Undertaking in respect of the Replacement 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.

131    EUROPE/62530140v12

		
	8
	Valuations of each Ship to determine its Fair Market Value, addressed to the Agent and the Lenders, stated to be for the purposes of this Agreement and dated not earlier than the date falling 30 days prior to the date on which the Replacement Ship becomes a Ship for the purposes of this Agreement.

		
	9
	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 Replacement Ship is registered and such other relevant jurisdictions as the Agent may require.

		
	10
	A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for the Replacement Ship as the Agent may require.

		
	11
	If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent.

132    EUROPE/62530140v12

133    EUROPE/62530140v12

SCHEDULE 5     
 
TRANSFER CERTIFICATE
The Transferor and the Transferee accept exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory requirements applicable to them respectively.
To:    [Name of Agent] for itself and for and on behalf of the Borrower, each Security Party, the Security Trustee, each Lender, each Swap Bank and each Arranger, as defined in the Loan Agreement referred to below.
		
	1
	This Certificate relates to a loan agreement (the "Loan Agreement") dated [—] September 2018 and made between (1) Euronav NV (the "Borrower"), (2) the banks and financial institutions named therein as Lenders, (3) the banks and financial institutions named therein as Swap Banks, (4) the Mandated Lead Arrangers as defined therein, (5) BNP Paribas Fortis SA/NV, DNB (UK) Limited, Nordea Bank AB (publ), filial i Norge and Skandinaviska Enskilda Banken AB (publ) as Bookrunners, (6) Nordea Bank AB (publ), filial i Norge as Co-ordinator and Nordea Bank AB (publ), filial i Norge as Agent and Security Trustee for a revolving credit facility of US$200,000,000.

		
	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 and each Swap Bank;
"Transferor" means [full name] of [lending office]; and
"Transferee" means [full name] of [lending office].
		
	3
	The effective date of this Certificate is [—] Provided that this Certificate shall not come into effect unless it is signed by the Agent on or before that date.

		
	4
	The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent) which the Transferor has as Lender under or by virtue of the Loan Agreement and every other Finance Document in relation to [—] per cent. of its Contribution, which percentage represent $[—].

		
	5
	By virtue of this Transfer Certificate and Clause 30 (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 30 (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 30 (Transfers and Changes in Lending Offices) of the Loan Agreement.

134    EUROPE/62530140v12

		
	8
	The Transferor:

		
	(a)
	warrants to the Transferee and each Relevant Party that:

		
	(i)
	the Transferor has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which are required in connection with this transaction; and

		
	(ii)
	this Certificate is valid and binding as regards the Transferor;

		
	(b)
	warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the rights and interests covered by the assignment in paragraph 4; and

		
	(c)
	undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in any relevant jurisdiction the Transferee's title under this Certificate or for a similar purpose.

		
	9
	The Transferee:

		
	(a)
	confirms that it has received a copy of the Loan Agreement and each other Finance Document;

		
	(b)
	agrees that it will have no rights of recourse on any ground against either the Transferor, the Agent, the Security Trustee, any Arranger, any Lender or any Swap Bank in the event that:

		
	(i)
	any of the Finance Documents prove to be invalid or ineffective,

		
	(ii)
	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, any Lender or any Swap Bank in the event that this Certificate proves to be invalid or ineffective;

		
	(d)
	warrants to the Transferor and each Relevant Party that:

		
	(i)
	it has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which it needs to take or obtain in connection with this transaction; and

		
	(ii)
	this Certificate is valid and binding as regards the Transferee; and

		
	(e)
	confirms the accuracy of the administrative details set out below regarding the Transferee.

		
	10
	The Transferor and the Transferee each undertake with the Agent and the Security Trustee severally, on demand, fully to indemnify the Agent and/or the Security Trustee in respect of any claim, proceeding, liability or expense (including all legal expenses) which they or either of them may incur in connection with this Certificate or any matter arising out of it, except such as are shown to have been mainly and directly caused by the gross and culpable negligence or dishonesty of the Agent's or the Security Trustee's own officers or employees.

135    EUROPE/62530140v12

		
	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.

		
	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:

136    EUROPE/62530140v12

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.

137    EUROPE/62530140v12

SCHEDULE 6     
 
DETAILS OF SHIPS
	
								
	Ship name
	To be renamed
	Type
	DWT
	Built
	Current flag
	Flag to be registered on
	Ship Loan Amount ($)

	 
	 
	 
	 
	 
	 
	 
	 

	GENER8 GEORGE T
	SIENNA
	Suezmax
	149 847
	2007
	Marshall Islands
	Belgium
	16,816,326

	GENER8 ST. NIKOLAS
	SAPPHIRA
	Suezmax
	149 876
	2008
	Marshall Islands
	Belgium
	18,122,448

	GENER8 KARA G
	SELENA
	Suezmax
	150 296
	2007
	Liberia
	Belgium
	16,816,326

	GENER8 MANIATE
	SOFIA
	Suezmax
	164 715
	2010
	Marshall Islands
	Greek
	22,857,143

	GENER8 SPARTIATE
	STELLA
	Suezmax
	164 925
	2011
	Marshall Islands
	Greek
	24,816,327

	CAPTAIN MICHAEL
	N/A
	Suezmax
	157 648
	2012
	Greek
	Greek
	26,448,980

	MARIA
	N/A
	Suezmax
	157 523
	2012
	Greek
	Greek
	26,448,980

	GENER8 ATLAS
	DAISHAN
	VLCC
	306 005
	2007
	Marshall Islands
	Liberia
	23,836,735

	GENER8 HERCULES
	DALMA
	VLCC
	306 543
	2007
	Marshall Islands
	Liberia
	23,836,735

138    EUROPE/62530140v12

SCHEDULE 7     
 
DESIGNATION NOTICE
To:    Nordea Bank AB (publ), filial i Norge
Essendropsgate 7
Oslo 
Norway 
[date]
Dear Sirs
Loan Agreement dated [—] September 2018 made between (i) Euronav NV as Borrower, (ii) the Lenders as referred to therein, (iii) the Swap Banks as referred to therein, (iv) the Mandated Lead Arrangers as referred to therein and (v) yourselves as Co-ordinator, Agent and Security Trustee for a revolving credit facility of up to US$200,000,000 (the "Loan Agreement")
We refer to:
		
	1
	the Loan Agreement;

		
	2
	the Master Agreement dated as of [—] made between [—] [and [—]]; and

		
	3
	a Confirmation delivered pursuant to the said Master Agreement dated [—] and addressed by [—] to [—].

In accordance with the terms of the Loan Agreement, we hereby give you notice of the said Confirmation and hereby confirm that the Transaction evidenced by it will be designated as a "Designated Transaction" for the purposes of the Loan Agreement and the Finance Documents.
Yours faithfully

.................................................    .................................................
for and on behalf of    for and on behalf of
[—]    [SWAP BANK]

139    EUROPE/62530140v12

140    EUROPE/62530140v12

SCHEDULE 8     
 
FORM OF CERTIFICATE OF COMPLIANCE
To:    Nordea Bank AB (publ), filial i Norge
Essendropsgate 7
Oslo 
Norway 
From:     Euronav NV
[Date]
OFFICER'S CERTIFICATE
This Certificate is rendered pursuant to clause 11.6(e) of the loan agreement dated [—] September 2018 (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 banks and financial institutions listed in Schedule 2 therein as Swap Banks, (iv) the Mandated Lead Arrangers as referred to therein, (v) Nordea Bank AB (publ), filial i Norge as Co-ordinator and (vi) Nordea Bank AB (publ), filial i Norge as Agent and Security Trustee, relating to a revolving credit facility of up to US$200,000,000.  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
	[ó]

	Consolidated Current Assets
	[ó]

	Consolidated Current Liabilities
	[ó]

	Free Liquid Assets
	[ó]

	Stockholders' Equity
	[ó]

	Total Assets
	[ó]

	Total Indebtedness
	[ó]

		
	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

141    EUROPE/62530140v12

		
	(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 are in compliance with clause 15.1 of the Loan Agreement.
[If not, specify this and what is proposed as regards Clause 15.2]
The Fair Market Value of the Ships which are subject to a Mortgage is as follows as at [date]:
	
				
	Name of Ship
	Name of first shipbroker 
providing valuation
	Name of second shipbroker 
providing valuation
	Average market value

	[ó]
	[ó]
	[ó]
	[ó]

................................................
Chief Financial Officer
EURONAV NV
Note:  Supporting Schedules to be attached.

142    EUROPE/62530140v12

143    EUROPE/62530140v12

SCHEDULE 9     
 
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 5.8 (Calculation of Reference Bank Rate)
	Noon on the Quotation Date

144    EUROPE/62530140v12

145    EUROPE/62530140v12

EXECUTION PAGES

BORROWER
	
					
	SIGNED by
	)
	 
	/s/ Alice Lightfoot
	 

	 
	)
	 
	Alice Lightfoot
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	EURONAV NV
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

LENDERS
	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	BNP PARIBAS FORTIS SA/NV 
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

146    EUROPE/62530140v12

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	DNB (UK) LIMITED
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	NORDEA BANK AB (PUBL), FILIAL I NORGE
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	SKANDINAVISKA ENSKILDA    ) BANKEN AB (PUBL)
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

147    EUROPE/62530140v12

SWAP BANKS
	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	BNP PARIBAS FORTIS SA/NV 
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	DNB (UK) LIMITED
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	NORDEA BANK AB (PUBL), FILIAL I NORGE
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

148    EUROPE/62530140v12

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	SKANDINAVISKA ENSKILDA    ) BANKEN AB (PUBL)
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

149    EUROPE/62530140v12

MANDATED LEAD ARRANGERS
	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	DNB (UK) LIMITED
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	NORDEA BANK AB (PUBL), FILIAL I NORGE
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

150    EUROPE/62530140v12

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	SKANDINAVISKA ENSKILDA    ) BANKEN AB (PUBL)
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	BNP PARIBAS FORTIS SA/NV 
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

BOOKRUNNERS

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	BNP PARIBAS FORTIS SA/NV 
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

151    EUROPE/62530140v12

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	DNB (UK) LIMITED
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	NORDEA BANK AB (PUBL), FILIAL I NORGE
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	SKANDINAVISKA ENSKILDA    ) BANKEN AB (PUBL)
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

152    EUROPE/62530140v12

CO-ORDINATOR
	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	NORDEA BANK AB (PUBL), FILIAL I NORGE
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

AGENT
	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	NORDEA BANK AB (PUBL), FILIAL I NORGE
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

153    EUROPE/62530140v12

SECURITY TRUSTEE
	
					
	SIGNED by
	)
	 
	/s/ Laura Caines
	 

	 
	)
	 
	Laura Caines
	 

	for and on behalf of
	)
	 
	Attorney-in-FACT
	 

	NORDEA BANK AB (PUBL), FILIAL I NORGE
	)
	 
	Watson Farley & Williams LLP

	in the presence of:
	)
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ S Sadhika
	 

	 
	 
	 
	S Sadhika
	 

	 
	 
	 
	Trainee Solicitor
	 

	 
	 
	 
	Watson Farley & Williams LLP

	 
	 
	 
	15 Appold Street
	 

	 
	 
	 
	London EC2A 2HB
	 

154    EUROPE/62530140v12Exhibit

EXECUTION VERSION

Exhibit 4.4
Dated            June 2018
$963,743,455 
$633,549,299.38 outstanding
AMENDMENT NO. 4 TO TERM LOAN FACILITY
GENER8 MARITIME SUBSIDIARY VIII INC.
as Original Borrower
and
EURONAV NV
as Additional Borrower
and
THE COMPANIES listed in Schedule 3
as joint and several Owner Guarantors and 
joint and several Hedge Guarantors
and
EURONAV NV
as Ultimate Parent Guarantor
and
GENER8 MARITIME, INC.
as Parent Guarantor
and
GENER8 MARITIME SUBSIDIARY V INC.
as Shareholder
and
THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1  
as Lenders
and
CITIBANK, N.A., LONDON BRANCH
as ECA Co-ordinator and ECA Agent
and
NORDEA BANK AB (PUBL), NEW YORK BRANCH
as Commercial Tranche Co-ordinator, Facility Agent and Security Agent
and
THE EXPORT-IMPORT BANK OF KOREA
as KEXIM
AMENDING AND RESTATING AGREEMENT
relating to 
the term loan facility of up to $963,743,455

Index
Clause    Page

1Definitions and Interpretation    2
2Agreement of the Finance Parties    4
3Conditions Precedent    4
4Representations    5
5Accession of Acceding Parties    5
6Amendment and Restatement of Facility Agreement and other Finance Documents    6
7Further Assurance    8
8Fees    9
9Costs and Expenses    9
10Notices    9
11Counterparts    10
12Governing Law    10
13Enforcement    10

Schedules

Schedule 1 The Lenders11
Schedule 2 Conditions Precedent21
Schedule 3 The Parties23
Schedule 4 Form of Effective Date Notice24

Execution

Execution Pages25

Appendices

Appendix  Part A  Form of Amended and Restated Facility Agreement marked to indicate amendments to the Facility Agreement
Appendix  Part B  Form of clean copy Amended and Restated Facility Agreement

THIS AGREEMENT is made on            June 2018
PARTIES
		
	(1)
	GENER8 MARITIME SUBSIDIARY VIII INC., a corporation incorporated and existing under the laws of the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as original borrower (the "Original Borrower")

		
	(2)
	EURONAV NV, a company incorporated in Belgium whose registered address is at de Gerlachekaai 20, B-2000 Antwerp, Belgium as additional borrower (the "Additional Borrower")

		
	(3)
	The limited liability companies listed in Schedule 3 (The Parties) therein as joint and several owner guarantors (the "Owner Guarantors") and as joint and several hedge guarantors (the "Hedge Guarantors")

		
	(4)
	EURONAV NV, a company incorporated in Belgium whose registered address is at de Gerlachekaai 20, B-2000 Antwerp, Belgium as ultimate parent guarantor (the "Ultimate Parent Guarantor")

		
	(5)
	GENER8 MARITIME, INC., a corporation incorporated and existing under the laws of the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as the parent guarantor (the "Parent Guarantor")

		
	(6)
	GENER8 MARITIME SUBSIDIARY V INC., a corporation incorporated and existing under the laws of the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as the parent guarantor (the "Shareholder")

		
	(7)
	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1 (The Lenders) as lenders (the "Lenders" and each, a "Lender")

		
	(8)
	CITIBANK, N.A., LONDON BRANCH as ECA agent (the "ECA Agent") and as ECA co-ordinator (the "ECA Co-ordinator")

		
	(9)
	NORDEA BANK AB (PUBL), NEW YORK BRANCH as commercial tranche co-ordinator (the "Commercial Tranche Co-ordinator")

		
	(10)
	NORDEA BANK AB (PUBL), NEW YORK BRANCH as agent of the other Finance Parties (the "Facility Agent")

		
	(11)
	NORDEA BANK AB (PUBL), NEW YORK BRANCH as security agent for the Secured Parties (the "Security Agent")

		
	(12)
	 THE EXPORT-IMPORT BANK OF KOREA as KEXIM ("KEXIM")

BACKGROUND
		
	(A)
	By the Facility Agreement, the Lenders agreed to make available to the Borrower a facility of (originally) up to $963,743,455.

		
	(B)
	Pursuant to a consent letter dated 28 March 2018, the Finance Parties consented to the proposed stock-for-stock merger of the entire issued and outstanding share capital of the Parent Guarantor to Euronav NV.

		
	(C)
	This Agreement sets out the terms and conditions on which the Finance Parties agree, with effect on and from the Effective Date to the proposed amendments to the Facility Agreement to (i) permit Euronav NV to accede as a borrower in relation to each Vessel Loan as and when Euronav NV becomes the owner of the Ship associated with that Vessel Loan, (ii) add Euronav NV as a guarantor until the sale of the last Ship to Euronav NV, (iii) allow, after the sale of the last Ship to Euronav NV, for the liquidation and winding up of each of the Parent Guarantor, the Shareholder, Gener8 Maritime Subsidiary VIII Inc. and each Owner Guarantor, (iv) to make such other amendments as may be required to bring the Facility Agreement in line with Euronav NV standard loan agreements and (v) all consequential amendments relating to the foregoing.

OPERATIVE PROVISIONS

		
	1
	DEFINITIONS AND INTERPRETATION

		
	1.1
	Definitions

In this Agreement:
"Acceding Parties" means collectively, the Ultimate Parent Guarantor and the Additional Borrower (and each or any of them as the context may require, an "Acceding Party").
"Addendum" means the Addendum to the Mortgages in the agreed form.
"Amended and Restated Facility Agreement" means the Facility Agreement as amended and restated by this Agreement in the form set out in the Appendix.
"Beneficial Ownership Certification" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
"Beneficial Ownership Regulation" means 31 C.F.R. § 1010.230.
"Blue Mountain Indebtedness" means unsecured Financial Indebtedness incurred by the Parent Guarantor, pursuant to that certain note and guarantee agreement, dated as of March 28, 2014, among the Parent Guarantor, as borrower and Blue Mountain Capital Management, LLC and certain of its affiliates, as purchasers (as amended by the Closing Date Blue Mountain Amendment and as further amended, restated, replaced or modified from time to time provided that after giving effect to any such amendment, restatement, replacement or modification (including in respect of any Permitted Blue Mountain Refinancing Indebtedness) the Blue Mountain Indebtedness Requirements shall be satisfied), in an initial aggregate principal amount not to exceed $131,600,000, as such amount may  have been increased or decreased pursuant to the Facility Agreement. 
"Effective Date" means the date specified on the Effective Date Notice, such date being the date on which the conditions precedent in Clause 3 (Conditions Precedent) are satisfied.
"Effective Date Notice" means a notice in the form set out in Schedule 4. 
"Euronav Earnings Account Security" means a document creating Security over the Earnings Account of the Additional Borrower.
"Facility Agreement" means the facility agreement, dated as of 31 August 2015 (as amended by Amendment No. 1, dated as of October 20, 2016, Amendment No.2, dated as of March 24, 2017 and Amendment No.3, dated as of June 1, 2017, and as the same may be further amended or supplemented from time to time), and made between (i) Gener8 Maritime Subsidiary VIII Inc., as Borrower, (ii) the companies listed therein as joint and several Owner Guarantors and Hedge Guarantors, (iii) Gener8 Maritime Subsidiary V Inc., as Shareholder, (iv) Gener8 Maritime, Inc., as Parent Guarantor, (v) Citibank, N.A. and Nordea Bank AB (publ), New York Branch as Global Co-ordinators,  (vi) Citibank, N.A. and Nordea Bank AB (publ), New York Branch as Bookrunners, (vii) ABN AMRO Capital USA LLC, DNB Markets, Inc., DVB Bank SE and Skandinaviska Enskilda Banken AB (publ) as Commercial Tranche Bookrunners (viii) Citibank, N.A., Nordea Bank AB (publ), New York Branch, ABN AMRO Capital USA LLC, Banco Bilbao Vizcaya Argentina, S.A., Hong Kong Branch, DNB Markets, Inc., DVB Bank SE, Skandinaviska Enskilda Banken AB (publ) and The Export-Import Bank of Korea as Mandated Lead Arrangers,  (ix) CaixaBank, S.A. and Landesbank Hessen-Thueringen Girozentrale as Lead Arrangers, (x) the banks and financial institutions listed in Part B of Schedule 1 therein as Original Lenders, (xi) the banks and financial institutions listed in Part C of Schedule 1 therein as Hedge Counterparties, (xii) Citibank, N.A., London Branch as ECA Co-ordinator and ECA Agent, (xiii) Nordea Bank AB (publ), New York Branch as Commercial Tranche Co-ordinator, Facility Agent and Security Agent and (xiv) The Export-Import Bank of Korea as Kexim, upon the terms and subject to the conditions of which the Original Lenders made available to the Borrower a term loan facility of up to (originally) $963,743,455.
"Party" means a party to this Agreement.
		
	1.2
	Defined expressions

Defined expressions in the Facility Agreement shall have the same meanings when used in this Agreement unless the context otherwise requires or unless otherwise defined in this Agreement.
		
	1.3
	Application of construction and interpretation provisions of Facility Agreement

Clause 1.2 (construction) of the Facility Agreement applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.
		
	1.4
	Agreed forms of new, and supplements to, Finance Documents

References in Clause 1.1 (Definitions) to any new or supplement to a Finance Document being in "agreed form" are to that Finance Document:
		
	(a)
	in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrower and the Facility Agent); or

		
	(b)
	in any other form agreed in writing between the Borrower and the Facility Agent acting with the authorisation of the Majority Lenders or, where clause 42.2 (exceptions) of the Facility Agreement applies, all the Lenders.

		
	1.5
	Designation as a Finance Document

The Borrower and the Facility Agent designate this Agreement as a Finance Document.
		
	1.6
	Third party rights

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

		
	2
	AGREEMENT OF THE FINANCE PARTIES

		
	2.1
	Agreement of the Lenders

The Lenders agree, subject to and upon the terms and conditions of this Agreement, to (i) permit Euronav NV to accede as a borrower in relation to each Vessel Loan as and when Euronav NV becomes the owner of the Ship associated with that Vessel Loan, (ii) add Euronav NV as a guarantor until the sale of the last Ship to Euronav NV, (iii) allow, after the sale of the last Ship to Euronav NV, for the liquidation and winding up of each of the Parent Guarantor, the Shareholder, Gener8 Maritime Subsidiary VIII Inc. and each Owner Guarantor, (iv) to make such other amendments as may be required to bring the Facility Agreement in line with Euronav NV standard loan agreements and (v) all consequential amendments relating to the foregoing.
		
	2.2
	Agreement of the Finance Parties

The Finance Parties agree, subject to and upon the terms and conditions of this Agreement, to the consequential amendment of the Facility Agreement and the other Finance Documents in connection with the matters referred to in Clause 2.1 (Agreement of the Lenders).
		
	2.3
	Effective Date

The agreement of the Lenders and the other Finance Parties contained in Clause 2.1 (Agreement of the Lenders) and Clause 2.2 (Agreement of the Finance Parties) shall have effect on and from the Effective Date.

		
	3
	CONDITIONS PRECEDENT

		
	3.1
	Agreement of the Lenders and the Other Finance Parties

The agreement of the Lenders and the other Finance Parties contained in Clause 2.1 (Agreement of the Lenders) and Clause 2.2 (Agreement of the Finance Parties) is subject to:
		
	(a)
	no Default continuing on the date of this Agreement and the Effective Date or resulting from the occurrence of the Effective Date;

		
	(b)
	the representations and warranties set out in clause 18 (representations) (save for clause 18.7 (a) to (d) (Financial Statements; Financial Condition; Undisclosed Liabilities)) of the Facility Agreement, as amended and restated by this Agreement and updated with appropriate modifications to refer to this Agreement, to be made by each Obligor and the Ultimate Parent Guarantor being true on the date of this Agreement and the Effective Date; and

		
	(c)
	the Facility Agent having received all of the documents and other evidence listed in Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Facility Agent on or before 30 June 2018 or such later date as the Facility Agent may agree with the Borrower.

		
	3.2
	Effective Date Notice

On satisfaction or waiver of the conditions precedent specified in Clause 3.1 (Agreement of the Lenders and the other Finance Parties), the Effective Date Notice shall be completed and signed by the Facility Agent and the Facility Agent shall provide a copy of the Effective Date Notice to the Original Borrower, the Owner Guarantors, the Parent Guarantor, the Shareholder, the Acceding Parties and the Lenders.
		
	3.3
	Condition Subsequent

The Borrower undertakes to deliver or cause to be delivered to the Facility Agent within fifteen Business Days after the Effective Date: 
		
	(a)
	evidence of full and final repayment of the Blue Mountain Indebtedness; and

		
	(b)
	evidence that all of the conditions precedent to the effectiveness in relation to the amendment and restatement of the Sinosure Facility have been met, or waived to the satisfaction of the Lenders or confirmation of repayment in full of the Sinosure Facility.

		
	4
	REPRESENTATIONS

		
	4.1
	Representation

Each Obligor and the Ultimate Parent Guarantor that qualifies as a "legal entity customer" under the Beneficial Ownership Certification confirms that on the Effective Date the information provided in such Beneficial Ownership Certification is true and correct in all respects.
		
	4.2
	Facility Agreement representations

Each Obligor that is a party to the Facility Agreement makes the representations and warranties set out in clause 18 (representations) of the Facility Agreement, as amended and restated by this Agreement and updated with appropriate modifications to refer to this Agreement and, where appropriate, the Mortgage Addenda, by reference to the circumstances then existing on the date of this Agreement and on the Effective Date.
		
	4.3
	Finance Document representations

Each Obligor makes the representations and warranties set out in the Finance Documents (other than the Facility Agreement) to which it is a party, as amended and restated by this Agreement and updated with appropriate modifications to refer to this Agreement and, where appropriate, the Mortgage Addenda, by reference to the circumstances then existing on the date of this Agreement and on the Effective Date.

		
	5
	ACCESSION OF ACCEDING PARTIES

		
	5.1
	Accession of Acceding Parties

The Acceding Parties each agree to be bound by the terms of the Amended and Restated Facility Agreement as a Borrower in respect of the Additional Borrower or a Guarantor in respect of the Ultimate Parent Guarantor, and by signing this Deed each of the Acceding Parties undertakes to perform all liabilities and to make all payments and to comply with all other obligations under the Amended and Restated Facility Agreement as if named as a party to it as a Borrower or Guarantor (as relevant). 

		
	6
	AMENDMENT AND RESTATEMENT OF FACILITY AGREEMENT AND OTHER FINANCE DOCUMENTS

		
	6.1
	Specific amendments to the Facility Agreement

With effect on and from the Effective Date the Facility Agreement shall be, and shall be deemed by this Agreement to be, amended and restated in the form of the Amended and Restated Facility Agreement and, as so amended and restated, the Facility Agreement shall continue to be binding on each of the parties to it in accordance with its terms as so amended and restated.
		
	6.2
	Amendments to Finance Documents

With effect on and from the Effective Date each of the Finance Documents other than the Facility Agreement and the Mortgages which are amended and supplemented by the Mortgage Addenda, shall be, and shall be deemed by this Agreement to be, amended as follows:
		
	(a)
	each Shares Security to each of the Borrower, the Shareholder shall be amended to include at clause 11.1 (incorporation of specific provisions) a cross reference to clause 38 (bail-in) of the Facility Agreement as amended and supplemented by this Agreement;

		
	(b)
	each Assignment, Account Security and Shares Security to each of the Owner Guarantors shall be amended as follows:

		
	(i)
	a new Section 1 (definitions and interpretation) shall be added in respect of each Assignment and Account Security as follows and in respect of each Shares Security to each of the Owner Guarantors the following definitions shall be added:

"SECTION 1.  Definition and Interpretation
"Bail-In Action" means the exercise of any Write-down and Conversion Powers.
"Bail-In Legislation" means:
		
	(a)
	in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

		
	(b)
	in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

"EEA Member Country" means any member state of the European Union, Iceland, Liechtenstein and Norway.
"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.
"Resolution Authority" means any body which has authority to exercise any Write-down and Conversion Powers.
"Write-down and Conversion Powers" means:
		
	(a)
	in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule ; and

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

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

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

		
	(ii)
	a new section 9 (Bail-In) in respect of each Assignment, a new section 15 (Bail-In) in respect of each Account Security and a new section 19 (Bail-In) of each Shares Security to each of the Owner Guarantors shall be added as follows:

"[9] / [15] / [19]    Bail-In
[9.1] / [15.1] / [19.1]     Contractual recognition of bail-in
Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:
		
	(a)
	 any Bail-In Action in relation to any such liability, including (without limitation):

		
	(i)
	a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

		
	(ii)
	a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

		
	(iii)
	a cancellation of any such liability; and

		
	(b)
	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability,

		
	(iii)
	and the remaining clauses will be renumbered and all relevant cross references will be updated accordingly;

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

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

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

		
	6.3
	Finance Documents to remain in full force and effect

The Finance Documents shall remain in full force and effect:
		
	(a)
	in the case of the Facility Agreement as amended and restated pursuant to Clause 6.1 (Specific amendments to the Facility Agreement);

		
	(b)
	in the case of the Finance Documents other than the Facility Agreement as amended and restated pursuant to Clause 6.2 (Amendments to Finance Documents) and the Mortgage Addendum,

subject to such further or consequential modifications as may be necessary to give full effect to the terms of this Agreement.

		
	7
	FURTHER ASSURANCE

		
	7.1
	Further assurance

		
	(a)
	Each Obligor shall promptly, and in any event within the time period specified by the Facility Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices, instructions, acknowledgements, proxies and powers of attorney), as the Facility Agent may specify (and in such form as the Facility Agent may require in favour of the Facility Agent or its nominee(s)) to implement the terms and provisions of this Agreement.

		
	(b)
	Each Obligor shall promptly, and in any event within the time period specified by the Security Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Agent may specify (and in such form as the Security Agent may require in favour of the Security Agent or its nominee(s)):

		
	(i)
	to create, perfect, vest in favour of the Security Agent or protect the priority of the Security or any right or any kind created or intended to be created under or evidenced by the Finance Documents as amended and restated and/or supplemented by this Agreement or by the Mortgage Addenda (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Security Agent, any Receiver or the Secured Parties provided by or pursuant to the Finance Documents as amended and restated by the Agreement or by the Mortgage Addenda or by law;

		
	(ii)
	to confer on the Security Agent or confer on the Secured Parties Security over any property and assets of that Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant to the Finance Documents as amended and restated by this Agreement or by the Mortgage Addenda;

		
	(iii)
	to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant of, any interest in or right relating to the assets which are, or are intended to be, the subject of the Transaction Security or to exercise any power specified in any Finance Document as amended and restated by this Agreement or by the Mortgage Addenda in respect of which the Security has become enforceable; and/or

		
	(iv)
	to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct any proceedings and/or to take any other action relating to any item of the Security Property.

		
	(c)
	Each Obligor shall take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Secured Parties by or pursuant to the Finance Documents as amended and restated by this Agreement or by the Mortgage Addenda.

		
	7.2
	Additional corporate action

At the same time as an Obligor delivers to the Facility Agent or Security Agent any document executed under this Clause 7 (Further Assurance), that Obligor shall deliver to the Facility Agent or Security Agent as applicable, reasonable evidence that that Obligor's execution of such document has been duly authorised by it.

		
	8
	FEES

The Borrower shall pay to the Facility Agent (for the account of each Lender) an amendment fee in the amount and at the times specified in the Fee Letter.

		
	9
	COSTS AND EXPENSES

Clause 16.2 (amendment costs) of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

		
	10
	NOTICES

Clause 38 (notices) of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

		
	11
	COUNTERPARTS

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

		
	12
	GOVERNING LAW

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

		
	13
	ENFORCEMENT

		
	13.1
	Jurisdiction

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

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

		
	(c)
	This Clause 13.1 (Jurisdiction) is for the benefit of the Secured Parties only.  As a result, no Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.  To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.

		
	13.2
	Service of process

		
	(a)
	Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales):

		
	(i)
	irrevocably appoints Euronav (UK) Agencies Limited at its registered office for the time being, presently at 99 King's Road, London SW3 4PA, England as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and

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

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

This Agreement has been entered into on the date stated at the beginning of this Agreement.

Schedule 1 
 
THE LENDERS
	
		
	 
	 

	Name of Commercial Lender
	Address for Communication

	ABN AMRO CAPITAL USA LLC
	100 Park Avenue, 
New York, New York 10017 - 0002 
Attention: Rajbir Talwar, 
Director of Transportation Clients 
Telephone: 917 284 6850 
Facsimile: N/A 
E-mail: rajbir.talwar@abnamro.com

With a copy to:
Attention: Eden Rahman, 
Vice President 
Telephone: +1 212 931 9714 
Facsimile: N/A 
E-mail: Eden.rahman@abnamro.com

And to:
Attention: Lilla Engelsbel-Sporysheva, 
Director Trade Finance Operations 
Telephone: 917 284 6962 
Facsimile: 917 284 6697 
E-mail: tradefinance@abnamro.com /

And to:
Attention: Maria Pina, 
Vice President 
Telephone: 917 284 6917 
Facsimile: 917 284 6683 
E-mail: middleoffice@abnamro.com 

	CITIBANK, N.A., LONDON BRANCH
	Citibank N.A., London Branch, 
Citigroup Centre, Canada Square, 
London, E14 5LB 
c/o Citibank International Limited,  
Poland Branch 
7/9 Traugutta str., 1st Floor 
00-985 Warsaw, Poland 
Attention: Loan Operations Department 
(Kara Catt / Romina Coates – EAF Middle Office) 
Telephone: +44 207986 4881 
Facsimile:  +44 207 655 2380 
E-mail: cibuk.loans@citi.com

With a copy to:
388 Greenwich Street,  
New York, NY, 10013 
Attention: Meghan O'Connor 
Telephone: +1 212 816 8557 
Facsimile: N/A 
E-mail:  meghan.oconnor@citi.com

	DNB CAPITAL LLC
	200 Park Avenue, 
31st Floor New York, 
NY 10166 
Attention: Cathleen Buckley 
Telephone: 212 681 3861 
Facsimile: 212 681 3900 
E-mail: Cathleen.buckley@dnb.no

With a copy to:
Attention: Sybille Andaur 
Telephone: 212 681 3878 
Facsimile: 212 681 3900 
E-mail: Sybille.Andaur@dnb.no

	DVB BANK SE
	DVB Bank SE
Platz der Republik 6
60325  Frankfurt
Germany

For admin matters:
TLS - Transaction Management 
DVB Bank SE | WTC Schiphol Tower F 6th Floor, Schiphol Boulevard 255 | 1118 BH Schiphol | The Netherlands 
tls.tm.amsterdam@dvbbank.com 
For commercial matters:
Wijnand Botman 
Shipping Finance Europe 
DVB Bank SE | WTC Schiphol Tower F 6th Floor, Schiphol Boulevard 255 | 1118 BH Schiphol | The Netherlands 
Wijnand.Botman@dvbbank.com

With a copy to:
609 Fifth Avenue; 5th Floor; 
New York, NY 10017 - 0002 
Attention: DVB Transport (US) LLC 
(Jurek Bochner) 
Telephone: +1 212 858 2609 
Facsimile: +1 212 858 2673 
E-mail: Jurek.Bochner@dvbbank.com
Attention: Christiane Lombardi 
Telephone:+1 212 858 2608 
Facsimile: +1 212 858 2693 
E-mail: Christiane.Lombardi@dvbbank.com

	NORDEA BANK AB (PUBL), NEW YORK BRANCH
	1211 Avenue of the Americas  
23rd  Floor 
New York, NY  10036 
Attention: Shipping Offshore and Oil Services 
Telephone:  +1 212 318 9636
Facsimile:   +1 212 421 4420 
E-mail: dlny-ny-cadloan@nordea.com

With a copy to:
Essendropsgate 7
0368 Oslo
Norway
Facsimile: +47 22 48 66 78 
E-mail: agency.soosid@nordea.com

	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
	Skandinaviska Enskilda Banken AB (publ) 
Filipstad Brygge 1, Pb 18473 Vika, 0123 Oslo 
Attention: Egil Aarrestad (Client Executive) / Cecilie Landberg (Account Manager) 
Telephone: +22827021 / +22827105 
Facsimile: N/A 
E-mail: egil.aarrestad@seb.no /cecilie.landberg@seb.no 
 

With a copy to:
Attention: Structured Credit Operations 
Telephone: +370 521 90485 
Facsimile: N/A 
E-mail: sco@seb.se 

	Name of KEXIM Guaranteed Lender
	Address for Communication

	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., HONG KONG BRANCH
	Unit 9507, Level 95, International Commerce Centre, 
One Austin Road West, 
Kowloon, Hong Kong 
Attention: Grace Li / Weilei Song / Winnie Chung 
Telephone: +852 2582 3278 / +852 2582 3110 / +852 2582 3145 /+8210 4665 1079
Facsimile: +852 2587 3199 
E-mail: gracel@bbva.com.hk / weilei.song@bbva.com.hk / winniec@bbva.com.hk
With a copy to:
Attention: Shirin Arabsolghar / Lucie Court / Maggie Siu 
 
Telephone: +34 91 537 0006 / +852 2582 3216 
 
Facsimile: + 34 91 537 0040 / +852 2582 3199
 
E-mail: 
hub.stf.administration@bbva.com / hub.stf.monitoring@bbva.com / lucie.court@bbva.com / shirin.arabsolghar@bbva.com /maggie.siu@bbva.com.hk / sally.chan@bbva.com.hk 

	CITIBANK, N.A., LONDON BRANCH
	Citibank N.A., London Branch, 
Citigroup Centre, Canada Square, 
London, E14 5LB 
c/o Citibank International Limited,  
Poland Branch 
7/9 Traugutta str., 1st Floor 
00-985 Warsaw, Poland 
Attention: Loan Operations Department 
(Kara Catt / Romina Coates – EAF Middle Office) 
Telephone: +44 207986 4881 
Facsimile:  +44 207 655 2380 
E-mail: cibuk.loans@citi.com

With a copy to:
388 Greenwich Street,  
New York, NY, 10013 
Attention: Meghan O'Connor 
Telephone: +1 212 816 8557 
Facsimile: N/A 
E-mail:  meghan.oconnor@citi.com

	INDUSTRIAL AND COMMERCIAL BANK OF CHINA, BUSAN BRANCH
	1205-10, Choryang 1-dong, 
Dong-gu, Busan, Korea, 601-839 
Attention: Byung-joo, Seo 
Telephone: 82-51-463-8707 
Facsimile: 82-51-463-6880 
E-mail:  seobj@kr.icbc.com.cn

With a copy to:
18th Floor, Taepyeongno Bldg., 
#73 Sejongdaero, Jung-gu, 
Seoul, Korea 100-767 
Attention: Hyun-il, Sohn 
Telephone: 82-2-3788-6692 
Facsimile: 82-2-3783-6735 
E-mail: sohnhi@kr.icbc.com.cn

	KOMMUNAL LANDSPENSJONSKASSE GJENSIDIG FORSIKRINGSSELSKAP
	Dronning Eufemias gate 10, 
Pb.400 Sentrum, 0103 OSLO 
Attention: Anne Kristine Skappel 
Telephone: +47 900 65 243 
Facsimile: +47 22 03 36 00 
E-mail: anne.kristine.skappel@klp.no

	 
	With a copy to:
Attention: Christian Dahl 
Telephone:+47 411 022 86 
Facsimile:+47 22 03 36 00 
E-mail: Christian.dahl@klp.no

	 
	And to:
Trondheim 
Attention: Linda Bruneel / Birgitte Elvrum 
Telephone: +4798623977 / +4790774226 
Facsimile: +4773533839 
E-mail: okontrd@klp.no

	 
	And to:
Trondheim 
Attention: Oddvar Engelsastro / Anette Christensen 
Telephone: +4748186935 
Facsimile: +4773533839 
E-mail: Oddvar.Engelsaastro@klp.no / Anette.Christensen@klp.no

	MITSUBISHI UFJ TRUST AND BANKING CORPORATION
	4-5, Marunouchi 1-Chome, 
Chiyoda-ku, Tokyo 100-8212, Japan 
Attention: Corporate Business Planning Division 
(Takashi Tomioka / Yoshitake Tanaka) 
Telephone: +81-3-6256-1460 
Facsimile: +81-3-6214-8199 
E-mail: :takashi_tomioka@tr.mufg.jp / 
yoshitake_tanaka@tr.mufg.jp 
 
With a copy to: 
Attention: Takeshi Sugiyama 
Telephone: +81-3-6250-3967 
Facsimile : +81-3-6214-8199 
E-mail: mutbsf2_post@tr.mufg.jp

	NONGHYUP BANK
	120 Tongil-Ro, Jung-Gu,
Seoul, Korea 04517
Attention : Young Jin Choi
Telephone : +822 2080-8116
Facsimile : +822 2080-8130
E-mail : jinchoi@nonghyup.com
 
With a copy to:
 
Attention : Young Ho Jung
Telephone : +822 2080-8119
Facsimile : +822 2080-8130
E-mail : sailor05@nonghyup.com
 

	SAMBA FINANCIAL GROUP, LONDON BRANCH
	Nightingale House, 65 Curzon Street, 
London, W1 8PF, UK 
Attention: Sherif Atef 
Telephone:  +44 207 659 8235 
Facsimile: +44 207 355 4416 
E-mail:  sherif.atef@samba.com

With a copy to:
Attention: Keith Clay 
Telephone: +44 207 659 8237 
Facsimile: +44 207 355 4416 
E-mail: keith.clay@samba.com

	Name of K-Sure Lender
	Address for Communication

	ABN AMRO CAPITAL USA LLC
	100 Park Avenue, 
New York, New York 10017 - 0002 
Attention: Rajbir Talwar, 
Director of Transportation Clients 
Telephone: 917 284 6850 
Facsimile: N/A 
E-mail: rajbir.talwar@abnamro.com

	 
	With a copy to:
Attention: Eden Rahman, 
Vice President 
Telephone: +1 212 931 9714 
Facsimile: N/A 
E-mail: Eden.Rahman@abnamro.com

	 
	And to:
Attention: Lilla Engelsbel-Sporysheva, 
Director Trade Finance Operations 
Telephone: 917 284 6962 
Facsimile: 917 284 6697 
E-mail: tradefinance@abnamro.com 

	 
	And to:
Attention: Maria Pina, 
Vice President 
Telephone: 917 284 6917 
Facsimile: 917 284 6683 
E-mail: middleoffice@abnamro.com

	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., HONG KONG BRANCH
	Unit 9507, Level 95, International Commerce Centre, 
One Austin Road West, 
Kowloon, Hong Kong 
Attention: Grace Li / Weilei Song / Winnie Chung 
Telephone: +852 2582 3278 / +852 2582 3110 / +852 2582 3145 /+8210 4665 1079
Facsimile: +852 2587 3199 
E-mail: gracel@bbva.com.hk / weilei.song@bbva.com.hk / winniec@bbva.com.hk
With a copy to:
Attention: Shirin Arabsolghar / Lucie Court / Maggie Siu 
 
Telephone: +34 91 537 0006 / +852 2582 3216 
 
Facsimile: + 34 91 537 0040 / +852 2582 3199
 
E-mail: 
hub.stf.administration@bbva.com / hub.stf.monitoring@bbva.com / lucie.court@bbva.com / shirin.arabsolghar@bbva.com /maggie.siu@bbva.com.hk / sally.chan@bbva.com.hk 

	CAIXABANK, S.A.
	Av. Diagonal 615, planta 5, 08028 Barcelona; Spain 
Attention: Isabel Marquez Buey 
Telephone: +34 628 22 43 46 
Facsimile: +34 93 404 67 94 
E-mail: imarquez@caixabank.com

	 
	With a copy to:
Attention: Eduard Sin / Susanna Farnós 
Telephone: + 34 93 404 41 39 / +34 93 297 46 63 
Facsimile: +34 93 404 64 66 
E-mail:  creditos.sindicados@lacaixa.es

	 
	And to:
Attention: Maria Carmen Utrilla 
Telephone: +34 93 404 44 32 
Facsimile: N/A 
E-mail: Carmen.utrilla@caixabank.com

	CITIBANK, N.A., LONDON BRANCH
	Citibank N.A., London Branch, 
Citigroup Centre, Canada Square, 
London, E14 5LB 
c/o Citibank International Limited,  
Poland Branch 
7/9 Traugutta str., 1st Floor 
00-985 Warsaw, Poland 
Attention: Loan Operations Department 
(Kara Catt / Romina Coates – EAF Middle Office) 
Telephone: +44 207986 4881
Facsimile:  +44 207 655 2380
E-mail: cibuk.loans@citi.com

	 
	With a copy to:
388 Greenwich Street,  
New York, NY, 10013 
Attention: Meghan O'Connor 
Telephone: +1 212 816 8557 
Facsimile: N/A 
E-mail:  meghan.oconnor@citi.com

	LANDESBANK HESSEN-THUERINGEN GIROZENTRALE
	Landesbank Hessen-Thueringen Girozentrale, 
MT-259300, Neue Mainzer Strasse 
52-58, 60311 Frankfurt am Main 
Attention: Navina Lucke 
Telephone: +49 69 9132-4830 
Facsimile: +49 69 9132- 84830 
E-mail: Navina.Lucke@helaba.de

	 
	With a copy to:
Attention: Stefan Kroth 
Telephone: +49 69 9132-2165 
Facsimile: +49 69 9132-82165 
E-mail: Stefan.Kroth@helaba.de

	MITSUBISHI UFJ TRUST AND BANKING CORPORATION
	4-5, Marunouchi 1-Chome, 
Chiyoda-ku, Tokyo 100-8212, Japan 
Attention: Corporate Business Planning Division 
(Takashi Tomioka / Yoshitake Tanaka) 
Telephone: +81-3-6256-1460 
Facsimile: +81-3-6214-8199 
E-mail: :takashi_tomioka@tr.mufg.jp / 
yoshitake_tanaka@tr.mufg.jp 
 
With a copy to: 
Attention: Takeshi Sugiyama 
Telephone: +81-3-6250-3967 
Facsimile : +81-3-6214-8199 
E-mail: mutbsf2_post@tr.mufg.jp

	 
	 

	THE EXPORT-IMPORT BANK OF KOREA
	BIFC 20th floor, 
40 Munhyeongeumyung-ro, Nam-gu
Busan, 48400
Korea 
Attention: Hanie(Okju) Jang 
Telephone: +82 51 922 8830 
Facsimile: +82 51 922 8849 
E-mail: okju@koreaexim.go.kr

	 
	With a copy to:
Attention: Eva(Hae Jeong) Cho 
Telephone: +82 51 922 8828 
Facsimile: +82 51 922 8849 
E-mail: hj.cho@koreaexim.go.kr

Schedule 2     
 
CONDITIONS PRECEDENT
		
	1
	Obligors and Ultimate Parent Guarantor

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

		
	2.1
	A duly executed original of each Mortgage Addenda together with documentary evidence that each Mortgage Addenda has been duly recorded as a valid addendum to the Mortgage in accordance with the laws of the jurisdiction of the Approved Flag.

		
	2.2
	A duly executed original of the Euronav Earnings Account Security (and of each document to be delivered under it).

		
	3
	Legal opinions

		
	3.1
	A legal opinion of Watson Farley & Williams LLP, legal advisers to the Facility Agent and the Security Agent in England, substantially in the form distributed to the Lenders before signing this Agreement.

		
	3.2
	A legal opinion of Watson Farley & Williams LLP which shall be addressed to the Facility Agent, the Security Agent, the Lenders and K-Sure on such matters concerning the laws of the Marshall Islands and the Republic of Liberia.

		
	3.3
	A legal opinion of Fransen Luyten which shall be addressed to the Facility Agent, the Security Agent, the Lenders and K-Sure on such matters concerning the laws of Belgium.

		
	3.4
	Favourable legal opinions by lawyers appointed by the Facility Agent on such matters concerning the laws of such relevant jurisdictions as the Facility Agent may require, substantially in the form distributed to the Original Lenders before signing this Agreement.

		
	4
	Other documents and evidence

		
	4.1
	A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by this Agreement and the Mortgage Addenda or for the validity and enforceability of any Finance Document as amended, restated by this Agreement or by the Mortgage Addenda.

		
	4.2
	Evidence that any process agent referred to in clause 49.2 (Service of process) of the Amended and Restated Facility Agreement has accepted its appointment.

		
	4.3
	Confirmation from the relevant ECA that they have consented to the amendments and waivers contemplated by, and have approved the form of, the Amended and Restated Facility Agreement.

		
	4.4
	A favourable opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the insurances for the Ships as the Facility Agent may require;

		
	4.5
	Such evidence as the Facility Agent and the Lenders may require for the Finance Parties to be able to satisfy each of their "know your customer" or similar identification procedures in relation to the transactions contemplated by the Finance Documents.

		
	4.6
	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 8 (Fees) and Clause 9 (Costs and Expenses) have been paid or will be paid by the Effective Date.

Schedule 3     
 
THE PARTIES
	
				
	Name of Owner Guarantor / Hedge Guarantor
	Place of Incorporation or Formation
	Registration number 
(or equivalent, if any)
	Address for Communication

	GENER8 NEPTUNE LLC
GENER8 ATHENA LLC
GENER8 APOLLO LLC
GENER8 ARES LLC
GENER8 HERA LLC
GENER8 CONSTANTINE LLC
GENER8 OCEANUS LLC
GENER8 NAUTILUS LLC
GENER8 MACEDON LLC
GENER8 ETHOS LLC
GENER8 PERSEUS LLC
GENER8 HECTOR LLC
GENER8 NESTOR LLC
	REPUBLIC OF MARSHALL ISLANDS
	963422
963429
963436
963437
963441
963438
963446
963443
963442
963439
963447
963440
963444
	299 PARK AVENUE,  
2nd Floor 
NEW YORK, NY 10017 - 0002 
Attention: Chief Financial Officer 
Telephone: (212) 763-5600 
Facsimile: (212) 763-5608 
E-mail: finance@gener8maritime.com
With a copy to:
Euronav NV
de Gerlachekaai 20
B-2000 Antwerp
Belgium
Tel No: 32 3 247 4411
Fax No: 32 3 247 4409
E-mail: financial@euronav.com
Attn:  Chief Financial Officer

Schedule 4     
 
FORM OF EFFECTIVE DATE NOTICE

Amending and Restating Agreement
dated [l] 2018 (the "Agreement")  

In accordance with clause 3 (conditions precedent) of the Agreement, the Facility Agent hereby confirms that all the conditions set out in clause 3 (conditions precedent) of the Agreement have been satisfied in full or, to the extent not so satisfied, waived in writing on ___________________.  

Accordingly, the Effective Date shall be ____________________.

THE FACILITY AGENT

                                                                               
For and on behalf of
NORDEA BANK AB (PUBL), NEW YORK BRANCH

EUROPE/61906920v7

EXECUTION PAGES
ORIGINAL BORROWER

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 MARITIME SUBSIDIARY VIII INC.
	)
	 
	 

ADDITIONAL BORROWER

	
				
	SIGNED by
	)
	 
	/s/ Roeland Neyrinck

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	EURONAV NV
	)
	 
	 

ULTIMATE PARENT GUARANTOR

	
				
	SIGNED by
	)
	 
	/s/ Roeland Neyrinck

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	EURONAV NV
	)
	 
	 

PARENT GUARANTOR

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 MARITIME SUBSIDIARY VIII INC.
	)
	 
	 

SHAREHOLDER
	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 MARITIME SUBSIDIARY VIII INC.
	)
	 
	 

EUROPE/61614181v9

OWNER GUARANTORS AND HEDGE GUARANTORS
	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 NEPTUNE LLC
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 ATHENA LLC
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 APOLLO LLC
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 ARES LLC
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 HERA LLC
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 CONSTANTINE LLC
	)
	 
	 

EUROPE/61614181v9

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 OCEANUS LLC
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 NAUTILUS LLC
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 MACEDON LLC
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 ETHOS LLC
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 PERSEUS LLC
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 HECTOR LLC
	)
	 
	 

EUROPE/61614181v9

	
				
	SIGNED by
	)
	 
	/s/ Dean Scaglione

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	GENER8 NESTOR LLC
	)
	 
	 

COMMERCIAL TRANCHE CO-ORDINATOR, 
FACILITY AGENT AND SECURITY AGENT

	
				
	SIGNED by
	)
	 
	/s/ Erik Havnik

	duly authorised
	)
	 
	Director

	for and on behalf of
	)
	 
	 

	NORDEA BANK AB (PUBL),
	)
	 
	/s/ Martin Lunder

	NEW YORK BRANCH
	)
	 
	Managing Director

FACILITY AGENT ACTING FOR AND ON BEHALF 
OF THE COMMERCIAL LENDERS

	
				
	SIGNED by
	)
	 
	/s/ Erik Havnik

	duly authorised
	)
	 
	Director

	for and on behalf of
	)
	 
	 

	NORDEA BANK AB (PUBL),
	)
	 
	/s/ Martin Lunder

	NEW YORK BRANCH
	)
	 
	Managing Director

ECA CO-ORDINATOR AND ECA AGENT

	
				
	SIGNED by
	)
	 
	/s/  Kara Catt

	duly authorised
	)
	 
	Vice President

	for and on behalf of
	)
	 
	Citibank N.A London

	CITIBANK, N.A.,
	)
	 
	 

	LONDON BRANCH
	)
	 
	 

ECA AGENT FOR AND ON BEHALF OF KEXIM, THE KEXIM GUARANTEED LENDERS AND THE K-SURE LENDERS 

	
				
	SIGNED by
	)
	 
	/s/  Kara Catt

	duly authorised
	)
	 
	Vice President

	for and on behalf of
	)
	 
	Citibank N.A London

	CITIBANK, N.A.,
	)
	 
	 

	LONDON BRANCH
	)
	 
	 

EUROPE/61614181v9

LENDERS

	
				
	SIGNED by
	)
	 
	/s/  Francis Birkeland

	duly authorised
	)
	 
	Managing Director

	for and on behalf of
	)
	 
	 

	ABN AMRO CAPITAL USA LLC
	)
	 
	 

	as Commercial Lender and K-Sure Lender
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/  

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	CITIBANK, N.A., LONDON BRANCH 

	)
	 
	 

	as Commercial Lender, KEXIM Guaranteed Lender and K-Sure Lender 
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/  

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	DNB CAPITAL LLC

	)
	 
	 

	as Commercial Lender 
	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/  Georg Junginger

	duly authorised
	)
	 
	Senior Vice President

	for and on behalf of
	)
	 
	Legal Counsel

	DVB BANK SE

	)
	 
	 

	as Commercial Lender 
	)
	 
	/s/ Lucia Ainsworth

	 
	 
	 
	Senior Vice President

	
				
	SIGNED by
	)
	 
	/s/ Erik Havnik

	duly authorised
	)
	 
	Director

	for and on behalf of
	)
	 
	 

	NORDEA BANK AB (PUBL), NEW YORK BRANCH
	)
	 
	/s/ Martin Lunder

	as Commercial Lender

	)
	 
	Managing Director

	
				
	SIGNED by
	)
	 
	/s/ Erling Amundsen

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	SKANDINAVISKA ENSKILDEN BANKEN AB (PUBL)
	)
	 
	/s/  John Turesson

	as Commercial Lender

	)
	 
	 

EUROPE/61614181v9

 	
				
	SIGNED by
	)
	 
	/s/ Winnie Tse

	duly authorised
	)
	 
	Vice President

	for and on behalf of
	)
	 
	 

	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., HONG KONG BRANCH

	)
	 
	/s/ 

	as KEXIM Guaranteed Lender and K-Sure Lender

	)
	 
	Managing Director

	
				
	SIGNED by
	)
	 
	/s/ 

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	INDUSTRIAL AND COMMERCIAL BANK OF CHINA, BUSAN BRANCH

	)
	 
	/s/ 

	as KEXIM Guaranteed Lender

	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ 

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	KOMMUNAL LANDSPENSJONSKASSE GJENSIDIG FORSIKRINGSSELSKAP

	)
	 
	/s/ 

	as KEXIM Guaranteed Lender

	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ 

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	MITSUBISHI UFJ TRUST AND BANKING CORPORATION

	)
	 
	/s/ 

	as KEXIM Guaranteed Lender and K-Sure Lender

	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ Lee Heon Koo

	duly authorised
	)
	 
	General Manager

	for and on behalf of
	)
	 
	Investment banking dept.

	NONGHYUP BANK
	)
	 
	 

	as KEXIM Guaranteed Lender

	)
	 
	 

	
				
	SIGNED by
	)
	 
	/s/ 

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	CAIXABANK, S.A.
	)
	 
	/s/ 

	as K-Sure Lender

	)
	 
	 

EUROPE/61614181v9

	
				
	SIGNED by
	)
	 
	/s/  Stefan Kroth

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	LANDESBANK HESSENTHUERINGEN GIROZENTRALE 
	)
	 
	/s/  Navina Lucke

	as K-Sure Lender

	)
	 
	 

KEXIM
	
				
	SIGNED by
	)
	 
	/s/ 

	duly authorised
	)
	 
	 

	for and on behalf of
	)
	 
	 

	THE EXPORT-IMPORT BANK OF KOREA
	)
	 
	/s/ 

APPENDIX 
 
PART A 
 
FORM OF AMENDED AND RESTATED FACILITY AGREEMENT MARKED TO 
INDICATE AMENDMENTS TO THE FACILITY AGREEMENT
Amendments are indicated as follows:
		
	1
	additions are indicated by underlined text; and

		
	2
	deletions are shown by strike-through text.

APPENDIX 
 

EUROPE/61614181v9

PART B 
 
FORM OF CLEAN COPY AMENDED AND RESTATED FACILITY AGREEMENT

EUROPE/61614181v9

GENER8 MARITIME SUBSIDIARY VIII INC. 
as Original Borrower
EURONAV NV 
as Additional Borrower
THE COMPANIES listed in Part A of Schedule 1  
as joint and several Owner Guarantors and  
joint and several Hedge Guarantors
EURONAV NV 
as Ultimate Parent Guarantor
GENER8 MARITIME, INC. 
as Parent Guarantor
GENER8 MARITIME SUBSIDIARY V INC. 
as Shareholder
CITIBANK, N.A.  
NORDEA BANK AB (PUBL), NEW YORK BRANCH  
as Global Co-ordinators
CITIBANK, N.A. 
NORDEA BANK AB (PUBL), NEW YORK BRANCH  
as Bookrunners
ABN AMRO CAPITAL USA LLC 
DNB MARKETS, INC.  
DVB BANK SE 
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)  
as Commercial Tranche Bookrunners
CITIBANK, N.A. 
NORDEA BANK AB (PUBL), NEW YORK BRANCH  
ABN AMRO CAPITAL USA LLC 
BANCO BILBAO VIZCAYA ARGENTARIA, S.A., HONG KONG BRANCH   
DNB MARKETS, INC.  
DVB BANK SE 
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) 
THE EXPORT-IMPORT BANK OF KOREA 
as Mandated Lead Arrangers
CAIXABANK, S.A.  
LANDESBANK HESSEN-THUERINGEN GIROZENTRALE  
as Lead Arrangers
THE BANKS AND FINANCIAL INSTITUTIONS listed in Part B of Schedule 1  
as Original Lenders
THE BANKS AND FINANCIAL INSTITUTIONS listed in Part C of Schedule 1  
as Hedge Counterparties
CITIBANK, N.A., LONDON BRANCH 
as ECA Co-ordinator and ECA Agent
NORDEA BANK AB (PUBL), NEW YORK BRANCH 
as Commercial Tranche Co-ordinator, Facility Agent and Security Agent

EUROPE/61614181v9

THE EXPORT-IMPORT BANK OF KOREA 
as KEXIM
FACILITY AGREEMENT DATED AS OF 31 AUGUST 2015
AS AMENDED AND RESTATED ON          JUNE 2018 
TERM LOAN FACILITY OF UP TO $963,743,455

EUROPE/61614181v9

Index
Clause    Page

Section 1 Interpretation    4
1Definitions and Interpretation    4
Section 2 The Facility    44
2The Facility    44
3Purpose    45
4Conditions of Utilization    47
Section 3 Utilization    49
5Utilization    49
Section 4 Repayment, Prepayment and Cancellation52
6Repayment    52
7Prepayment and Cancellation    53
Section 5 Costs of Utilization    59
8Interest    59
9Interest Periods    62
10Changes to the Calculation of Interest    62
11Fees, KEXIM Premium and K-Sure Premium    64
Section 6 Additional Payment Obligations    66
12Tax Gross Up and Indemnities; FATCA    66
13Increased Costs    70
14Other Indemnities    71
15Mitigation by the Finance Parties    74
16Costs and Expenses    75
Section 7 Guarantees    77
17Guarantee and Indemnity    77
Section 8 Representations, Undertakings and Events of Default    85
18Representations    85
19Information Undertakings    93
20Financial Covenants    97
21General Undertakings    99
22Insurance Undertakings    113
23Shipbuilding Contract Undertakings    118
24General Ship Undertakings    119
25Security Cover    129
26Application of Earnings    130
27Events of Default    132
Section 9 Changes to Parties    138
28Changes to the Lenders    138
29Changes to the Obligors    143
Section 10 The Finance Parties    145
30The Facility Agent, the Lead Arrangers and the Mandated Lead Arrangers    145
31The Security Agent    155
32ECA Agent    168
33ECA Specific Provisions    169
34Conduct of Business by the Finance Parties    182
35Sharing among the Finance Parties    182
Section 11 Administration    184
36Payment Mechanics    184

EUROPE/61614181v9

37Set-Off    192
38Bail-In    192
39Notices    192
40Calculations and Certificates    195
41Partial Invalidity    195
42Remedies and Waivers    195
43Settlement or Discharge Conditional    195
44Irrevocable Payment    196
45Amendments and Waivers    196
46Confidential Information    198
47Counterparts    201
Section 12 Governing Law and Enforcement    202
48Governing Law    202
49Enforcement    202
50Patriot Act Notice    202

Schedules

Schedule 1 The Parties    205
Part A The Obligors    205
Part B The Original Lenders207
Part C The Hedge Counterparties217
Part D The Servicing Parties220
Schedule 2 Conditions Precedent    222
Part A Conditions Precedent to Initial Utilization Request    222
Part B Conditions Precedent to Utilization –  Advance    225
Schedule 3 Utilization Requests    228
Schedule 4 Tranches and Commitments    229
Schedule 5 Form of Transfer Certificate    235
Schedule 6 Form of Assignment Agreement    238
Schedule 7 Form of Compliance Certificate    241
Schedule 8 Details of Ships243
Schedule 9245
Schedule 10 Subsidiaries246
Schedule 11 Financial Indebtedness    252
Schedule 12253
Schedule 13 Existing Transactions254
Schedule 14 Non-Cash Charges    255
Schedule 15 Timetables    256
Schedule 16 Form of MT 199    257

Execution

Execution Pages204

THIS AGREEMENT is made on 31 August 2015 as amended and restated by the Amending and Restating Agreement on          June 2018
PARTIES
		
	(1)
	GENER8 MARITIME SUBSIDIARY VIII INC., a corporation incorporated and existing under the laws of the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as original borrower (the "Original Borrower")

		
	(2)
	EURONAV NV, a company incorporated in Belgium whose registered address is at de Gerlachekaai 20, B-2000 Antwerp, Belgium as additional borrower (the "Additional Borrower")

		
	(3)
	The limited liability companies listed in Part A of Schedule 1 (The Parties) therein as joint and several owner guarantors (the "Owner Guarantors") and as joint and several hedge guarantors (the "Hedge Guarantors")

		
	(4)
	EURONAV NV, a company incorporated in Belgium whose registered address is at de Gerlachekaai 20, B-2000 Antwerp, Belgium as ultimate parent guarantor (the "Ultimate Parent Guarantor")

		
	(5)
	GENER8 MARITIME, INC., a corporation incorporated and existing under the laws of the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as the parent guarantor (the "Parent Guarantor")

		
	(6)
	GENER8 MARITIME SUBSIDIARY V INC., a corporation incorporated and existing under the laws of the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as the parent guarantor (the "Shareholder")

		
	(7)
	CITIBANK, N.A. and NORDEA BANK AB (PUBL), NEW YORK BRANCH as global co-ordinators (the "Global Co-ordinators" and each, a "Global Co-ordinator")

		
	(8)
	CITIBANK, N.A. and NORDEA BANK AB (PUBL), NEW YORK BRANCH as bookrunners (the "Bookrunners" and each, a "Bookrunner")

		
	(9)
	ABN AMRO CAPITAL USA LLC, DNB MARKETS, INC., DVB BANK SE, SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)  as commercial tranche bookrunners (the "Commercial Tranche Bookrunners" and each, a "Commercial Tranche Bookrunner")

		
	(10)
	CITIBANK, N.A., NORDEA BANK AB (PUBL), NEW YORK BRANCH, ABN AMRO CAPITAL USA LLC, BANCO BILBAO VIZCAYA ARGENTARIA, S.A., HONG KONG BRANCH, DNB MARKETS, INC., DVB BANK SE, SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)  and THE EXPORT-IMPORT BANK OF KOREA as mandated lead arrangers (the "Mandated Lead Arrangers" and each, a "Mandated Lead Arranger")

		
	(11)
	CAIXABANK, S.A. and LANDESBANK HESSEN-THUERINGEN GIROZENTRALE as lead arrangers (the "Lead Arrangers" and each, a "Lead Arranger")

		
	(12)
	THE BANKS AND FINANCIAL INSTITUTIONS listed in Part B of Schedule 1 (The Parties) as commercial lenders (the "Commercial Lenders" and each, a "Commercial Lender")

		
	(13)
	THE BANKS AND FINANCIAL INSTITUTIONS listed in Part B of Schedule 1 (The Parties) as KEXIM guaranteed lenders (the "KEXIM Guaranteed Lenders" and each, a "KEXIM Guaranteed Lender")

		
	(14)
	THE BANKS AND FINANCIAL INSTITUTIONS listed in Part B of Schedule 1 (The Parties) as K-Sure lenders (the "K-Sure Lenders" and each a, "K-Sure Lender" and collectively with the Commercial Lenders, the KEXIM Guaranteed Lenders and KEXIM (as defined below), the "Original Lenders" and each, an "Original Lender")

		
	(15)
	THE BANKS AND FINANCIAL INSTITUTIONS listed in Part C of Schedule 1 (The Parties) as hedge counterparties (the "Hedge Counterparties" and each a, "Hedge Counterparty")

		
	(16)
	CITIBANK, N.A., LONDON BRANCH as ECA agent (the "ECA Agent") and as ECA co-ordinator (the "ECA Co-ordinator")

		
	(17)
	NORDEA BANK AB (PUBL), NEW YORK BRANCH as commercial tranche co-ordinator (the "Commercial Tranche Co-ordinator")

		
	(18)
	NORDEA BANK AB (PUBL), NEW YORK BRANCH as agent of the other Finance Parties (the "Facility Agent")

		
	(19)
	NORDEA BANK AB (PUBL), NEW YORK BRANCH as security agent for the Secured Parties (the "Security Agent") 

		
	(20)
	THE EXPORT-IMPORT BANK OF KOREA as KEXIM ("KEXIM")

BACKGROUND
		
	(A)
	By a facility agreement dated 31 August 2015, the Lenders have agreed to make available to the Borrower a term loan facility of up to $963,743,455 (which includes the KEXIM Premium and K-Sure Premium) comprising of (a) the Commercial Tranche, to be made available by the Commercial Lenders in an aggregate principal amount of up to $282,017,190; (b) the KEXIM Guaranteed Tranche to be made available by the KEXIM Guaranteed Lenders and fully guaranteed by KEXIM of an aggregate principal amount of up to $ 139,675,594 (which includes the KEXIM Premium); (c) the KEXIM Funded Tranche to be made available by KEXIM in an aggregate principal amount of up to $197,412,033; and (d) the K-Sure Tranche to be made available by the K-Sure Lenders (and which are subject to coverage of the K-Sure Insurance Policies) in an aggregate principal amount of up to $344,638,638 (which includes the K-Sure Premium).

		
	(B)
	The Hedge Counterparties may enter into interest rate swap transactions with the Borrower from time to time to hedge the Borrower's exposure under this Agreement to interest rate fluctuations.

		
	(C)
	By the Amending and Restating Agreement, the Finance Parties have agreed to certain amendments to the facility agreement and the other Finance Documents.  This Agreement sets out the terms of the facility agreement as amended and restated by the Amending and Restating Agreement.

OPERATIVE PROVISIONS

Section 1 
 
INTERPRETATION

		
	1
	DEFINITIONS AND INTERPRETATION

		
	1.1
	Definitions

In this Agreement:
"Acceptable Accounting Firm" means such accounting firm in place as at the Effective Date or such other recognized accounting firm as the Facility Agent may, with the consent of the Majority Lenders, approve from time to time in writing, such approval not to be unreasonably withheld.
"Account Bank" means Nordea Bank AB (publ), filial i Norge acting through its office at Essendropsgate 7, 0368 Oslo, Norway.
"Accounts" means the Earnings Accounts, the Minimum Liquidity Account and the Debt Service Reserve Account.
"Account Security" means a document creating Security over any Account in agreed form.
"Additional Collateral" shall mean additional Security satisfactory to the Majority Lenders created in favour of the Security Agent to cure non-compliance with Clause 25 (Security Cover) (it being understood that cash collateral comprised of Dollars (which shall be valued at par) shall be deemed satisfactory), pursuant to security documentation in agreed form, in an aggregate amount at least sufficient to cure such non-compliance.
"Advance" means the borrowing of all or part of a Vessel Loan under this Agreement.
"Affected Lender" has the meaning given to it in paragraph (b) of Clause 10.2 (Market disruption).
"Affiliate" means, with respect to any Person, any other Person (including, for purposes of Clause 21.30 (Other transactions), all directors, officers and partners of such Person) directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person; provided however, that for purposes of Clause 21.30 (Other transactions), an Affiliate of the Ultimate Parent Guarantor shall include any Person that directly or indirectly owns more than 10% of any class of the capital stock of the Ultimate Parent Guarantor and any officer or director of the Ultimate Parent Guarantor or any of its Subsidiaries.  A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise.  Notwithstanding anything to the contrary contained above, neither the Facility Agent, nor the Security Agent, the ECA Agents nor the Lead Arrangers, the Mandated Lead Arrangers nor any Lender (or any of their respective Affiliates) shall be deemed to constitute an Affiliate of the Ultimate Parent Guarantor or its Subsidiaries in connection with the Finance Documents or its dealings or arrangements relating thereto.
"Aggregate Collateral Vessel Value" means at any time, the aggregate of the Fair Market Value of all the Ships which are, in each case, subject to a Mortgage.
"Aggregate Collateral Vessel Value of ECA Ships" means the aggregate Fair Market Value of the ECA Ships which are, in each case, subject to a Mortgage.
"Amending and Restating Agreement" means the amending and restating agreement dated           June 2018 and made between, amongst others, (i) the Original Borrower, (ii) the Additional Borrower, (iii) the Parent Guarantor, (iv) the Ultimate Parent Guarantor, (v) the Original Lenders, (vi) the Hedge Counterparties, (vii) the ECA Agent, (viii) the Facility Agent, (ix) the Security Agent and (x) KEXIM.
"Anti-Bribery and Corruption Laws" means the US Foreign Corrupt Practices Act of 1977 as amended and the rules and regulations thereunder, the UK Bribery Act of 2010, and/or any similar laws, rules or regulations issued, administered or enforced by the United States, United Kingdom, the European Union or any of its member states, or any other country or Governmental Agency having jurisdiction over any Finance Party, an ECA or any Obligor. 
"Appraisal" means, with respect to a Ship, a written appraisal provided by an Approved Appraiser in favour of the Facility Agent for the purposes of determining the Fair Market Value of such Ship.
"Approved Appraiser" means Arrow Sale & Purchase (UK) Limited, Barry Rogliano Salles, Fearnleys, Clarksons Platou Securities AS, Braemar ACM, Maersk Broker K.S., Lorentzen & Stemoco and Simpson Spence & Young (or any Affiliate of such person through which valuations are commonly issued) and any other firm or firms of independent sale and purchase shipbrokers approved in writing by the Facility Agent.
"Approved Classification" means, in relation to a Ship, as at the date of this Agreement, the classification in relation to that Ship specified in Schedule 8 (Details of the Ships) or the equivalent classification with another Approved Classification Society.
"Approved Classification Society" means American Bureau of Shipping ("ABS"), DNV GL Group ("DNV"), Lloyd's Register ("LR"), Nippon Kaiji Kyokai ("NKK"), Bureau Veritas ("BV") or Korean Register of Shipping ("KS") or any other classification society which is a member of the International Association of Classification Societies and which the Facility Agent has approved in writing (with the authorisation of the Majority Lenders).
"Approved Commercial Manager" means, in relation to a Ship, Navig8 Pte. Ltd., Navig8 Asia Pte. Ltd., VL8 Management Inc., Tankers International Pool, the Ultimate Parent Guarantor, any wholly owned subsidiary of the Ultimate Parent Guarantor, or such other person approved in writing by the Facility Agent acting with the authorization of the Majority Lenders as the commercial manager of that Ship, any of whom may also engage reputable third-parties to perform specific tasks or, if such Ship is entered into a Pool Agreement, the Pool Manager.
"Approved Flag" shall have the meaning provided in Clause 24.2 (Flag of Ships; Citizenship; Ship Classification).
"Approved Insurance Broker" means Bankserve, Willis, Aon, Marsh, Leeds and Leeds, Proteus, Belgibo and any other firm or firms of insurance brokers approved in writing by the Facility Agent, acting with the authorization of the Majority Lenders.
"Approved Manager" means, in relation to a Ship, the Approved Commercial Manager or the Approved Technical Manager of that Ship.
"Approved Technical Manager" means, in relation to a Ship, Euronav Ship Management (Hellas) Ltd., Northern Marine Management Ltd., Anglo-eastern Shipmanagement (Singapore) Pte. Ltd., Anglo-eastern International (Macao Commercial Offshore) Limited, Wallem Shipmanagement Limited, Selandia Ship Management Pte. Ltd., Selandia Ship Management (India) Pvt. Ltd., Selmar Ltd, the Ultimate Parent Guarantor and any of its wholly owned subsidiaries or such other person approved in writing by the Facility Agent acting with the authorization of the Majority Lenders as the technical manager of that Ship, any of whom may also engage reputable third-parties to perform specific tasks.
"Assignment" means each, or any, as the context may require of:
		
	(a)
	any Assignment of Builder's Warranties;

		
	(b)
	any Assignment of Charter Agreement;

		
	(c)
	any Assignment of Earnings;

		
	(d)
	any Assignment of Hedging Agreement;

		
	(e)
	any Assignment of Insurances;

		
	(f)
	any Assignment of Pool Agreement; and

		
	(g)
	any Assignment of Ship Management Agreement.

"Assignment of Builder's Warranties" means in relation to a Ship, the assignment of builder's warranties in respect of that Ship entered into or to be entered into by the Owner Guarantor owning that Ship and the Security Agent in the agreed form.
"Assignment of Charter Agreement" means in relation to a Ship, (a) the assignment of the charter agreement entered or to be entered into by the Owner Guarantor or Additional Borrower (as the case may be) owning that Ship with the relevant Pool Manager pursuant to the relevant Pool Agreement; (b) the assignment of any other Charter of a duration of at least 24 months (including any optional extensions or renewals) entered into or to be entered into by the Owner Guarantor or Additional Borrower (as the case may be) owning that Ship with any party (other than a member of the Group) as charterer and (c) the assignment of any charter entered into or to be entered into by the Owner Guarantor or Additional Borrower (as the case may be) owning that Ship with any other member of the Group as charterer, in respect of that Ship, entered into or to be entered into by the Owner Guarantor or Additional Borrower (as the case may be) owning that Ship and the Security Agent in the agreed form.
"Assignment of Earnings" means, in relation to a Ship, the assignment of inter alia, that Ship's Earnings and Requisition Compensation in respect of that Ship entered into or to be entered into by the Owner Guarantor or Additional Borrower (as the case may be) owning that Ship and the Security Agent in the agreed form.
"Assignment of Hedging Agreement" means a first assignment of the rights and interests of the Parent Guarantor or the Borrower (as the case may be), in any Hedging Agreement entered into or to be entered into between the Parent Guarantor or the Borrower (as the case may be) and the Security Agent, in agreed form.
"Assignment of Insurances" means, in relation to a Ship, the assignment of that Ship's Insurances in respect of that Ship entered into or to be entered into by the Owner Guarantor or Additional Borrower (as the case may be) owning that Ship and the Security Agent in the agreed form.
"Assignment of Pool Agreement" means in relation to a Ship, the assignment of the relevant  Pool Agreement in respect of that Ship entered into or to be entered into by the Owner Guarantor or Additional Borrower (as the case may be) owning that Ship and the Security Agent in the agreed form.
"Assignment of Ship Management Agreement" means in relation to a Ship, each assignment of the Ship Management Agreement in respect of that Ship entered into or to be entered into by the Owner Guarantor or Additional Borrower (as the case may be) owning that Ship and the Security Agent in the agreed form.
"Assignment Agreement" means an agreement substantially in the form set out in Schedule 6 (Form of Assignment Agreement) or any other form agreed between the relevant assignor and assignee.
"Authorization" means an authorization, consent, approval, resolution, license, exemption, filing, notarization, legalization or registration.
"Availability Period" means in relation to each Vessel Loan, the period from and including the date of this Agreement up to and including,
		
	(a)
	the earlier of:

		
	(i)
	the Delivery Date of the Ship to which that Vessel Loan relates; and

		
	(ii)
	30 September 2017, or

		
	(b)
	such later date as may be agreed by the Lenders and K-Sure with the Borrower.

"Available Commitment" means, in relation to a Lender in respect of a Vessel Loan, such Lender's Commitment minus:
		
	(a)
	the amount of its participation in such outstanding Vessel Loan; and

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

"Available Facility" means the aggregate for the time being of each Lender's Available Commitment under all Vessel Loans.
"Bail-In Action" means the exercise of any Write-down and Conversion Powers.
"Bail-In Legislation" means:
		
	(a)
	in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

		
	(b)
	in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

"Balloon Repayment" means in relation to the Commercial Tranche for each Vessel Loan, an amount equal to the Commercial Tranche of such Vessel Loan as at the date of its Utilization Date minus all Commercial Tranche Repayment Instalments for such Vessel Loan.
"Bank Secrecy Act" means the U.S. Bank Secrecy Act of 1970.
"Basel II" has the meaning ascribed to it under Clause 13.3 (Exceptions).
"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".

"Beneficial Ownership Certification" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
"Beneficial Ownership Regulation" means 31 C.F.R. § 1010.230.
"Borrower" means the Original Borrower and, from the First Ship Transfer Date and in accordance with the provisions of Clause 29.2 (Additional Borrower), the Original Borrower and the Additional Borrower (and references to Borrower in the singular shall be interpreted to refer to the Original Borrower and the Additional Borrower) and from the Final Ship Transfer Date, the Additional Borrower.
"Break Costs" means other than the KEXIM Prepayment Fee, the amount (if any) by which:
		
	(a)
	the interest 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;

		
	(b)
	exceeds:

		
	(c)
	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 Relevant 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.

"Builder" means, in relation to a Ship, the shipbuilder set out in the corresponding column under the heading "Builder" in Schedule 8 (Details of the Ships).
"Builder's Bank" has the meaning given in paragraph (b) of Clause 5.8 (Prepositioning of funds).
"Business Day" means a day except Saturday, Sunday and any day which shall be in Antwerp, London, New York, Hong Kong, Oslo and Seoul, a legal holiday or a day in which banking institutions are authorized or required by law or other government action to close.
"Capitalized Lease Obligations" of any Person shall mean all rental obligations which, under IFRS, are or will be required to be capitalized on the books of such Person, in each case taken at the amount thereof accounted for as indebtedness in accordance with such principles.
"Cash Equivalents" means:
		
	(a)
	securities issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support thereof) having maturities of not more than one year from the date of acquisition;

		
	(b)
	time deposits, certificates of deposit or deposits in the interbank market of any commercial bank of recognized standing organized under the laws of the United States of America, any state thereof or any foreign jurisdiction having (x) capital and surplus in excess of $200,000,000 and (y) a long-term unsecured debt rating of at least "A" or the equivalent thereof from S&P or "A2" or the equivalent thereof from Moody's with maturities of not more than one year from the date of acquisition by such Person;

		
	(c)
	repurchase obligations with a term of not more than ninety (90) days for underlying securities of the types described in clause (a) above entered into with any bank meeting the qualifications specified in clause (b) above;

		
	(d)
	commercial paper issued by any Person incorporated in the United States rated at least A-1 or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody's and in each case maturing not more than one year after the date of acquisition by such Person;

		
	(e)
	investments in money market funds substantially all of whose assets are comprised of the types described in clauses (a) through (d) above; and

		
	(f)
	such other securities or instruments as the Majority Lenders shall agree in writing.

"Charter" means, in relation to a Ship, any charter relating to that Ship, or other contract for its employment, whether or not already in existence.
"Change of Control" means in relation to the Additional 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 Additional 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 Additional Borrower.

"Code" means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder.  Section references to the Code are to the Code, as in effect at the date of this Agreement and any subsequent provisions of the Code amendatory thereof, supplemental thereto or substituted therefor.
"Commercial Tranche" means the commercial term loan of an aggregate principal amount of up to $282,017,190 to be provided by the Commercial Lenders to the Borrower under the terms of this Agreement or as the context may require, in respect of a Vessel Loan, that portion of such aggregate amount corresponding to the relevant Ship as set out in Schedule 4 (Tranches and Commitments) or, as the context may require, the principal amount outstanding thereunder at the relevant time.
"Commercial Tranche Commitments" means:
		
	(a)
	in relation to a Commercial Lender, the aggregate amount set forth opposite its name in Part A of Schedule 4 (Tranches and Commitments) in respect of the Commercial Tranche, or as the context may require, in relation to such Commercial Lender and a Vessel Loan, that amount corresponding to that Ship as set out in Schedule 4 (Tranches and Commitments); and

		
	(b)
	in relation to any other Lender, such amount assigned to it under this Agreement in respect of the Commercial Tranche and in respect of each or any Vessel Loan (as the case may be),

		
	(c)
	in each case, to the extent not cancelled, reduced or transferred by it under this Agreement.

"Commercial Tranche Repayment Instalment" has the meaning given to it in Clause 6.1 (Repayment of Loan).
"Commercial Management Agreement" means, in relation to a Ship, the form of agreement entered into between the relevant Owner Guarantor or Additional Borrower (as the case may be) and the Approved Commercial Manager regarding the commercial management of that Ship in agreed form.
"Commission" or "SEC" means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act.
"Commitment" means, in respect of the Facility:
		
	(a)
	in relation to an Original Lender, the amount set opposite its name in the 6th column in Part A of Schedule 4 (Tranches and Commitments) and the amount of any other Commitment transferred to it under this Agreement; and

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

to the extent not cancelled, reduced or transferred by it under this Agreement.
"Commodity Exchange Act" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
"Compliance Certificate" means a certificate in the form set out in Schedule 7 (Form of Compliance Certificate) or in any other form agreed between the Parent Guarantor and the Facility Agent.
"Confidential Information" means all information relating to any Transaction Obligor, the Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:
		
	(a)
	any member of the Group or any of its advisers; or

		
	(b)
	another Finance Party, if the information was obtained by that Finance 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 any Funding Rate or information that:
		
	(i)
	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 46 (Confidential Information); or

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

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

"Confidentiality Undertaking" means a confidentiality undertaking in any form agreed between the Borrower and the Facility Agent.
"Constitutional Documents" with respect to any Obligor means the Memorandum of Association or Certificate of Incorporation, as the case may be, Certificate of Formation (including, without limitation, by the filing or modification of any certificate of designation made prior to the date of this Agreement), By-Laws, limited liability company agreement or partnership agreement (or equivalent organizational documents).
"Contingent Extras" means, in relation to a Ship, an amount equivalent to the aggregate of unforeseen costs and expenses (including the cost of extras) as permitted by the terms of the Shipbuilding Contract relating to such Ship incurred during the period commencing from the date of this Agreement up to and including the Delivery Date of such Ship and which are documented in such form and substance acceptable to the Facility Agent, provided that the aggregate of such amount shall not exceed $500,000 in relation to such Ship.
"Contingent Obligation" shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any indebtedness ("primary obligations") of any other person (the "primary obligor") in any manner, whether directly or indirectly, including, without limitation, any obligation of such person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (x) for the purchase or payment of any such primary obligation or (y) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, however, that the term Contingent Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business and any products warranties extended in the ordinary course of business.  The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made (or, if the less, the maximum amount of such primary obligation for which such person may be liable pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such person in good faith.
"Contract Price" means, in relation to a Ship, the aggregate of (i) the price payable for that Ship under its Shipbuilding Contract and (ii) the Contingent Extras for that Ship, subject to adjustment as provided in such Shipbuilding Contract pursuant to the terms thereof.
"Contract Price Instalment" means, in relation to a Ship, each instalment of the Contract Price payable under the Shipbuilding Contract relating to that Ship.
"Debt Service Reserve Account" means:
		
	(a)
	an account in the name of the Parent Guarantor with the Account Bank designated "Gener8 Maritime, Inc. – Debt Service Reserve Account (KEXIM)"; or 

		
	(b)
	any other account (with that or another office of the Account Bank or with a bank or financial institution other than the Account Bank) which is designated by the Facility Agent with the approval of the Parent Guarantor (such consent not to be unreasonably withheld or delayed), as such account for the purposes of this Agreement.

"Debtor Relief Laws" shall mean the U.S. Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.
"Default" means an Event of Default or a Potential Event of Default.
"Default Period" means, with respect to any Lender, the period during which such Lender is a Defaulting Lender.
"Defaulting Lender" shall mean any Lender with respect to which a Lender Default is in effect.
"Delegate" means any delegate, agent, attorney, co-trustee or other person appointed by the Security Agent.
"Delivery Date" means, in relation to a Ship, the date on which that Ship is delivered by the relevant Builder to the relevant Owner Guarantor designated or to be designated as receiving delivery of such Ship pursuant to the Shipbuilding Contract.
"Delivery Instalment" means, in relation to a Ship, the delivery instalment of the relevant Contract Price payable under the Shipbuilding Contract.
"Demand Date" means the date on which the ECA Agent shall have properly documented its demand on KEXIM for payment in accordance with the procedures of the KEXIM Guarantee.
"Disbursement Authorization" has the meaning given in paragraph (b) of Clause 5.8 (Prepositioning of funds).
"Disruption Event" means either or both of:
		
	(a)
	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any Obligor; or

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

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

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

and which (in either such case) is not caused by, and is beyond the control of, any Obligor.
"Dividend" means, with respect to any Person, a dividend, distribution or return of any equity capital to its stockholders, partners or members, any other distribution, payment or delivery of property or cash to its stockholders, partners or members in their capacity as such (other than common stock, and the right to purchase any of such stock of such Person), the redemption, retirement, purchase or acquisition, directly or indirectly, for a consideration of any shares of any class of its capital stock or any other Equity Interests outstanding on or after the date of this Agreement (or any options or warrants issued by such Person with respect to its capital stock or other Equity Interests), including Stock Buy-Backs, or the setting aside of any funds for any of the foregoing purposes, or the granting of permission to any of its Subsidiaries to purchase or otherwise acquire for a consideration (other than common stock, Qualified Preferred Stock and the right to purchase any of such stock of such Person) any shares of any class of the capital stock or any other Equity Interests of such Person outstanding on or after the date of this Agreement (or any options or warrants issued by such Person with respect to its capital stock or other Equity Interests) except for share repurchases resulting from the unwinding of any share sale requiring the repayment of any advances in connection with such sale as a result of any default on payment on the part of the ultimate purchaser of such shares.  Without limiting the foregoing, "Dividends" with respect to any Person shall also include all payments made or required to be made by such Person with respect to any stock appreciation rights, plans, equity incentive or achievement plans or any similar plans or setting aside of any funds for the foregoing purposes.  For the avoidance of doubt, (i) any non-cash anti-dilution adjustments under the warrants listed on in Schedule 14 (Non-cash charges) shall not constitute a Dividend and (ii) payments under the indemnification provisions of the Previous Merger Agreement shall constitute a Dividend.
"Document of Compliance" has the meaning given to it in the ISM Code.
"dollars" and "$" mean the lawful currency, for the time being, of the U.S.
"Early Termination Date", in relation to any continuing Secured Transaction, has the meaning given in the relevant Hedging Agreement.
"Earnings" means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Owner Guarantor or Additional Borrower (as the case may be) owning that Ship or the Security Agent and which arise out of the use or operation of that Ship, including (but not limited to):
		
	(a)
	the following, save to the extent that any of them is, as of the date of this Agreement or with the prior written consent of the Facility Agent, pooled or shared with any other person:

		
	(i)
	all freight, hire and passage moneys;

		
	(ii)
	compensation payable to the Owner Guarantor or Additional Borrower (as the case may be) owning that Ship or the Security Agent in the event of requisition of that Ship for hire;

		
	(iii)
	remuneration for salvage and towage services;

		
	(iv)
	demurrage and detention moneys;

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

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

		
	(vii)
	all monies which are at any time payable to the Owner Guarantor or Additional Borrower (as the case may be) owning that Ship in relation to general average contribution; and

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

"Earnings Account" means, in relation to an Owner Guarantor or the Additional Borrower:
		
	(a)
	an account in the name of that Owner Guarantor with the Account Bank designated "Earnings Account"; 

		
	(b)
	an account in the name of the Additional Borrower with the Account Bank designated "Euronav NV – Earnings Account"; or 

		
	(c)
	any other account (with that or another office of the Account Bank or with a bank or financial institution other than the Account Bank) which is designated by the Facility Agent with the approval of the Parent Guarantor (such consent not to be unreasonably withheld or delayed), as such account for the purposes of this Agreement.

"ECAs" means KEXIM and K-Sure (and each, an "ECA").
"ECA Ships" means Ship A, Ship B, Ship C, Ship D, Ship E, Ship F, Ship I, Ship J, Ship K, Ship L, Ship M, Ship N and Ship O (and each, an "ECA Ship").
"ECA Vessel Loans" means the Vessel Loans in relation to the ECA Ships.
"ECP" means an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder.
"EDGAR" means the Electronic Data Gathering, Analysis, and Retrieval system maintained by the SEC.
"Effective Date" has the meaning given to that term in the Amending and Restating Agreement.
"Environmental Claims" means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, directives, claims, liens, notices of noncompliance or violation, investigations or proceedings relating in any way to any Environmental Law or any permit issued, or any approval given, under any such Environmental Law (hereafter, "Claims"), including, without limitation:
		
	(a)
	any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law, and

		
	(b)
	any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief in connection with alleged injury or threat of injury to health, safety or the environment due to the presence of Hazardous Materials.

"Environmental Law" means any applicable federal, state, foreign, or local statute, legal requirements, law, treaty, protocol, rule, regulation, ordinance, code, binding and enforceable guideline, binding and enforceable written policy, deed or rule of common law, now or hereafter in effect and in each case as amended, and any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, to the extent binding on the Parent Guarantor or any of its Subsidiaries, relating to the environment or to Hazardous Materials, including, without limitation, OPA; in each case as amended from time to time; and any applicable rules, regulations or requirements of an Approved Classification Society in respect of any Ship.
"Equity Interests" of any person means:
		
	(a)
	any and all shares and other equity interests (including common stock, preferred stock, limited liability company interests and partnership interests) in such person; and

		
	(b)
	all rights to purchase, warrants or options or convertible debt (whether or not currently exercisable), participations or other equivalents of or interests in (however designated) such shares or other interests in such person.

"EU Bail-In Legislation Schedule" means the document described as such and published by the LMA from time to time.
"Event of Default" means any event or circumstance specified as such in Clause 27 (Events of Default).
"Exchange Act" means the U.S. Securities Exchange Act of 1934, as amended, and any successor act thereto, and (unless the context otherwise requires) includes the rules and regulations of the Commission promulgated thereunder.
"Excluded Hedging Obligation" means, with respect to a Hedge Guarantor, any Hedging Obligation if, and to the extent that, all or a portion of the guarantee of such Hedge Guarantor of, or the grant by such Hedge Guarantor of a security interest to secure, such Hedging Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Hedge Guarantor's failure for any reason to constitute an ECP at the time the guarantee of such Hedge Guarantor or the grant of such security interest becomes effective with respect to such Hedging Obligation. If a Hedging Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Hedging Obligation that is attributable to swaps for which such guarantee or security interest is or becomes illegal.
"Excluded Taxes" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient,
		
	(a)
	Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, imposed as a result of such Recipient being organized under the laws of, or having (or having had) its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof);

		
	(b)
	Taxes attributable to such Recipient's failure to comply with Clause 12.2(c) (Tax Gross-up); and

		
	(c)
	any U.S. federal withholding Taxes imposed under FATCA.

		
	(d)
	"Executive Order" has the meaning provided in paragraph (a) of Clause 18.17 (Sanctions).

"Existing Indebtedness" has the meaning provided in Clause 18.21 (Indebtedness).
"Facility" means the term loan facility made available under this Agreement as described in Clause 2 (The Facility).
"Facility Office" means the office or offices notified by a Lender to the Facility Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than 5 Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement.
"Fair Market Value" means, in relation to a Ship or any other vessel, at any date, the fair market value of that Ship or vessel shown by the arithmetic mean of two valuations, each:
		
	(a)
	as at a date not more than 14 Business Days previously;

		
	(b)
	prepared by Approved Appraisers which shall be selected by the Parent Guarantor;

		
	(c)
	for and addressed to the Facility Agent;

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

		
	(e)
	on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any Charter or other contract of employment (and with no value to be given to any pooling arrangements),

after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale, provided that if a range of values is provided in a particular appraisal, then the Fair Market Value in such appraisal shall be deemed to be the median of such values and if such valuations differ by more than 15% of the lower valuation, a third valuation shall be obtained from another Approved Appraiser selected by the Facility Agent and the fair market value of that Ship or vessel shall be shown by the arithmetic mean of all three such valuations.
"FATCA" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(i) of the Code and any legislation adopted pursuant to any intergovernmental agreement to implement the foregoing.
"Fee Letter" means any letter or letters dated on or about the date of this Agreement between any of the Mandated Lead Arrangers, the Facility Agent and the Security Agent and any Obligor setting out any of the fees referred to in Clause 11 (Fees, KEXIM Premium and K-Sure Premium).
"Final Ship Transfer Date" means the date on which the ownership of the final Ship is transferred from the relevant Owner Guarantor to the Additional Borrower in accordance with Clause 24.13 (Transfer of Ships).
"Finance Document" means:
		
	(a)
	this Agreement;

		
	(b)
	any Fee Letter;

		
	(c)
	each Utilization Request;

		
	(d)
	any Security Document;

		
	(e)
	any Hedging Agreement;

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

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

"Finance Party" means the Bookrunners, the Facility Agent, the Security Agent, the Lead Arrangers, the Mandated Lead Arrangers, the Global Co-ordinators, the ECA Co-ordinator, the ECA Agent, a Lender or a Hedge Counterparty.
"Financial Covenants" means the covenants set forth in Clause 20 (Financial Covenants).
"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;

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

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

		
	(c)
	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;

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

		
	(e)
	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;

		
	(f)
	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

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

"First Advance" has the meaning given to it in Clause 6.3 (Consolidation of Repayment Dates).
"First Fiscal Quarter Date" means in relation to a Vessel Loan, the earliest Fiscal Quarter Date that occurs immediately following a period of three Months after the Utilization Date of such Advance.
"First Ship Transfer Date" means the date on which ownership of the first Ship is transferred from the relevant Owner Guarantor to the Additional Borrower in accordance with Clause 24.13 (Transfer of Ships).
"Fiscal Quarter Date" means in relation to a Vessel Loan, (i) 31 March, 30 June, 30 September and 31 December of each calendar year commencing from the Utilization Date of such Vessel Loan up to but excluding the Second Amendment Effective Date and (ii) 15 January, 15 April, 15 July and 15 October of each calendar year commencing from (and including) the Second Amendment Effective Date.
"Fiscal Year" means, in relation to any person, each period of one (1) year commencing on January 1 of each year and ending on December 31 of such year in respect of which its accounts are or ought to be prepared.
"Flag Jurisdiction Transfer" shall mean the transfer of the registration and flag of a Ship from one Approved Flag to another Approved Flag in accordance with Clause 24.3 (Flag Jurisdiction Transfer).
"Flag Jurisdiction Transfer Date" shall mean the date on which a Flag Jurisdiction Transfer occurs.
"GAAP" means generally accepted accounting principles in the U.S., including, without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession.
"General Assignment" means, in relation to a Ship, the general assignment creating Security over that Ship's Earnings, its Insurances and any Requisition Compensation in relation to that Ship, in agreed form.
"Governmental Authority" means the government of the United States, any other nation or any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.
"Group" means the Additional Borrower and its Subsidiaries.
"Guarantors" means the Ultimate Parent Guarantor, the Parent Guarantor, the Shareholder and the Owner Guarantors (and each, a "Guarantor").
"Hazardous Materials" means:
		
	(a)
	any petroleum or petroleum products, radioactive materials, asbestos in any form that is or could become friable, urea formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing levels of polychlorinated biphenyls, and radon gas;

		
	(b)
	any chemicals, materials or substances defined as or included in the definition of "hazardous substances," "hazardous waste," "hazardous materials," "extremely hazardous substances," "restricted hazardous waste," "toxic substances," "toxic pollutants," "contaminants," or "pollutants," or words of similar import, under any applicable Environmental Law; and

		
	(c)
	any other chemical, material or substance, exposure to which is prohibited, limited or regulated by any Governmental Authority under Environmental Laws.

"Hedging Agreement" means each ISDA master agreement (together with the schedule thereto) made between the Borrower or the Parent Guarantor (as the case may be) and a Hedge Counterparty for the hedging of the Borrower's interest rate exposure under this Agreement. 
"Hedging Obligation" means, with respect to the Borrower, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.
"IFRS" means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.
"Immaterial Subsidiary" means any Subsidiary of the Ultimate Parent Guarantor (other than an Obligor and any Subsidiary who is an obligor or security provider in relation to the Re-financing Facility) which is dormant and the value of whose gross assets is $5,000,000 or less provided that the Ultimate Parent Guarantor has not guaranteed the obligations of such Immaterial Subsidiary. 
"Indemnified Person" has the meaning given to it in Clause 14.2(b) (Other indemnities).
"Indemnified Taxes" shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Finance Document and (b) to the extent not otherwise described in (a), Other Taxes.
"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, effected in relation to that Ship, the Earnings or otherwise in relation to that Ship whether before, on or after the date of this Agreement; and

		
	(b)
	all rights and other assets relating to, or derived from, any of such policies, contracts or entries, including any rights to a return of premium and any rights in relation to any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Agreement.

"Intercompany Ship Delivery Agreement" means in relation to a Navig8 Ship, the ship delivery agreement entered into between amongst others, Subsidiary Inc., the relevant Owner Guarantor, the relevant Builder and the Borrower, together with the relevant assignment (and if applicable, nomination) agreement referred to therein, in the agreed form.
"Interest Period" means, in relation to an Advance, the Loan or any part of the Loan, each period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest).
"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 Organization, as the same may be amended or supplemented from time to time.
"ISPS Code" means the International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization's (IMO) Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.
"ISSC" means an International Ship Security Certificate issued under the ISPS Code.
"KEXIM Funded Tranche" means the term loan of an aggregate principal amount of up to $197,412,033 to be provided by KEXIM to the Borrower under the terms of this Agreement, or as the context may require, in respect of each Vessel Loan, that portion of such aggregate principal amount corresponding to the relevant Ship as set out in Schedule 4 (Tranches and Commitments) or, as the context may require, the principal amount outstanding thereunder at the relevant time.
"KEXIM Funded Tranche Commitments" means the amount of $197,412,033 or as the context may require, in relation to the Vessel Loan, the amount set out in Schedule 4 (Tranches and Commitments) corresponding to the relevant Ship's name.
"KEXIM Funded Tranche Repayment Instalment" has the meaning given to it in Clause 6.1 (Repayment of Loan).
"KEXIM Guarantee" means an absolute, irrevocable and unconditional first demand guarantee issued by KEXIM in the maximum principal amount of $139,675,594 (which includes the KEXIM Premium) in favour of the KEXIM Guaranteed Lenders, guaranteeing the obligations of the Borrower in form and substance acceptable to the ECA Agent acting with the authorization of the KEXIM Guaranteed Lenders.
"KEXIM Guaranteed Tranche" means the term loan of an aggregate principal amount of up to $139,675,594 (which includes the KEXIM Premium), to be provided by the KEXIM Guaranteed Lenders to the Borrower under the terms of this Agreement and fully guaranteed under the terms of the KEXIM Guarantee or, as the context may require, the principal amount outstanding thereunder at the relevant time.
"KEXIM Guaranteed Tranche Commitments" means:
		
	(a)
	in relation to a KEXIM Guaranteed Lender, the aggregate amount set forth opposite its name in Part A of Schedule 4 (Tranches and Commitments) in respect of the KEXIM Guaranteed Tranche or as the context may require, in relation to a KEXIM Guaranteed Lender and a Vessel Loan, that amount corresponding to that Ship to set out in Schedule 4 (Tranches and Commitments); and

		
	(b)
	in relation to any other Lender, such amount assigned to it under this Agreement in respect of the KEXIM Guaranteed Tranche,

		
	(c)
	in each case, to the extent not cancelled, reduced or transferred by it under this Agreement.

"KEXIM Guaranteed Tranche Repayment Instalment" has the meaning given to it in Clause 6.1 (Repayment of Loan).
"KEXIM Matters" means all communications and dealings with KEXIM in connection with the KEXIM Guarantee, any Finance Document, the Borrower and/or any other Obligor or any matters relating thereto (including, without limitation, obtaining any approvals and/or instructions from KEXIM).
"KEXIM Premium" means in relation to an Advance, such percentage of the KEXIM Guaranteed Tranche as specified in the relevant Fee letter (and as calculated and confirmed by KEXIM), and which shall be payable to KEXIM from the proceeds of the KEXIM Guaranteed Tranche in relation to such Advance on the Utilisation Date of such Advance.
"KEXIM Prepayment Fee" means a non-refundable prepayment fee of an amount equivalent to 0.50% of the amount prepaid or cancelled under the KEXIM Funded Tranche.
"KEXIM Put Option" has the meaning given to it in Clause 7.8 (KEXIM and K-Sure Put Options).
"K-Sure" means Korea Trade Insurance Corporation of 14 Jongno, Jongno-gu, Seoul 110-729, Republic of South Korea.
"K-Sure Insurance Policy" means, in respect of a Ship, the policy of the Medium and Long term Export Insurance Policy, incorporating (i) the general terms and conditions of the Medium and Long Term Export Insurance (Buyer's Credit, Standard Type) and (ii) the special terms and conditions attached thereto, and issued or to be issued by K-SURE, providing political and commercial risk cover in an amount of up to 95% of the relevant portion of the K-Sure Tranche utilized in respect of the Vessel Loan of such Ship (including for the avoidance of doubt, the K-Sure Premium) outstanding from time to time and accrued interest thereunder.
"K-Sure Matters" means all communications and dealings with K-Sure in connection with each K-Sure Insurance Policy, any Finance Document, the Borrower and/or any other Obligor or any matters relating thereto (including, without limitation, obtaining any approvals and/or instructions from K-Sure).
"K-Sure Notice" means the written notice issued by K-Sure confirming that it has obtained all relevant approvals and other necessary consents for the purpose of authorising the issuance of the K-Sure Insurance Policies.
"K-Sure Premium" means in relation to an Advance, subject to Clause 33.24 (K-Sure Premium and K-Sure), 4.747% of the K-sure Tranche (excluding such portion required for the funding thereof), as calculated and confirmed by K-Sure, and which shall be payable from the proceeds of the K-Sure Tranche in relation to each Advance on the date of Utilization of that Advance.
"K-Sure Put Option" has the meaning given to it in Clause 7.8 (KEXIM and K-Sure Put Option).
"K-Sure Tranche" means the term loan of an aggregate principal amount of up to $344,638,638 (which includes the K-Sure Premium), to be provided by the K-Sure Lenders to the Borrower under the terms of this Agreement and which is secured by the K-Sure Insurance Policies or, as the context may require, the principal amount outstanding thereunder at any relevant time.
"K-Sure Tranche Commitments" means:
		
	(a)
	in relation to a K-Sure Lender, the aggregate amount set forth opposite its name in Part A of Schedule 4 (Tranches and Commitments) in respect of the K-Sure Tranche or as the context may require, in relation to such K-Sure Lender and a Vessel Loan of a Ship, that amount corresponding to that Ship as set out in Schedule 4 (Tranches and Commitments); and

		
	(b)
	in relation to any other Lender, such amount assigned to it under this Agreement in respect of the K-Sure Tranche,

		
	(c)
	in each case, to the extent not cancelled, reduced or transferred by it under this Agreement.

"K-Sure Tranche Repayment Instalment" has the meaning given to it in Clause 6.1 (Repayment of Loan).
"Leaseholds" of any person shall mean all the right, title and interest of such person as lessee or licensee in, to and under leases or licenses of land, improvements and/or fixtures.
"Lender" means:
		
	(a)
	any Original Lender; and

		
	(b)
	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 28 (Changes to the Lenders),

which in each case has not ceased to be a Party in accordance with this Agreement.
"Lender Default" means, as to any Lender:
		
	(a)
	the wrongful refusal (which has not been retracted) of such Lender make available its portion of any Utilization,

		
	(b)
	such Lender having been deemed insolvent or having become the subject of a bankruptcy or insolvency proceeding or a takeover by a regulatory authority, or

		
	(c)
	such Lender having notified the Facility Agent and/or any Obligor:

		
	(i)
	that it does not intend to comply with its obligations under Clause 5.4 (Lender's participation) in circumstances where such non-compliance would constitute a breach of such Lender's obligations under the respective Clause or

		
	(ii)
	of the events described in the preceding paragraph (b),

		
	(iii)
	provided that, no Lender Default shall occur under paragraph (b) solely as a result of the acquisition or maintenance of an ownership interest in such Lender or Person controlling such Lender or the exercise of control over such Lender or Person controlling such Lender by a Governmental Authority or an instrumentality thereof, so long as such ownership or controlling interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

"LIBOR" means, in relation to any Advance, the Loan, any part of the Loan or any Unpaid Sum:
		
	(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 relevant Advance, the Loan, the relevant part of the Loan or the Unpaid Sum; or

		
	(b)
	as otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate),

and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero.
"LMA" means the Loan Market Association or any successor organisation.
"Loan" means the aggregate principal amount outstanding for the time being of the borrowings under this Agreement.
"Major Casualty" means, in relation to a Ship, any casualty to that Ship in relation to which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent in any other currency.
"Majority Lenders" means:
		
	(a)
	if no Advance has yet been made, or if only some of the Vessel Tranches (but not all of the Vessel Tranches) have been utilized, a Lender or Lenders whose Commitments aggregate more than 662⁄3 percent of the Total Commitments; or

		
	(b)
	at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 662⁄3 percent of the amount of the Loan then outstanding, or, if the Loan has been repaid or prepaid in full, a Lender or Lenders whose participations in the Loan immediately before repayment or prepayment in full aggregate more than 662⁄3 percent of the Loan immediately before such repayment,

		
	(c)
	provided that any Majority Lenders' decision shall always include at least one Commercial Lender and for the avoidance of doubt, KEXIM's decision alone shall not satisfy the requirement of 662⁄3 for any Majority Lenders' decision, and provided, further, that if any Lender shall be a Defaulting Lender at such time, then such Defaulting Lender's Commitment or participation in the Loan shall be excluded from the determination of Majority Lenders for so long as such Lender is a Defaulting Lender.

"Manager's Undertaking" means, in relation to a Ship, the letter of undertaking from each of the relevant Approved Managers in respect of such Ship in agreed form.
"Margin" means:
		
	(a)
	in relation to the Commercial Tranche, 2.75% per annum;

		
	(b)
	in relation to the KEXIM Guaranteed Tranche, 1.50% per annum;

		
	(c)
	in relation to the KEXIM Funded Tranche, 2.60% per annum; and

		
	(d)
	in relation to the K-Sure Tranche, 1.70% per annum.

"Master Agreement" means in respect of a Scorpio Ship, the master agreement dated 18 March 2014 entered into between the Shareholder as buyer and Scorpio Tankers Inc. as seller, for the purchase by the Shareholder of the all the membership interests of each of the Owner Guarantors which is a party to the Shipbuilding Contract of that Ship.
"Material Adverse Effect" means a material adverse effect on:
		
	(a)
	the business, property, assets, liabilities, condition (financial or otherwise) of any Obligor and its Subsidiaries taken as a whole,

		
	(b)
	the validity or enforceability of, or the effectiveness or ranking of any Security granted or intended to be granted pursuant to any of, the Finance Documents or the rights and remedies of any Finance Party under any Finance Documents; or

		
	(c)
	the ability of any Obligor and its Subsidiaries, taken as a whole, to perform its or their obligations under any Finance Document.

"Maximum Contract Price" means, in relation to a Ship, the maximum contract price set out in the corresponding column under the heading "Maximum Contract Price" in Schedule 8 (Details of the Ships).
"Merger" means the stock-for-stock merger for the entire issued and outstanding share capital of Gener8 Maritime, Inc., pursuant to which Gener8 Maritime, Inc. would become a wholly-owned subsidiary of Euronav.
"Merger Agreement" means the merger agreement in respect of the Merger entered into between Euronav, Euronav MI Inc. and Gener8 Maritime, Inc..
"Minimum Liquidity Account" means the account in the name of the Parent Guarantor with the Account Bank designated "Gener8 Maritime, Inc. -Minimum Liquidity Account (KEXIM)".
"Minimum Liquidity Amount" means a pro rata amount corresponding with the proportion that the outstanding Vessel Loans of all the Lenders hereunder in relation to the Ships then owned by an Owner Guarantor bear to the aggregate outstanding loans of the Re-financing Facility and the outstanding Loan of all Lenders hereunder of an amount equivalent to the greater of:
		
	(a)
	$50,000,000; and

		
	(b)
	5.0% of Total Indebtedness.

"Moody's" means Moody's Investors Service, Inc., a subsidiary of Moody's Corporation, and its successors.
"Month" means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:
		
	(a)
	(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;

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

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

The above rules will only apply to the last Month of any period.
"Mortgage" means, in relation to a Ship, a first preferred or priority (as the case may be) mortgage on that Ship and as amended and supplemented by the Mortgage Addendum in the form appropriate to the relevant Approved Flag and such mortgage to be in agreed form. And, where the relevant Approved Flag is Belgian or French flag, the amount secured by a mortgage on such Ship shall be limited to 125 per cent. of the Fair Market Value of the relevant Ship as at the date of the relevant mortgage (provided always that it is acknowledged that if 125 per cent. of the Fair Market Value is less than 125 per cent. of the amount of the Loan made available for such Ship, the secured amount will be 125 per cent. of the aggregate Tranches applicable to that Ship).
"Mortgage Addendum" means the addendum to each Mortgage executed on or around the Effective Date.
"Navig8 Group" shall mean Navig8 Ltd. and its Affiliates.
"Navig8 Ship" means each of Ship A. Ship B, Ship C, Ship D, Ship E, Ship F, Ship G and Ship H (and any two or more collectively, the "Navig8 Ships").
"Non-Defaulting Lenders" means all Lenders other than the Defaulting Lender(s).
"Non-ECA Ships" mean each of Ship G and Ship H (and each or either of them, a "Non-ECA Ship").
"Non-ECA Vessel Loans" means the Vessel Loans in relation to the Non-ECA Ships.
"Non-Lender" means a bank or financial institution who is not a Lender or an Affiliate of a Lender.
"Non-Lender Designated Transaction" means, in relation to the Borrower, a transaction which fulfils the following requirements:
		
	(a)
	it is entered into by the Borrower pursuant to a Non-Lender Hedging Agreement with a Non-Lender; and

		
	(b)
	its purpose is the hedging of all or part of the Borrower's exposure to fluctuations in:

		
	(i)
	LIBOR arising from the funding of the Loan, or any part thereof for a period expiring no later than the final Termination Date or

		
	(ii)
	currency or any other purpose or risks as agreed by a Non-Lender.

"Non-Lender Hedging Agreement" means each ISDA master agreement (together with  the schedule thereto)made or to be between the Borrower and a Non-Lender and includes all Non-Lender Designated Transactions from time to time entered into and Confirmations of Non-Lender Designated Transactions from time to time exchanged under such master agreement.
"Obligor" means the Borrower, the Parent Guarantor, the Shareholder, an Owner Guarantor or a Hedge Guarantor.
"OPA" means the Oil Pollution Act of 1990, as amended, 33 U.S.C. § 2701 et seq.
"Original Financial Statements" means, in relation to the Parent Guarantor, the audited consolidated financial statements of the Group for its Fiscal Year ended 2014.
"Other Hedging Agreement" means any foreign exchange contracts, currency swap agreements, commodity agreements or other similar agreement or arrangements designed to protect against fluctuations in currency and commodity values, and shall for the avoidance of doubt, exclude any agreement to hedge interest rate fluctuations.
"Other Permitted Security" has the meaning ascribed thereto in Clause 21.21(a) (Negative pledge).
"Owner Guarantor A", "Owner Guarantor B", "Owner Guarantor C",  "Owner Guarantor D", "Owner Guarantor E", "Owner Guarantor F", "Owner Guarantor G", "Owner Guarantor H", "Owner Guarantor I", "Owner Guarantor J", "Owner Guarantor K", "Owner Guarantor L", "Owner Guarantor M", "Owner Guarantor N" and "Owner Guarantor O"  have the meanings set out in Schedule 8 (Details of the Ships).
"pari passu", when used with respect to the ranking of any Financial Indebtedness of any person in relation to other Financial Indebtedness of such person, means that each such Financial Indebtedness:
		
	(a)
	either (i) is not subordinated in right of payment to any other Financial Indebtedness of such person or (ii) is subordinate in right of payment to the same Financial Indebtedness of such person as is the other and is so subordinate to the same extent; and

		
	(b)
	is not subordinate in right of payment to the other or to any Financial Indebtedness of such person as to which the other is not so subordinate.

"Participating Member State" means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.
"PATRIOT Act" means the United States Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001.
"Party" means a party to this Agreement.
"Permitted Encumbrance" means:
		
	(a)
	in relation to Real Property, easements, rights-of-way, restrictions, encroachments, exceptions to title and other similar charges or encumbrances; and

		
	(b)
	in relation to any Ship or any asset which is subject to Security under a Finance Document, any Permitted Security; and

		
	(c)
	in relation to any other property not referred to in paragraphs (a) and (b) above, charges or encumbrances over such property arising in the ordinary course of business which do not materially diminish the value of such property.

"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" means:
		
	(a)
	Security created by the Finance Documents;

		
	(b)
	any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances;

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

		
	(d)
	liens for salvage;

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

		
	(f)
	any Security  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 does not (and is not likely to) result in any sale, forfeiture or loss of a Ship;

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

		
	(h)
	any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of any Ship and not as a result of any default or omission by any Obligor,

provided that such liens do not secure amounts more than 30 days overdue and, in the case of liens for repair or maintenance, such liens do not secure any amounts exceeding $1,000,000.
"Person" means any individual, partnership, joint venture, firm, corporation, association, trust or other enterprise or any government or political subdivision or any agency, department or instrumentality thereof.
"Pool Agreement" means, in relation to a Ship, a pool management for a duration of 12 months or more entered into or to be entered into by (or as may be novated to) the relevant Owner Guarantor or Additional Borrower (as the case may be) of that Ship and a Pool Manager (as amended and/or supplemented from time to time).
"Pool Manager" means, in relation to a Ship, Tankers International Pool, VL8 Pool Inc., V8 Pool Inc., Unique Tankers LLC, any Affiliate of the Parent Guarantor (provided that the requirements of Clause 21.30 (Other transactions) shall be satisfied with respect thereto) or any other reputable pool manager (provided that the Parent Guarantor shall give the Facility Agent at least 30 days' prior written notice of the inclusion of the relevant Ship (to which such pool manager relates) in a new Pool Agreement).
"Potential Event of Default" means any event or circumstance specified in Clause 27 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.
"Previous Merger" means the merger of Gener8 Maritime Acquisition, Inc. into Navig8 Crude Tankers, Inc. with the Parent Guarantor as the surviving entity pursuant to the Merger Agreement.
"Previous Merger Agreement" means the agreement and plan of merger dated 24 February 2015 entered into between, amongst others, General Maritime Corporation, Gener8 Maritime Acquisition, Inc. and Navig8 Crude Tankers, Inc in connection with inter alia, the proposed reverse subsidiary merger between Navig8 Crude Tankers, Inc. and Gener8 Maritime Acquisition, Inc.
"Projections" means the Parent Guarantor's forecasted consolidated and consolidating:
		
	(a)
	balance sheets;

		
	(b)
	profit and loss statements;

		
	(c)
	cash flow statements; and

		
	(d)
	capitalization statements,

		
	(e)
	all prepared on a Subsidiary by Subsidiary basis and based upon good faith estimates and assumptions believed by the Parent Guarantor to be reasonable at the time made, together with appropriate supporting details and a statement of underlying assumptions.

"Put Options" means the KEXIM Put Option and the K-Sure Put Option (and each, a "Put Option").
"Qualified ECP Guarantor" means, in respect of any Hedging Obligation, each Hedge Guarantor that has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Hedging Obligation or such other person as constitutes an "eligible contract participant" under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an "eligible contract participant" at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
"Qualified Preferred Stock" means any preferred stock so long as the terms of any such preferred stock:
		
	(a)
	do not contain any mandatory put, redemption, repayment, sinking fund or other similar provision occurring no earlier than one year after the last Termination Date,

		
	(b)
	do not require the cash payment of dividends and

		
	(c)
	any other preferred stock that:

		
	(i)
	satisfies paragraph (a) of this definition of Qualified Preferred Stock and

		
	(ii)
	that is otherwise issuable or may be distributed pursuant to a shareholders' rights plan of the Parent Guarantor; provided, however, any Dividend or similar feature of such Qualified Preferred Stock shall only be declared and paid in accordance with Clause 21.28 (Dividends).

"Qualified Sanctions" means any economic or financial sanctions, regulations, trade embargoes or other restrictive measures imposed, administered, enacted or enforced from time to time by the United Nations Security Council, the European Union, the German Bundesbank, the Federal Ministry of Economics and Energy (Bundesministerium für Wirtschaft und Energie) or other competent authorities of the Federal Republic of Germany.
"Qualified Sanctions Lender" means Landesbank Hessen-Thueringen Girozentrale and any other Lender that has notified the Facility Agent in writing that it wishes to be treated as a Qualified Sanctions Lender.
"Quotation Day" means, in relation to any period for which an interest rate is to be determined, two Business Days before the first day of that period unless market practice differs in the Relevant Interbank Market in which case the Quotation Day will be determined by the Facility Agent in accordance with market practice in the Relevant Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days).
"Rating Agencies" means:
		
	(a)
	S&P and Moody's; or

		
	(b)
	if S&P or Moody's or both of them are not making ratings of securities publicly available, a nationally recognized U.S. rating agency or agencies, as the case may be, selected by the Facility Agent with the consent of the Majority Lenders, which will be substituted for S&P or Moody's or both, as the case may be.

"Real Property" of any person shall mean all the right, title and interest of such person in and to land, improvements and fixtures, including Leaseholds.
"Receiver" means a receiver or receiver and manager or administrative receiver of the whole or any part of the Security Assets.
"Re-financing Facility" means the term loan facility of up to $581,000,000 to be provided by certain banks and financial institutions to the Parent Guarantor and certain of its Subsidiaries to inter alia, re-finance certain loans obtained by the Parent Guarantor and certain of its Subsidiaries in respect of its existing fleet of ships.
"Re-financing Facility Credit Agreement" means the credit agreement dated on or about the date of this Agreement and to be executed by, inter alia, the Parent Guarantor and certain of its Subsidiaries in respect of the Re-financing Facility.
"Related Fund" in relation to a fund (the "first fund"), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.
"Relevant Advance" has the meaning given to it in Part B of Schedule 2 (Conditions Precedent).
"Relevant Person" means:

		
	(a)
	the Ultimate Parent Guarantor;

		
	(b)
	each subsidiary of the Ultimate Parent Guarantor; and

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

"Relevant Interbank Market" means the London interbank market.
"Repayment Date" means each date on which a Repayment Instalment is required to be paid under Clause 6.1 (Repayment of Loan).
"Repayment Instalments" means the Commercial Tranche Repayment Instalments, the KEXIM Guaranteed Tranche Repayment Instalments, the KEXIM Funded Tranche Repayment Instalments and the K-Sure Tranche Repayment Instalments (and each, a "Repayment Instalment").
"Repeating Representation" means each of the representations set out in Clause 18.2 (Corporate / Limited Liability Company/ Limited Partnership Status), 18.3 (Corporate power and authority; legal validity and enforceability), 18.4 (Pari passu ranking), 18.5 (No violation), 18.6 (Government approvals), 18.7 (Financial statements; Financial condition; Undisclosed Liabilities) 18.8 (Litigation), 18.10 (Use of proceeds, Margin Regulations), 18.12 (Subsidiaries) 18.14 (Compliance with statutes etc.), Clause 18.15 (Anti-money laundering; anti-corruption) and Clause 18.17 (Sanctions) and any representation of any Obligor made in any other Finance Document that is expressed to be a "Repeating Representation" or is otherwise expressed to be repeated.
"Replacement Finance Documents" means, in relation to a Ship, a Mortgage, Deed of Covenant (if applicable), General Assignment and Manager's Undertaking (if applicable) in relation to the relevant Ship executed by the Additional Borrower.
"Representative" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.
"Requisition" means, in relation to a Ship:
		
	(a)
	any expropriation, confiscation, requisition (excluding a requisition for hire or use which does not involve a requisition for title) 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 (whether de jure or de facto) by any government or official authority or by any person or persons claiming to be or to represent a government or official authority; and

		
	(b)
	any capture or seizure of that Ship (including any hijacking or theft) by any person whatsoever.

"Requisition Compensation" includes all compensation or other moneys payable to a Borrower by reason of any Requisition or any arrest or detention of a Ship in the exercise or purported exercise of any lien or claim.
"Required Insurance" means insurance as set forth in Clause 22 (Insurance Undertakings) hereto.
"Restricted Party" means any Person:
		
	(a)
	that is listed on any Sanctions List or against whom Sanctions  Laws are directed (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;

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

"Restricted Payment" shall have the meaning provided in Clause 21.28 (Dividends).
"Returns" has the meaning provided in paragraph (b) of Clause 18.11 (Tax Returns and Payments).
"S&P" means Standard & Poor's Ratings Services, a division of The McGraw Hill Companies Inc., and its successors.
"Safety Management Certificate" has the meaning given to it in the ISM Code.
"Safety Management System" has the meaning given to it in the ISM Code.
"Sanctions Authority" means the United Nations, the United Kingdom, the European Union, the member states of the European Union, the United States of America 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, adopted, imposed, administered, enacted and/or enforced by any Sanctions Authority.
"Sanctions List" means any list of persons, vessels 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.
"Scheduled Delivery Date" means, in relation to a Ship, the scheduled date of delivery of that Ship as set out in the corresponding column under the heading "Scheduled Delivery Date" in Schedule 8 (Details of the Ships).
"Scorpio Ship" means each of Ship I. Ship J, Ship K, Ship L, Ship M, Ship N and Ship O (and any two or more collectively, the "Scorpio Ships") .
"Screen Rate" means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for dollars for the relevant period displayed on page LIBOR01 of the Thomson Reuters screen (or such other service as may be nominated by the ICE Benchmark Administration (or the successor thereto if the ICE Benchmark Administration is no longer making a London Interbank Offered Rate available)) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters; provided that if the Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purpose of this Agreement. If such page or service ceases to be available, the Facility Agent may specify another page or service displaying the relevant rate after consultation with the Borrower.
"Second Amendment Effective Date" means the date on which the conditions precedent required pursuant to clause 5 of the Second Amendment Agreement were met.
"Second Amendment Agreement" means the second amendment agreement to this Agreement dated 24 March 2017 and entered into by and among (i) the Original Borrower, (ii) the Owner Guarantors and Hedge Guarantors, (iii) the Parent Guarantor, (iv) the Lenders, (v) KEXIM, (vi) the ECA Agent, (vii) the Facility Agent and (viii) the Security Agent.
"Secured Liabilities" means all present and future obligations and liabilities, (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of each Obligor to any Secured Party under or in connection with each Finance Document.
"Secured Party" means each Finance Party from time to time party to this Agreement and any Receiver or Delegate.
"Secured Transaction" means a Transaction which, at the time it was entered into, fulfilled the following requirements:
		
	(a)
	it is entered into by the Borrower pursuant to a Hedging Agreement with a Hedge Counterparty;

		
	(b)
	its purpose is to mitigate the Borrower's exposure under this Agreement to fluctuations in LIBOR in relation to the Loan;

		
	(c)
	as at the time the Transaction is entered into, the aggregate notional principal amount of all other continuing Secured Transactions, which are intended to provide a hedge with respect to the Loan, together with such Transaction, do not exceed the amount of the Loan; and

		
	(d)
	it is for a term not less than 12 months.

"Security" means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference, priority or other security interest of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement, any financing or similar statement or notice filed under the UCC or any other similar recording or notice statute, and any lease having substantially the same effect as any of the foregoing) or any other agreement or arrangement having the effect of conferring security.
"Security Assets" means all of the assets of the Obligors which from time to time are, or are expressed to be, the subject of the Transaction Security.
"Security Assets Disposition" means
		
	(a)
	the sale, lease, transfer, bareboat charter or other disposition of Security Assets by the Parent Guarantor or any of its Subsidiaries to any Person other than the Parent Guarantor or any Subsidiary of the Parent Guarantor or

		
	(b)
	any Total Loss of any Ship;

provided, however, that any charter of a Ship shall not be considered a Security Assets Disposition for purposes of Clause 7.6 (Mandatory prepayment on sale or Total Loss).
"Security Document" means:
		
	(a)
	any Shares Security;

		
	(b)
	any Assignment;

		
	(c)
	any General Assignment;

		
	(d)
	any Mortgage;

		
	(e)
	any Account Security;

		
	(f)
	any Manager's Undertaking;

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

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

"Security Period" means the period starting on or about the date of this Agreement (but no later than the first Utilization Date) and ending on the date on which the Facility Agent is satisfied that there is no outstanding Commitment in force and that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.
"Security Property" means:
		
	(a)
	the Transaction Security expressed to be granted in favor of the Security Agent as security agent for the Secured Parties and all proceeds of that Transaction Security;

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

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

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

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

"Security Requirements" means, with respect to a Ship, each of the requirements set out in Clause 24.4 (Security Requirements).
"Servicing Party" means the ECA Agent, the Facility Agent or the Security Agent.
"Shareholder" means Gener8 Maritime Subsidiary V Inc. (formerly known as VLCC Acquisition I Corporation), a corporation incorporated under the laws of Marshall Islands with registered number 67634 whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
"Shares Security" means, in relation to each of the Borrower, the Shareholder and the Owner Guarantors, a document creating Security over the Equity Interests of the Borrower, the Shareholder or as the case may be, such Owner Guarantor, in agreed form.
"Ship" means each of the ships set out in the corresponding column under the heading "Ship" in Schedule 8 (Details of the Ships).
"Ship A", "Ship B" , "Ship C" ,  "Ship D" , "Ship E" , "Ship F" , "Ship G" , "Ship H" , "Ship I" , "Ship J" , "Ship K" , "Ship L" , "Ship M", "Ship N" and "Ship O" have the meanings out in Schedule 8 (Details of the Ships).
"Shipbuilding Contract" means, in relation to a Ship, the relevant shipbuilding contract set out in the corresponding column under the heading "Shipbuilding Contract" in Schedule 8 (Details of the Ships) entered into or to be entered into by the relevant Builder and the relevant Owner Guarantor or its Affiliate, for the construction of that Ship (as amended and supplemented from time to time with the prior written consent of the Lenders) and:
		
	(a)
	including without limitation, in the case of each of the Navig8 Ship, supplemented by and read together with the Intercompany Ship Delivery Agreement relating to such Ship;  and

		
	(b)
	including without limitation, in the case of each of the Scorpio Ship, the Master Agreement and (if applicable) any novation or other agreement entered or to be entered into by the relevant Owner Guarantor and the relevant Builder.

"Ship Management Agreement" means a Technical Management Agreement or a Commercial Management Agreement.
"Solvent" shall mean, with respect to any Person on a particular date, that on such date:
		
	(a)
	the sum of the fair market value of the assets, at a fair valuation, of such Person (on a stand-alone basis) and of such Person and its Subsidiaries (taken as a whole) will exceed its or their respective debts;

		
	(b)
	the sum of the present fair saleable value of the assets of such Person (on a stand-alone basis) and of such Person and its Subsidiaries (taken as a whole) will exceed its or their respective debts;

		
	(c)
	such Person (on a stand-alone basis) and such Person and its Subsidiaries (taken as a whole) has or have not incurred and does or do not intend to incur, and does or do not believe that it or they will incur, debts beyond its or their respective ability to pay such debts as such debts mature; and

		
	(d)
	such Person (on a stand-alone basis) and such Person and its Subsidiaries (taken as a whole) will have sufficient capital with which to conduct its or their respective businesses,

and for purposes of this definition, "debt" means any liability on a claim, and "claim" means (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured.  The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
"Specified Time" means a day or time determined in accordance with Schedule 14 (Timetables).
"Stock Buy-Back" shall mean, with respect to any Person, that such Person or any Subsidiary of such Person shall have redeemed, retired, purchased or otherwise acquired, directly or indirectly, for a consideration (other than common stock, Qualified Preferred Stock or the right to purchase any such stock of such Person), any shares of any class of its capital stock or membership interests outstanding on or after the date of this Agreement (or any options or warrants issued by such Persons with respect to its capital stock).
"Subsequent Ship Transfer Date" means the date on which ownership of each subsequent Ship is transferred from the relevant Owner Guarantor to the Additional Borrower in accordance with Clause 24.13 (Transfer of Ships).
"Subsidiary" a company (S) is a subsidiary of another company (P) if:
		
	(a)
	a majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P; or

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

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

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

and any company of which S is a subsidiary is a parent company of S.
"Subsidiary Inc." means Gener8 Maritime Subsidiary Inc., a corporation incorporated and existing under the laws of the Republic of the Marshall Islands.
"Swap Exposure" means, as at any relevant date, the aggregate of the amount certified by each of the Hedge Counterparties to the Facility Agent to be the net amount in Dollars (i) in relation to all Secured Transactions that have been closed out on or prior to the relevant date, that is due and owing by the Borrower to that Hedge Counterparty in respect of such Secured Transactions on the relevant date and (ii) in relation to all Secured Transactions that are continuing on the relevant date, that would be payable by the Borrower to that Hedge Counterparty under (and calculated in accordance with) the early termination provisions of the Hedging Agreement to which it is a party as if an Early Termination Date had occurred on the relevant date in relation to all such continuing Secured Transactions.
"Tankers International Pool" means the Tankers International tanker pool governed by Tankers International Limited with its registered office at 81 Kings Road, London SW3 4NX, United Kingdom.
"Taxes" means all taxes, levies, imposts, duties, fees, assessments, deductions, withholdings or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties imposed with respect thereto.
"Technical Management Agreement" means, in relation to a Ship, the agreement entered into between the relevant Owner Guarantor or Additional Borrower (as the case may be) and the Approved Technical Manager regarding the technical management of such Ship in agreed form.
"Termination Date" means in relation to a Vessel Loan:
		
	(a)
	in respect of the Commercial Tranche relating thereto, the date which is the earlier of (i) the date falling 60 Months from the Utilization Date of that Vessel Loan and (ii) 30 June 2022; and

		
	(b)
	in respect of each of the KEXIM Guaranteed Tranche, the KEXIM Funded Tranche and the K-Sure Tranche relating thereto, the date falling 144 Months from the Utilization Date of that Vessel Loan (subject to the Put Options).

"Total Commitments" means the aggregate of the Commercial Tranche Commitments, the KEXIM Guaranteed Tranche Commitments, the KEXIM Funded Tranche Commitments and the K-Sure Tranche Commitments, being $963,743,455 (which includes the relevant KEXIM Premium and K-Sure Premium) as at the date of this Agreement.
"Total Loss" means any of the following events:
		
	(a)
	the actual or constructive total loss of a Ship or the agreed or compromised total loss of a Ship; or

		
	(b)
	the capture, condemnation, confiscation, expropriation, requisition for title and not hire, purchase, seizure or forfeiture of, or any taking of title to, a Ship or any arrest  or detention of that Ship (including any hijacking or theft) unless it is within 30 days redelivered to the full control of the relevant Owner Guarantor or Additional Borrower (as the case may be).

"Total Loss Date" means in relation to a "Total Loss" of a Ship:
		
	(a)
	in the event of an actual loss of a Ship, at the time and on the date of such loss or if that is not known at noon Greenwich Mean Time on the date which such Ship was last heard from;

		
	(b)
	in the event of damage which results in a constructive or compromised or arranged total loss of a Ship, at the time and on the date of the event giving rise to such damage; or

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

"Tranches" means the Commercial Tranche, the KEXIM Guaranteed Tranche, the KEXIM Funded Tranche and the K-Sure Tranche (and each, a "Tranche").
"Transaction" has the meaning given in a Hedging Agreement.
"Transaction Document" means:
		
	(a)
	a Finance Document;

		
	(b)
	any Shipbuilding Contract;

		
	(c)
	any Charter or Pool Agreement; and

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

"Transaction Obligor" means an Obligor, any Approved Manager or any other member of the Group who executes a Transaction Document.
"Transaction Security" means the Security created or evidenced or expressed to be created or evidenced under the Security Documents.
"Transfer Certificate" means a certificate in the form set out in Schedule 5 (Form of Transfer Certificate) or any other form agreed between the Facility Agent and the Borrower.
"Transfer Date" means, in relation to an assignment or a transfer, the later of:
		
	(a)
	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and

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

"UCC" means the Uniform Commercial Code of the State of New York.
"Unpaid Sum" means any sum due and payable but unpaid by an Obligor under the Finance Documents.
"Unrestricted Cash and Cash Equivalents" means, when referring to cash or Cash Equivalents of the Parent Guarantor or any of its Subsidiaries, that such cash or Cash Equivalents:
		
	(a)
	does not appear (or would not be required to appear) as "restricted" on a consolidated balance sheet of the Parent Guarantor or of any such Subsidiary;

		
	(b)
	are not subject to any Security in favor of any Person other than the Security Agent for the benefit of the Finance Parties and the Collateral Agent (as defined in the Re-financing Facility Credit Agreement) for the benefit of the Secured Creditors under and as defined in the Re-financing Facility Credit Agreement (provided that any cash or Cash Equivalents of the Parent Guarantor or any Subsidiary that are subject to such Security may be included in the calculation of Minimum Liquidity Amount); or

		
	(c)
	are otherwise generally available for use by the Parent Guarantor or such Subsidiary.

"U.S." means the United States of America.
"Utilization" means a utilization of the Facility.
"Utilization Date" means the date of an Utilization, being the date on which the relevant Advance is to be made.
"Utilization Request" means a notice substantially in the form set out in Schedule 3 (Utilization Requests).
"VAT" means:
		
	(a)
	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and

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

"Vessel Loan" means in relation to a Ship, the part of the Facility made or to be made available to the Borrower of up to the lowest of (i) 65 per cent of the Contract Price of that Ship; (ii) 65 per cent of the Maximum Contract Price of that Ship; and (iii) 60 percent of the Fair Market Value of that Ship, in any case, which includes the relevant K-Sure Premium and the relevant KEXIM Premium (if applicable) payable in relation to such Ship, or as the context may require, the aggregate principal amount outstanding in relation thereto.
"Victrix" means Victrix NV, a company incorporated in Belgium whose registered office is at Le Grellelei 20, 2600 Berchem, Belgium.
"Wholly-Owned Subsidiary" means, as to any Person,
		
	(a)
	any corporation 100% of whose capital stock (other than director's qualifying shares) is at the time directly or indirectly owned by such Person and/or one or more Wholly-Owned Subsidiaries of such Person; and

		
	(b)
	any partnership, limited liability company, association, joint venture or other entity in which such Person and/or one or more Wholly-Owned Subsidiaries of such Person has directly or indirectly a 100% equity interest at such time.

"Write-down and Conversion Powers" means:
		
	(a)
	in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and

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

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

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

		
	1.2
	Construction

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

		
	(i)
	the "Account Bank", any "Mandated Lead Arranger", any "Lead Arranger", the "Facility Agent", any "Finance Party", any "Hedge Counterparty", any "Lender", any "Obligor", any "Party", any "Secured Party", the "Security Agent", the "ECA Agent", either "Global Co-ordinator", the "ECA Co-ordinator", the "Commercial Tranche Co-ordinator", any "Transaction Obligor" or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents;

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

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

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

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

		
	(vi)
	a "Finance Document", a "Security Document" or a "Transaction Document"  or any other agreement or instrument is a reference to that Finance Document or Security Document or Transaction Document or other agreement or instrument as amended or novated, including, as amended by the Amending and Restating Agreement;

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

		
	(viii)
	"law" includes any order or decree, any form of delegated legislation, any treaty or international convention and any statute, regulation or resolution or Executive Order of the United States of America, any state thereof, the Council of the European Union, the European Commission, the United Nations or its Security Council;

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

		
	(x)
	a "person" includes any individual or natural person, firm, corporation, limited liability company, partnership, government, state or agency of a state or any association, trust, joint venture, consortium unincorporated association, joint stock company and trust (whether or not having separate legal personality);

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

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

		
	(xiii)
	a time of day is a reference to New York City time (unless otherwise indicated);

		
	(xiv)
	any New York legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of a jurisdiction other than the State of New York or a U.S. federal court, be deemed to include that which most nearly approximates in that jurisdiction to the New York legal term;

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

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

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

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

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

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

		
	1.3
	Construction of insurance terms

In this Agreement:
"approved" means, for the purposes of Clause 22 (Insurance undertakings), approved in writing by the Facility Agent;
"excess risks" means, in respect of a Ship, the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of that Ship in consequence of its insured value being less than the value at which that Ship is assessed for the purpose of such claims;
"obligatory insurances" means all insurances effected, or which any Owner Guarantor or Additional Borrower (as the case may be) is obliged to effect, under Clause 22 (Insurance undertakings) or any other provision of this Agreement or of another Finance Document;
"policy" includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;
"protection and indemnity risks" means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision; and
"war risks" includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83) and includes all risks as set out in the amended version of the AHIS Addendum (April 1, 1984).
		
	1.4
	Agreed forms of Finance Documents

References in Clause 1.1 (Definitions) to any Finance Document being in "agreed form" are to that Finance Document:
		
	(a)
	in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrower and the Facility Agent); or

		
	(b)
	in any other form agreed in writing between the Borrower and the Facility Agent acting with the authorization of the Majority Lenders or, where Clause 45.1 (Required consents) applies, all the Lenders.

		
	1.5
	Third party rights

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

		
	(b)
	Subject to Clause 45.3 (Other exceptions) but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.

		
	(c)
	Any Receiver, Delegate or any other person described in paragraph (d) of Clause 14.2 (Other indemnities), paragraph (b) of Clause 30.11 (Exclusion of liability) or paragraph (b) of Clause 31.10 (Exclusion of liability) may, subject to this Clause 1.5 (Third party rights), rely on any Clause of this Agreement which expressly confers rights on it.

Section 2     
 
THE FACILITY

		
	2
	THE FACILITY

		
	2.1
	The Facility

Subject to the terms of this Agreement,
		
	(a)
	KEXIM, the KEXIM Guaranteed Lenders, the K-Sure Lenders and the Commercial Lenders agree to make available to the Borrower a dollar term loan facility in thirteen Vessel Loans (namely, the ECA Vessel Loans); and

		
	(b)
	additionally, the Commercial Lenders agree to make available to the Borrower a dollar term loan facility in two Vessel Loans (namely, the Non-ECA Vessel Loans),

		
	(c)
	and all the Vessel Loans shall be in an aggregate amount not exceeding $963,743,455 (which includes the KEXIM Premium and the K-Sure Premium).

		
	2.2
	Finance Parties' rights and obligations

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

		
	(b)
	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt.

		
	(c)
	Except as otherwise provided in a Finance Document, a Finance Party may not separately sue for any Unpaid Sum due and payable to it or enforce any Security or any other right under a Finance Document.

		
	2.3
	Security Agent as joint and several creditor

		
	(a)
	The Borrower and each of the Finance Parties agrees that the Security Agent shall be the joint creditor ("hoofdelijke schuldeiser") together with each other Finance Party of each liability and obligation of the Borrower towards any Finance Party under any Finance Document, and that accordingly the Security Agent 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 Agent or another Finance Party shall, to the same extent, discharge the corresponding liability or obligation owing to the others.

		
	(b)
	Without limiting or affecting the Security Agent's rights against the Borrower (whether under this paragraph or under any other provision of the Finance Documents), the Security Agent agrees with each other Finance 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 Finance Party except with the consent of the relevant Finance Party.  However, for the avoidance of doubt, nothing in the previous sentence shall in any way limit the Security Agent'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 2.3 (Security Agent as joint and several creditor), the Security Agent holds any security created by a Finance Document in its name and the Security Agent shall have full and unrestricted title to and authority in respect of that security, subject always to the terms of the Finance Documents.

		
	2.4
	Borrower's Agent

		
	(a)
	The Borrower by its execution of this Agreement irrevocably appoints the Ultimate Parent Guarantor to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorizes:

		
	(i)
	the Ultimate Parent Guarantor on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions (including Utilization Requests), to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by the Borrower notwithstanding that they may affect the Borrower, without further reference to or the consent of the Borrower; and

		
	(ii)
	each Finance Party to give any notice, demand or other communication to the Borrower pursuant to the Finance Documents to the Ultimate Parent Guarantor,

and in each case the Borrower shall be bound as though the Borrower itself had given the notices and instructions (including, without limitation, any Utilization Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.
		
	(b)
	Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Ultimate Parent Guarantor or given to the Ultimate Parent Guarantor under any Finance Document on behalf of the Borrower or in connection with the Finance Document (whether or not known to the Borrower) shall be binding for all purposes on the Borrower as if the Borrower had expressly made, given or concurred with it.  In the event of any conflict between any notices or other communications of the Ultimate Parent Guarantor and the Borrower, those of the Ultimate Parent Guarantor shall prevail.

		
	3
	PURPOSE

		
	3.1
	Purpose

The Borrower shall apply all amounts borrowed by it under the Facility and in respect of all Tranches in relation to each Vessel Loan only for the following purposes:
		
	(a)
	to on-lend or contribute by way of equity to the Owner Guarantor of the Ship to which such Vessel Loan relates, to finance (or in the case of the first Utilization, re-finance) the payment of Delivery Instalment of that Ship to the relevant Builder or to reimburse the Parent Guarantor or any of its Subsidiaries for its payment of such Delivery Instalment;

		
	(b)
	to re-finance the funding of the Contract Price Instalments (other than the Delivery Instalment) of the relevant Ship;

		
	(c)
	provided that the Parent Guarantor or any of its Subsidiaries has paid or has procured payment, in relation to a Ship, of an amount equivalent to the higher of (A) 35% of the Final Contract Price of that Ship and (B) the difference between the Final Contract Price of that Ship and 60% of the Fair Market Value of that Ship (where "Final Contract Price" means the lower of the Contract Price of that Ship and the Maximum Contract Price of that Ship), to be applied as directed by the Parent Guarantor to fund the Debt Service Reserve Account to the extent required by Clause 26.2 (Debt Service Reserve Account);

		
	(d)
	in the case of the K-Sure Tranche, to finance the payment of K-Sure Premium in respect of such Vessel Loan;  and

		
	(e)
	in the case of the KEXIM Guaranteed Tranche, to finance the payment of KEXIM Premium in respect of such Vessel Loan,

provided that each Advance shall not exceed the amount of the Vessel Loan to which it relates.
		
	3.2
	Monitoring

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.
		
	3.3
	Obligors and the Shipbuilding Contracts

		
	(a)
	Each Obligor's obligations (including, without limitation, its payment obligations) under each Finance Document are not:

		
	(i)
	subject to or dependent upon the execution or performance by any Builder or any other person of its obligations under a Shipbuilding Contract (as applicable); and

		
	(ii)
	in any way affected, prejudiced, discharged or affected by reason of any matter affecting any Shipbuilding Contract and/or Builder,

		
	(b)
	and each Obligor hereby acknowledges that the foregoing is an essential condition of each Lender's entry into this Agreement and the other Finance Documents.

		
	(c)
	Without prejudice to the generality of paragraph (a) above, each Obligor agrees that it will not claim to be relieved of the performance of any of its obligations under this Agreement or any other Finance Document by reason of any failure, delay or default whatsoever on the part of any Builder or any Obligor in the performance of its obligations under any Shipbuilding Contract.

		
	(d)
	Each Obligor expressly acknowledges and agrees that its obligations under this Agreement and any other Finance Document are:

		
	(i)
	unconditional and irrevocable; and

		
	(ii)
	absolutely, totally and completely independent and separate from any other Obligor's obligations under any Shipbuilding Contract,

		
	(e)
	and each Obligor undertakes irrevocably and unconditionally to pay any and all amounts under this Agreement and any other Finance Document when they fall due and shall not raise any defences or exercise any rights against any Finance Party that it may have against any Builder in respect of any Shipbuilding Contract.

		
	4
	CONDITIONS OF UTILIZATION

		
	4.1
	Initial conditions precedent

The Borrower may not deliver a Utilization Request unless the Facility Agent has received or waived in accordance with Clause 4.4 (Waiver of conditions precedent), all of the documents and other evidence listed in Part A of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Facility Agent.
		
	4.2
	Further conditions precedent

The Lenders will be obliged to comply with Clause 5.4 (Lenders' participation) only if:
		
	(a)
	on the date of the Utilization Request and on the proposed Utilization Date and before the Advance is made available:

		
	(i)
	no Event of Default is continuing or would result from the proposed Advance;

		
	(ii)
	no event which would result in an Material Adverse Effect has occurred or would result from the proposed Advance;

		
	(iii)
	the Repeating Representations to be made by each Obligor are true and correct in all material respects it being understood and agreed that such representations and warranties shall be deemed to have been made on each of the date of the Utilization Request and the proposed Utilization Date with reference to the facts and circumstances existing as at such dates, except to the extent that such representations and warranties specifically refer to an earlier date, in which they shall be true and correct in all material respects as of such earlier date (but further provided that the representation made under Clause 18.17 (Financial statements; Financial Condition; Undisclosed Liabilities) which shall be made with reference to the latest financial statements provided under this Agreement and as at the last day of the financial period in relation to which such financial statements relate);

		
	(iv)
	a Change of Control has not occurred;

		
	(v)
	no event described in paragraphs (a) to (d) of Clause 7.5 (Mandatory cancellation or prepayment on default under Shipbuilding Contract) has occurred in respect of the Ship or Builder or Shipbuilding Contract to which the Utilization Request relates;

		
	(vi)
	the provisions of paragraph (b) of Clause 10.2 (Market disruption) do not apply;

		
	(vii)
	the ECA Agent has not received any notice from K-Sure requesting the K-Sure Lenders to suspend the making of any Advance under the K-Sure Tranche and/or the K-Sure Lenders are not required by the terms of any of the K-Sure Insurance Policies to suspend the making of any Advance under the K-Sure Tranche;

		
	(viii)
	no occurrence, event or circumstances exist which prohibits any of the K-Sure Lenders from participating in any Advance under the K-Sure Tranche pursuant to the terms of any of the K-Sure Insurance Policies;

		
	(ix)
	none of the Obligors or the Finance Parties have received any notice from KEXIM suspending (or purporting to suspend) any Advance under the KEXIM Funded Tranche and/or the KEXIM Guarantee; and

		
	(x)
	the KEXIM Guarantee is in full force and effect and (i) has not been declared by KEXIM to be ineffective as to the coverage provided by KEXIM and (ii) has not ceased to be in full force and effect as to the full amount of coverage provided by KEXIM;

		
	(b)
	the Facility Agent and the ECA Agent have received on or before the relevant Utilization Date, or is satisfied that it will receive when the Advance is made available all of the documents and other evidence listed in Part B of Schedule 2 (Conditions Precedent) in form and substance reasonably satisfactory to the Facility Agent to the extent such documents or other evidence have not been waived in accordance with Clause 4.4 (Waiver of conditions precedent).

		
	4.3
	Notification of satisfaction of conditions precedent

		
	(a)
	The Facility Agent shall notify the Borrower and the Lenders promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent) and Clause 4.2 (Further conditions precedent).

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

		
	4.4
	Waiver of conditions precedent

If the Lenders, at their discretion, permit an Advance to be borrowed before any of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent) or Clause 4.2 (Further conditions precedent) has been satisfied, the Borrower shall ensure that such conditions are satisfied within five (5) Business Days after the relevant Utilization Date or such later date as the Facility Agent, acting with the authorization of the Lenders, may agree in writing with the Borrower, provided that in connection with the prepositioning of funds pursuant to Clause 5.8 (Prepositioning of funds), the Facility Agent and the Lenders agree to suspend fulfillment of certain conditions precedent set forth in paragraphs of Part B of Schedule 2 (Conditions Precedent) (the "Closing CPs") solely for the time period commencing on the Utilization Date and ending on the relevant Delivery Date, and the Borrower acknowledges and agrees that fulfillment of the Closing CPs to the satisfaction of the Facility Agent (acting on the instructions of the Lenders) shall be required as a condition precedent to the countersignature by a representative of the Facility Agent of the Protocol of Delivery and Acceptance relating to the relevant Ship referred to in paragraph (b)(ii) of Clause 5.8 (Prepositioning of funds).

Section 3     
 
UTILIZATION

		
	5
	UTILIZATION 

		
	5.1
	Delivery of a Utilization Request

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

		
	(b)
	The Borrower may not deliver more than one Utilization Request under each Vessel Loan.

		
	5.2
	Completion of a Utilization Request

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

		
	(i)
	the proposed Utilization Date is a Business Day within the relevant Availability Period relating to the relevant Vessel Loan;

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

		
	(iii)
	the proposed Interest Period complies with Clause 9 (Interest Periods).

		
	(b)
	Only one Advance may be requested in each Utilization Request.

		
	5.3
	Currency and amount

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

		
	(b)
	The amount of the proposed Advance must be an amount which is not more than the relevant Vessel Loan and not more than the Maximum Contract Price.

		
	(c)
	The amount of the proposed Advance must be an amount which is not more than the Available Commitment of all Lenders in relation to the relevant Vessel Loan.

		
	(d)
	The amount of the proposed Advance must be an amount which would not oblige the Borrower or any other Obligor to provide additional security or prepay part of the Advance if the ratio set out in Clause 25 (Security Cover) were applied and notice was given by the Facility Agent under Clause 25.1 (Minimum required security cover) immediately after the Advance was made.

		
	5.4
	Lenders' participation

		
	(a)
	If the conditions set out in this Agreement have been met or waived in accordance with Clause 4.4 (Waiver of conditions precedent), each Lender shall make its participation in each Advance available by the Utilization Date through its Facility Office.

		
	(b)
	The amount of each Lender's participation in each Advance will be equal to the proportion borne by its Commitment in relation to the relevant Vessel Loan to the Commitments allocated in respect of such Vessel Loan immediately before making that Advance. For the avoidance of doubt, each Advance shall comprise of the same proportion of each Tranche as such Tranche bears to the Facility.

		
	(c)
	The Facility Agent shall notify each Lender of the amount of each Advance and the amount of its participation in that Advance by the Specified Time.

		
	5.5
	Cancellation of Commitments

The Commitments allocated in respect of any Vessel Loan which are unutilized at the end of the Availability Period for such Vessel Loan shall then be cancelled at that time.
		
	5.6
	Payment to third parties

The Facility Agent shall, on each Utilization Date, pay to, or for the account of, the Borrower the amounts which the Facility Agent receives from the Lenders in respect of that Advance.  That payment shall be made in like funds as the Facility Agent received from the Lenders in respect of each Advance to the account of the Builder and/or such other account which the Borrower specifies in the relevant Utilization Request.
		
	5.7
	Disbursement of Advance to third party

A payment by the Facility Agent as directed by the Borrower under Clause 5.6 (Payment to third parties) to a person other than the Borrower shall constitute the making of the relevant Advance and the Borrower shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender's participation in that Advance.
		
	5.8
	Prepositioning of funds

		
	(a)
	If the Lenders, at the request of the Borrower and on terms acceptable to all the Lenders and in their absolute discretion, agree to preposition funds with any bank for the purposes of any Utilization of an Advance (such date, the "Preposition Date"):

		
	(b)
	each Lender agrees to fund its participation in such Advance on a day not more than three Business Days prior to the Delivery Date of the Ship to which that Advance relates;

		
	(c)
	on the relevant Preposition Date, the Facility Agent shall:

		
	(i)
	preposition an amount equal to the Delivery Instalment of the relevant Ship at a bank or other financial institution acceptable to the Facility Agent and the Majority Lenders (where such acceptable bank shall include, for the avoidance of doubt, the Export-Import Bank of Korea) (a "Builder's Bank") as directed by the Borrower in the relevant Utilization Request and satisfactory to the Facility Agent (acting on instructions of the Majority Lenders), which funds shall be held at the relevant Builder's Bank in the name and under the sole control of the Facility Agent; and

		
	(ii)
	issue a SWIFT MT 199 or other similar communication in the form attached as Schedule 15 (Form of MT 199) of this Agreement or such other form and substance acceptable to the Facility Agent (acting on instructions of the Majority Lenders) (each such communication, a "Disbursement Authorization") authorizing the release of such funds by the relevant Builder's Bank on the relevant Delivery Date upon receipt of a Protocol of Delivery and Acceptance in respect of such Ship duly executed by the relevant Builder and the relevant Owner Guarantor or its Affiliates and countersigned by a representative of the Facility Agent;

		
	(d)
	the date on which the Lenders fund the relevant Advance constitutes the Utilization Date in respect of such Advance and the Borrower agrees to pay interest on the amount of the funds so prepositioned at the rate described in Clause 8.1 (Calculation of interest) on the basis of successive interest periods of one day and so that interest shall be paid together with the first payment of interest on such Advance after the Utilization Date in respect of it or, if such Utilization Date does not occur, within three Business Days of demand by the Facility Agent;

		
	(e)
	from the date the proceeds of the relevant Advance are deposited at the relevant Builder's Bank to the relevant Delivery Date (or, if delivery of the relevant Ship does not occur within five (5) Business Days (or such other period as agreed by the Majority Lenders) of the Delivery Date specified in the relevant Disbursement Authorization, the date on which the funds are returned to the Facility Agent for redistribution to the Lenders), the Borrower shall be entitled to interest on such Advance at the applicable rate, if any, paid by such Builder's Bank for such deposited funds;

		
	(f)
	if the relevant Ship is not delivered five (5) Business Days (or such other period as agreed by the Majority Lenders) of the Delivery Date specified in the relevant Disbursement Authorization and the proceeds of the relevant Advance are returned to the Facility Agent and redistributed to the Lenders, (i) the Borrower shall pay all accrued interest and fees in respect of such returned proceeds on the date such proceeds are returned to the Facility Agent and (ii) the Available Commitment of the relevant Vessel Loan of all Lenders will be increased by an amount equal to the aggregate principal amount of the Utilized Advance so returned; and

		
	(g)
	the Borrower and the Parent Guarantor shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may occur in connection with such prepositioning of funds arrangement (other than by reason of gross negligence or wilful misconduct of any Finance Party).

Section 4     
 
REPAYMENT, PREPAYMENT AND CANCELLATION

		
	6
	REPAYMENT

		
	6.1
	Repayment of Loan

		
	(a)
	Subject to Clause 6.3 (Consolidation of Repayment Dates),

		
	(b)
	the Borrower shall repay the Commercial Tranche of each Vessel Loan by 20 equal consecutive quarterly instalments, each in an amount equal to 1- 2/3percent of such Vessel Loan (each, a "Commercial Tranche Repayment Instalment") on each Fiscal Quarter Date, commencing on the First Fiscal Quarter Date of such Vessel Loan.  On the Termination Date of the Commercial Tranche, the Borrower shall additionally repay (together with the final Commercial Tranche Repayment Instalment) the amount of the relevant Balloon Repayment for the Commercial Tranche.

		
	(c)
	the Borrower shall repay the KEXIM Guaranteed Tranche of each ECA Vessel Loan by 48 equal consecutive quarterly instalments, each in an amount equal to 2- 1/12 percent of such ECA Vessel Loan (each, a "KEXIM Guaranteed Tranche Repayment Instalment") on each Fiscal Quarter Date, commencing on the First Fiscal Quarter Date of such ECA Vessel Loan and ending on the Termination Date of the KEXIM Guaranteed Tranche.

		
	(d)
	the Borrower shall repay the KEXIM Funded Tranche of each ECA Vessel Loan by 48 equal consecutive quarterly instalments, each in an amount equal to 2- 1/12 percent of such ECA Vessel Loan (each, a "KEXIM Funded Tranche Repayment Instalment") on each Fiscal Quarter Date, commencing on the First Fiscal Quarter Date of such ECA Vessel Loan and ending on the Termination Date of the KEXIM Funded Tranche.

		
	(e)
	the Borrower shall repay the K-Sure Tranche of each ECA Vessel Loan by 48 equal consecutive quarterly instalments, each in an amount equal to 2- 1/12 percent of such ECA Vessel Loan (each, a "K-Sure Tranche Repayment Instalment") on each Fiscal Quarter Date, commencing on the First Fiscal Quarter Date of such ECA Vessel Loan and ending on the Termination Date of the K-Sure Tranche.

(and each Commercial Tranche Repayment Instalment, each KEXIM Guaranteed Tranche Repayment Instalment, each KEXIM Funded Tranche Repayment Instalment and each K-Sure Tranche Repayment Instalment, shall each be a "Repayment Instalment").
		
	6.2
	Termination Date

On each Termination Date, the Borrower shall additionally pay to the Facility Agent for the account of the Finance Parties all other sums then accrued and owing under the Finance Documents.
		
	6.3
	Consolidation of Repayment Dates

		
	(a)
	The first Repayment Date in relation to each Advance other than the first Advance drawn down under the Facility (the "First Advance") shall fall on the next occurring Repayment Date of the First Advance falling after the Utilisation Date in respect of each such Advance and each subsequent Repayment Date for each such Advance shall fall quarterly thereafter, but shall not exceed the Termination Date relating to such Tranche, such that all Repayment Dates under all Vessel Loans shall be consolidated and shall be payable on a Fiscal Quarter Date.

		
	6.4
	Re-borrowing

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

		
	7
	PREPAYMENT AND CANCELLATION

		
	7.1
	Illegality

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

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

		
	(ii)
	upon the Facility Agent notifying the Borrower, the Available Commitment in respect of any Vessel Loan of that Lender will be immediately cancelled; and

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

		
	(b)
	Any partial prepayment under this Clause 7.1 (Illegality) shall apply pro rata among the Tranches to reduce pro rata the amount of each Repayment Instalment falling after that prepayment by the amount prepaid.

		
	7.2
	Change of control

		
	(a)
	If a Change of Control occurs:

		
	(b)
	the Parent Guarantor or the Borrower shall promptly notify the Facility Agent upon becoming aware of that event; and

		
	(c)
	if the Majority Lenders so require, the Facility Agent shall, by not less than ten Business Days' notice to the Borrower, cancel the Facility and declare the Loan, together with accrued interest, and all other amounts accrued under the Finance Documents due and payable, whereupon the Facility will be cancelled and all outstanding Loan and amounts will become due and payable not later than 60 days following the occurrence of the Change of Control.

		
	7.3
	Voluntary and automatic cancellation

		
	(a)
	The Borrower may, if it gives the Facility Agent not less than ten (10) Business Days' prior notice, and upon payment of all relevant fees in respect of such prepayment (including without limitation, the relevant KEXIM Prepayment Fee payable under Clause 11.4 (KEXIM Prepayment Fee) in the case of any KEXIM Funded Tranche), cancel the whole or any part (being a minimum amount of $5,000,000, unless the cancelled amount relates solely to amounts which had been allocated for payment of Contingent Extras) of the Available Facility.

		
	(b)
	Any cancellation of a Vessel Loan under this Clause shall reduce the Commitments of the relevant Lenders and the amount of that Vessel Loan then unutilized pro rata.

		
	(c)
	The unutilized Commitment (if any) of each Lender in respect of a Vessel Loan shall be automatically cancelled at close of business on the last day of the Availability Period of that Vessel Loan.

		
	7.4
	Voluntary prepayment of Loan

		
	(a)
	The Borrower may, if it gives the Facility Agent and the ECA Agent not less than ten (10) Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of the Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of $1,000,000).

		
	(b)
	Any partial prepayment of a Vessel Loan under this Clause 7.4 (Voluntary prepayment of Loan) shall reduce pro rata across each Tranche under such Vessel Loan in inverse chronological order the amount of each Repayment Instalment (other than the Balloon Repayment) falling after that prepayment by the amount prepaid or such other manner as the Lenders may otherwise agree.

		
	7.5
	Mandatory cancellation or prepayment on default under Shipbuilding Contract

If, in relation to a Ship:
		
	(a)
	any of the events specified in Clause 27.7 (Insolvency Event) occurs in relation to the relevant Builder; or

		
	(b)
	a party to the Shipbuilding Contract relating to that Ship cancels, rescinds, assigns, novates or terminates such Shipbuilding Contract or such Shipbuilding Contract otherwise ceases to remain in full force and effect for any reason; or

		
	(c)
	such Ship has not been delivered to, and accepted by, the relevant Owner Guarantor which either is a party to the Shipbuilding Contract relating to that Ship to receive the Ship, by the last day of the Availability Period of the Vessel Loan relating to that Ship; or

		
	(d)
	the relevant Owner Guarantor or its Affiliate which is a party to that Shipbuilding Contract ceases to be the sole legal and beneficial owner of all the rights of the buyer under such Shipbuilding Contract,

then:
		
	(i)
	the Borrower shall promptly notify the Facility Agent; and

		
	(ii)
	if the Majority Lenders so require, the Facility Agent shall cancel the Vessel Loan relating to that Ship and declare such Vessel Loan, together with interest accrued on it, and all other amounts relating to it and accrued under the Finance Documents immediately due and payable, whereupon such Vessel Loan will be cancelled and all such outstanding amounts relating thereto will become immediately due and payable.

		
	7.6
	Mandatory prepayment on sale or Total Loss

		
	(a)
	If a Ship is sold, or becomes a Total Loss, the Borrower shall on the Relevant Date prepay the Vessel Loan applicable to that Ship. Provided that the Original Borrower shall not be required to make any prepayment pursuant to this Clause 7.6 (Mandatory prepayment on sale or Total Loss) in connection with the sale of a Ship by an Owner Guarantor to the Additional Borrower pursuant to (and in accordance with) Clause 24.13 (Transfer of Ships).

		
	(b)
	On the Relevant Date, the Borrower shall also prepay such part of the Loan as shall eliminate any shortfall arising if the ratio set out in Clause  25.1 (Minimum required security cover) were applied immediately following the payment referred to in paragraph (a) above.

		
	(c)
	In this Clause 7.6 (Mandatory prepayment on sale or Total Loss):

"Relevant Date" means:
		
	(i)
	in the case of a sale of a Ship, on the date on which the sale is completed by delivery of that Ship to the buyer of that Ship; and

		
	(ii)
	in the case of a Total Loss of a Ship, on the earlier of:

		
	(A)
	the date falling 120 days after the Total Loss Date; and

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

		
	7.7
	Termination etc. of KEXIM Guarantee and K-Sure Insurance Policies

		
	(a)
	If at any time the KEXIM Guarantee is cancelled, unenforceable, suspended, invalid or terminated (whether in whole or in part) while any amounts remain outstanding under the KEXIM Guaranteed Tranche, the Facility Agent shall immediately cancel the Total Commitments and declare that the entire Loan be payable on demand.

		
	(b)
	If at any time, in relation to an Advance, the relevant K-Sure Insurance Policy is cancelled, unenforceable, suspended, invalid or terminated (whether in whole or in part) while any amounts remain outstanding under the K-Sure Tranche in relation to such Advance, the Facility Agent shall immediately cancel the Commitments relating to that Advance and declare that such Advance be payable on demand.

		
	7.8
	KEXIM and K-Sure Put Options

		
	(a)
	Each of KEXIM and K-Sure shall have an option to require prepayment of the KEXIM Guaranteed Tranche and the KEXIM Funded Tranche (in the case of KEXIM) (the "KEXIM Put Option") and the K-Sure Tranche (in the case of K-Sure)(the "K-Sure Put Option") if KEXIM and K-Sure do not receive from the ECA Agent on a date no later than the date falling two months prior to the first Termination Date in respect of the Commercial Tranche to occur (the "Expiry Date"), a written notice from the ECA Agent confirming that the Commercial Tranche shall be, upon its Termination Date, fully refinanced or renewed by the Commercial Lenders or any other financial institutions.

		
	(b)
	A Put Option may be exercised by KEXIM or K-Sure by giving the Borrower written notice of its intention to exercise the same within 3 Business Days after the Expiry Date. For the avoidance of doubt, if no such written notice is received from KEXIM or K-Sure, it shall be hereby assumed no prepayment shall be required pursuant to Clause 7.8(a) (KEXIM and K-Sure Put Options) and its respective Put Option shall irrevocably lapse.

		
	(c)
	Upon exercise of either or each Put Option, all outstanding amounts under the KEXIM Funded Tranche and the KEXIM Guaranteed Tranche and/or, as the case may be, the K-Sure Tranche must be repaid on the final Repayment Date in respect of the Commercial Tranche.

		
	7.9
	Right of replacement and repayment and cancellation in relation to a single Lender

		
	(a)
	If:

		
	(i)
	any sum payable to any Lender by a Transaction Obligor is required to be increased under Clause 12.2 (Tax gross-up) 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 12.2 (Tax gross-up) or Clause 13.1 (Increased costs);

		
	(iii)
	the Borrower may during, in the case of sub-paragraphs (i) and (ii) above, the circumstance giving rise to the requirement for that increase or indemnification continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and/or its intention to procure the repayment of that Lender's participation in the Loan and give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (e) below.

		
	(b)
	On receipt of a notice of cancellation referred to in paragraph (a) above, the 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; provided that unless all Commitments have been utilised hereunder, the Borrower shall be required to replace such repaid Lender in accordance with paragraphs (e) and (f) below.

		
	(d)
	Any partial prepayment under this Clause 7.9 (Right of replacement and repayment and cancellation in relation to a single Lender) shall reduce pro rata the amount of each Repayment Instalment falling after that prepayment by the amount prepaid.

		
	(e)
	The Borrower may, in the circumstances set out in paragraph (a) above and shall, under paragraph (c) above, if required, on thirty (30) Business Days' prior notice to the Facility Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause 28 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrower  which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 28 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such Lender's participation in the Loan and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents.

		
	(f)
	The replacement of a Lender pursuant to paragraph (e) above shall be subject to the following conditions:

		
	(i)
	the Borrower shall have no right to issue the notice referred to in paragraph (a) if it results in the replacement of  a Servicing Party;

		
	(ii)
	the Borrower shall have no right to issue the notice referred to in paragraph (a) if it results in the replacement of KEXIM acting in its capacity as a Lender for so long as any KEXIM Guaranteed Tranche has not been fully repaid;

		
	(iii)
	neither the Facility Agent nor any Lender shall have any obligation to find a replacement Lender;

		
	(iv)
	in no event shall the Lender replaced under paragraph (e) above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents;

		
	(v)
	the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (e) above 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

		
	(vi)
	the proposed replacement Lender may not be an affiliate or a subsidiary of the Parent Guarantor or the Ultimate Parent Guarantor.

		
	(g)
	A Lender shall perform the checks described in sub-paragraph (v) of paragraph (f) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (e) above and shall notify the Facility Agent and the Borrower when it is satisfied that it has complied with those checks.

		
	7.10
	Mandatory prepayment and cancellation on breach of financial covenants

If the Additional Borrower is not in compliance with the financial covenants in Clause 20.2 (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 Facility Agent (acting on the instructions of the Majority Lenders) to the Borrower to repay the Loan.
		
	7.11
	Restrictions

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

		
	(b)
	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and amounts (if any) payable under the Hedging Agreements in connection with that prepayment and, subject to the fee provided for in Clause 11.4 (KEXIM Prepayment Fee) and any Break Costs, without premium or penalty.

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

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

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

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

		
	7.12
	Refund of K-Sure Premium on voluntary prepayment

		
	(a)
	The Borrower may, upon any voluntary prepayment of the Loan (whether in whole or in part) in accordance with Clause 7.4 (Voluntary prepayment of Loan), request the ECA Agent to seek a refund from K-Sure of such portion of the K-Sure Premium paid by the Borrower in respect of the Advance prepaid pursuant to the terms of this Agreement.

		
	(b)
	In the event that K-Sure (in its absolute discretion) consents to such request and refunds such portion of the K-Sure Premium (which shall be determined and calculated by K-Sure pursuant to the terms of the relevant K-Sure Insurance Policy and K-Sure's own internal regulations) to the Facility Agent, the Facility Agent shall remit such refund to the Borrower in accordance with Clause 36 (Payment Mechanics).

		
	(c)
	K-Sure retains the right to refuse a request by the Borrower of a refund of the K-Sure Premium in respect of an Advance once the relevant Advance is made and shall not be obliged to give any reason for such refusal, and nothing shall oblige the Facility Agent or the ECA Agent to take any further action if K-Sure refuses or fails for whatever reason to refund any portion of the K-Sure Premium once such premium is paid.

		
	7.13
	Refund of KEXIM Premium

In the case of prepayment of the KEXIM Guaranteed Tranche, the unutilized portion of the KEXIM Premium shall be not be refunded to the Borrower except in accordance with the terms and conditions as contained in the KEXIM Guarantee and KEXIM's internal regulations.

Section 5     
 
COSTS OF UTILIZATION

		
	8
	INTEREST

		
	8.1
	Calculation of interest

The rate of interest on an Advance, the Loan, any part of the Loan or any Unpaid Sum for each Interest Period is the percentage rate per annum which is the aggregate of:
		
	(a)
	the relevant Margin; and

		
	(b)
	LIBOR.

		
	8.2
	Payment of interest

		
	(a)
	The Borrower shall pay accrued interest on each Advance, the Loan or any part of the Loan on each Repayment Date.

		
	(b)
	If an Interest Period is longer than three Months, the Borrower shall also pay interest then accrued on the Loan or the relevant part of the Loan on the next occurring Repayment Date.

		
	8.3
	Default interest

		
	(a)
	If an Obligor fails to pay any amount payable by it under a Finance Document (other than a Hedging Agreement) 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 percent 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 Facility Agent.  Any interest accruing under this Clause 8.3 (Default interest) shall be immediately payable by the Obligor on demand by the Facility 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:

		
	(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; and

		
	(ii)
	the rate of interest applying to that Unpaid Sum during that first Interest Period shall be two percent 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.

		
	8.4
	Notification of rates of interest

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

		
	8.5
	Hedging  

		
	(a)
	The Borrower or the Parent Guarantor may, but (subject to Clause 8.6 (Hedging - First right to bid and Non-Lender Hedging Agreements)) is not obliged to, enter into Hedging Agreements from time to time and shall after that date maintain such Hedging Agreements in accordance with this Clause 8.5 (Hedging).

		
	(b)
	Each Hedging Agreement (and where applicable, each hedging transaction under such Hedging Agreement) shall:

		
	(i)
	be for a term ending on or prior to the relevant Termination Date in respect of each Tranche;

		
	(ii)
	have settlement dates coinciding with the Interest Payment Dates;

		
	(iii)
	be in agreed form;

		
	(iv)
	provide for two-way payments in the event of a termination of a transaction in respect of a Hedging Agreement, whether on a Termination Event (as defined in the relevant Hedging Agreement) or on an Event of Default (as defined in the relevant Hedging Agreement); and

		
	(v)
	provide that the Termination Currency (as defined in the relevant Hedging Agreement) shall be dollars.

		
	(c)
	The rights of the Borrower or the Parent Guarantor (as the case may be) under the Hedging Agreements shall be assigned by way of security under an Assignment of Hedging Agreement.

		
	(d)
	The parties to each Hedging Agreement must comply with the terms of that Hedging Agreement.

		
	(e)
	For so long as an Event of Default has occurred and is continuing, neither a Hedge Counterparty nor the Borrower may amend, supplement, extend or waive the terms of any Hedging Agreement without the consent of the Facility Agent (such consent not to be unreasonably withheld).

		
	(f)
	Paragraph (e) above shall not apply to an amendment, supplement or waiver that is administrative and mechanical in nature and does not give rise to a conflict with any provision of this Agreement.

		
	(g)
	If, at any time, the aggregate notional principal amount of the transactions in respect of the Hedging Agreements exceeds or, as a result of any repayment or prepayment under this Agreement, will exceed the Loan at that time, the Borrower or the Parent Guarantor (as the case may be) must promptly notify the Facility Agent and must, at the request of the Facility Agent, reduce the aggregate notional amount of those transactions by an amount and in a manner satisfactory to the Facility Agent so that it no longer exceeds or will not exceed the Loan then or that will be outstanding.

		
	(h)
	Any reductions in the aggregate notional amount of the transactions in respect of the Hedging Agreements in accordance with paragraph (g) above will be apportioned as between those transactions pro rata.

		
	(i)
	Paragraph (g) above shall not apply to any transactions in respect of any Hedging Agreement under which the Borrower or the Parent Guarantor (as the case may be) does not have any actual or contingent indebtedness.

		
	(j)
	Subject to paragraph (k) below, neither a Hedge Counterparty nor the Borrower or the Parent Guarantor (as the case may be) may terminate or close out any transactions in respect of any Hedging Agreement (in whole or in part) except:

		
	(i)
	in accordance with paragraph (g) above,

		
	(ii)
	on the occurrence of an Illegality (as such expression is defined in the relevant Hedging Agreement);

		
	(iii)
	if the Facility Agent serves notice or having served notice, makes a demand under Clause 27.20 (Acceleration);

		
	(iv)
	with the consent of the Facility Agent (acting on instructions of the Majority Lenders) if an Event of Default has occurred; or

		
	(v)
	If the Secured Liabilities (other than in respect of the Hedging Agreements) have been irrevocably and unconditionally paid and discharged in full;

		
	(k)
	If a Hedge Counterparty is entitled to terminate or close out any transaction in respect of any Hedging Agreement under sub-paragraph (iii) of paragraph (j) above, such Hedge Counterparty shall promptly terminate or close out such transaction following a request to do so by the Security Agent.

		
	(l)
	A Hedge Counterparty may only suspend making payments under a transaction in respect of a Hedging Agreement if the Borrower or the Parent Guarantor (as the case may be) is in breach of its payment obligations under any transaction in respect of that Hedging Agreement.

		
	(m)
	Each Hedge Counterparty consents to, and acknowledges notices of, the assigning by way of security by the Borrower or the Parent Guarantor (as the case may be) pursuant to the relevant Assignment of Hedging Agreement of its rights under the Hedging Agreements to which it is party in favor of the Security Agent.

		
	(n)
	Any such assigning by way of security is without prejudice to, and after giving effect to, the operation of any payment or close-out netting in respect of any amounts owing under any Hedging Agreement.

		
	(o)
	Neither the Security Agent nor any other Finance Party shall be liable for or have any obligation in respect of the performance of any of the Borrower's or as the case may be, the Parent Guarantor's obligations under a Hedging Agreement.

		
	8.6
	Hedging - First right to bid and Non-Lender Hedging Agreements

		
	(a)
	Each of the Borrower and the Parent Guarantor undertakes with the Lenders and the Hedge Counterparties, that in the event it or the Parent Guarantor (as the case may be), intends to enter into hedging transactions or agreements for the purpose of hedging against the interest rate in connection with this Agreement, it shall provide the Lenders and the Hedge Counterparties with the first right to bid in relation to such potential hedging transactions or agreements, before it concludes the same with a Non-Lender.

		
	(b)
	The Borrower or the Parent Guarantor may only enter into a Non-Lender Hedging Agreement pursuant to this Clause on condition that such Non-Lender does not share in any Security provided under the Finance Documents and that no Security shall be granted by any Obligor in respect of the Borrower's or as the case may be, the Parent Guarantor's obligations to a Non-Lender under such Non-Lender Hedging Agreement.

		
	9
	INTEREST PERIODS

		
	9.1
	Interest Periods

		
	(a)
	Each Interest Period in respect of each Tranche relating to a Vessel Loan will, subject to paragraphs (d) and (f) below, be three Months.

		
	(b)
	An Interest Period in respect of a Tranche relating to a Vessel Loan shall always be the same period as the Interest Period of the other Tranches relating to such Vessel Loan.

		
	(c)
	An Interest Period in respect of each Tranche relating to a Vessel Loan shall not extend beyond the Termination Date relating to that Tranche and shall instead end on such Termination Date.

		
	(d)
	In respect of a Repayment Instalment, an Interest Period for a part of the Loan equal to such Repayment Instalment shall end on the Repayment Date relating to it if such date is before the end of the Interest Period then current.

		
	(e)
	Subject to paragraph (f) below, the first Interest Period for the Loan shall start on the first Utilization Date and each subsequent Interest Period in respect of the Loan shall start on the last day of the preceding Interest Period in respect of the Loan.

		
	(f)
	The first Interest Period for the second and any subsequent Advance shall start on the Utilization Date of such Advance and end on the last day of the prevailing Interest Period applicable to the Loan.

		
	(g)
	Except for the purposes of paragraph (d) and paragraph (f) above, the Loan shall have one Interest Period at any time.

		
	9.2
	Non-Business Days

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

		
	10
	CHANGES TO THE CALCULATION OF INTEREST

		
	10.1
	Unavailability of Screen Rate

		
	(a)
	If no Screen Rate is available for LIBOR for:

		
	(i)
	dollars; or

		
	(ii)
	the Interest Period of an Advance, the Loan, any part of the Loan or any Unpaid Sum,

		
	(b)
	there shall be no LIBOR for that Advance, the Loan, that part of the Loan or that Unpaid Sum and Clause 10.3 (Cost of funds) shall apply to that Advance, the Loan, that part of the Loan or that Unpaid Sum for that Interest Period.

		
	10.2
	Market disruption

		
	(a)
	If before close of business in London on the Quotation Day for the relevant Interest Period the Facility Agent receives notification from a Lender or Lenders (whose participations in the relevant Advance or the Loan exceed fifty percent of the relevant Advance or the Loan as appropriate) (the "Relevant Lender(s)") that the cost to it of funding its participation in that Advance or the Loan from whatever source it may reasonably select would be in excess of the  LIBOR for such Interest Period, then Clause 10.3 (Costs of funds) shall apply to that Advance or the Loan (as applicable) for that Interest Period.

		
	(b)
	If, at least one (1) Business Day before the start of an Interest Period, the Facility Agent receives notification from the Relevant Lender(s) (the "Affected Lender(s)") that for any reason it is unable to obtain dollars in the Relevant Interbank Market in order to fund its participation in an Advance, each such Affected Lender's obligation to make that Advance shall be suspended while that situation continues.

		
	10.3
	Cost of funds

		
	(a)
	If this Clause 10.3 (Cost of funds) applies, the rate of interest on a Lender's share of an Advance, the Loan, any part of the Loan or any Unpaid Sum for the relevant Interest Period shall be the percentage rate per annum which is the sum of:

		
	(i)
	the relevant Margin; and

		
	(ii)
	the rate notified to the Facility Agent by that Lender as soon as practicable 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 actual cost to the relevant Lender of funding its participation in that Advance, the Loan, that part of the Loan or that Unpaid Sum from whatever source it may reasonably select.

		
	(b)
	If this Clause 10.3 (Cost of funds) applies and the Facility Agent or the Borrower so require, the Facility Agent and the Borrower shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.

		
	(c)
	Any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.

		
	10.4
	Break Costs

		
	(a)
	The Borrower shall, within three Business Days of demand by a Finance Party (which request shall set forth in reasonable detail the basis for requesting and the calculation of such compensation, provided that no Finance Party shall be required to disclose any information that would be confidential or price sensitive), pay to that Finance 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 or Unpaid Sum.

		
	11
	FEES, KEXIM PREMIUM AND K-SURE PREMIUM

		
	11.1
	Commitment fee

		
	(a)
	The Borrower shall pay to the Facility Agent (for the account of each relevant Lender), in respect of each Vessel Loan, a fee computed at the rate of 40 percent of the applicable Margin per annum on such Lender's Available Commitment for that Vessel Loan for the period commencing from the date of this Agreement and up to and including, the last day of the Availability Period relating to such Vessel Loan.

		
	(b)
	The accrued commitment fee payable in respect of each Vessel Loan is payable on each Repayment Date which ends during the Availability Period of such Vessel Loan, on the last day of such Availability Period and, if cancelled, on the cancelled amount of each Lender's Commitment of such Vessel Loan, at the time the cancellation is effective.

		
	11.2
	Upfront fee

		
	(a)
	The Borrower shall pay to the Facility Agent (for the account of each of the Commercial Lenders), an upfront fee in the amount and at the times agreed in a Fee Letter.

		
	(b)
	The Borrower shall pay to the ECA Agent (for the account of each of KEXIM, the KEXIM Guaranteed Lenders and the K-Sure Lenders), an upfront fee in the amount and at the times agreed in a Fee Letter.

		
	11.3
	Facility Agent fee

The Borrower shall pay to the Facility Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.
		
	11.4
	KEXIM Prepayment Fee

		
	(a)
	Subject to paragraph (b) below, in the case of a voluntary prepayment pursuant to Clause 7.4 (Voluntary prepayment of Loan), the prepayment made under Clause 7.6 (Mandatory prepayment on sale or Total Loss) but only in the case of a sale or disposal of a Ship, or the voluntary cancellation pursuant to Clause 7.3 (Voluntary and automatic cancellation), in each case in relation to any KEXIM Funded Tranche, the Borrower must pay to the Facility Agent for the account of KEXIM, the KEXIM Prepayment Fee on the date of prepayment and/or cancellation of the relevant portion of a Vessel Loan.

		
	(b)
	No fee shall be payable under this Clause if the prepayment and/or cancellation is made under Clause 7.1 (Illegality), Clause 7.6 (Mandatory prepayment on sale or Total Loss) but only in the case of a Total Loss, Clause 7.8 (KEXIM and K-Sure Put Options), Clause 7.9 (Right of replacement and repayment and cancellation in relation to a single Lender) and Clause 25 (Security cover).

		
	11.5
	[Intentionally deleted]

		
	11.6
	KEXIM Premium

		
	(a)
	The Borrower shall pay KEXIM the KEXIM Premium for each ECA Vessel Loan in the amount and at the times agreed in a Fee Letter.

		
	11.7
	K-Sure Premium

The Borrower shall pay K-Sure the K-Sure Premium for each ECA Vessel Loan in the amount notified in writing to the Borrower by K-Sure on or prior to the Utilization of the relevant Advance.

Section 6     
 
ADDITIONAL PAYMENT OBLIGATIONS

		
	12
	TAX GROSS UP AND INDEMNITIES; FATCA

		
	12.1
	[Intentionally left blank]

		
	12.2
	Tax gross-up

		
	(a)
	All payments made by any Obligor hereunder or under any Finance Document (other than a Hedging Agreement) will be made without setoff, counterclaim or other defense. All such payments will be made free and clear of, and without deduction or withholding for any Taxes imposed with respect to such payments unless required by applicable law. If applicable law requires the deduction or withholding of any Taxes from or in respect of any sum payable under any Finance Document, then:

		
	(i)
	the Borrower shall be entitled to make such deduction or withholding,

		
	(ii)
	the Borrower shall pay the full amount deducted or withheld to the relevant taxing authority and

		
	(iii)
	in the case of any Indemnified Taxes, the Borrower agrees to pay the full amount of such Indemnified Taxes, and such additional amounts as may be necessary so that every payment of all amounts due under this Agreement or under any Finance Document, after withholding or deduction for or on account of any Indemnified Taxes, will not be less than the amount provided for herein or in such Finance Document.

The Borrower shall indemnify each Finance Party, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes payable or paid by such Finance Party or required to be withheld or deducted from a payment to such Finance Party, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Facility Agent), or by the Facility Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. In the event the Borrower pays amounts deducted and withheld to the relevant taxing authority in respect of Indemnified Taxes, the Borrower will furnish to the Facility Agent within forty-five (45) days after the date of payment of any Indemnified Taxes is due pursuant to applicable law certified copies of Tax receipts evidencing such payment by the Borrower.  The Borrower agrees to indemnify and hold harmless each Lender, and reimburse such Lender upon its written request, for the amount of any Indemnified Taxes so levied or imposed and paid by such Lender.
		
	(b)
	Without duplicating the payments under paragraph (a) above, the Borrower agrees to pay any and all present or future stamp, court or documentary Taxes and any other excise (in the nature of a documentary or similar Tax), property, intangible, filing or mortgage recording Taxes or charges or similar levies imposed by any Governmental Authority which arise from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Finance Document excluding such amounts imposed in connection with an Assignment Agreement, a Transfer Certificate, grant of a participation, transfer or assignment to or designation of a new applicable lending office or other office for receiving payments under any Finance Document, except to the extent that any such change is requested in writing by a Borrower (all such non-excluded Taxes described in this paragraph (b) of Clause 12.2 (Tax gross-up) being referred to as "Other Taxes").

		
	(c)
	Any Finance Party that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Finance Document shall deliver to the Borrower and the Facility Agent, at the time or times reasonably requested by the Borrower or the Facility Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Facility Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Finance Party, if reasonably requested by the Borrower or the Facility Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Facility Agent as will enable the Borrower or the Facility Agent to determine whether or not such Finance Party is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation shall not be required if in the Finance Party's reasonable judgment such completion, execution or submission would subject such Finance Party to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Finance Party.

		
	(d)
	If the Facility Agent or a Lender determines in its sole discretion that it has actually received or realized a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by an Obligor or with respect to which such Obligor has paid additional amounts pursuant to Clause 12.2(a) (Tax Gross-up), it shall pay over such refund to such Obligor (but only to the extent of indemnity payments made, or additional amounts paid, by such Obligor under Clause 12.2(a) (Tax Gross-up) with respect to the Indemnified Taxes or payments of Other Taxes pursuant to Clause 12.2(a) (Tax Gross-up) giving rise to such refund), net of all reasonable out-of-pocket expenses of the Facility Agent or such Lender (including any Taxes imposed with respect to such refund) as is determined in the sole discretion of the Facility Agent or Lender in good faith, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  In the event the Facility Agent or such Lender is required to repay such refund to such Governmental Authority, then such Obligor, upon the written request of the Facility Agent or such Lender, agrees to promptly repay the amount paid over to such Obligor (plus any penalties, interest or other charges imposed by the relevant Governmental Authority, but without any other interest, penalties or charges) to the Facility Agent or such Lender.  Nothing in this Clause 12.2(d) (Tax Gross-up) shall require a Lender to disclose any confidential information (including, without limitation, its Tax returns or its calculations).

		
	(e)
	Each Party shall, within ten Business Days of a reasonable request by another Party:

		
	(i)
	confirm to that other Party whether or not it would be subject to withholding Tax imposed by FATCA if such Party were to fail to comply with the applicable reporting requirements of FATCA; and

		
	(ii)
	supply to that other Party such forms (including U.S. Internal Revenue Service Forms W-8 or W-9), 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.

		
	(iii)
	If a Party confirms to another Party pursuant to the foregoing that it would not be subject to withholding Tax imposed by FATCA or provides a U.S. Internal Revenue Service Form W-8 or W-9 and it subsequently becomes aware that it may be subject to withholding Tax imposed by FATCA or that the Form has ceased to be accurate or valid, that Party shall notify that other Party reasonably promptly or provide a revised Form, respectively.

		
	(iv)
	Without duplication of the foregoing, if a payment made to a Lender under any Finance Document would be subject to withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Facility Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Facility Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code or an intergovernmental agreement) and such additional documentation reasonably requested by the Borrower or the Facility Agent as may be necessary for the Borrower and the Facility Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Each Party may make any 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. Each Party shall promptly, upon becoming aware that it must make a deduction under FATCA (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 Facility Agent and the Facility Agent shall notify the other Finance Parties.

		
	(f)
	Each Lender shall severally indemnify the Facility Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes or Other Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Facility Agent for such Indemnified Taxes or Other Taxes and without limiting the obligation of the Borrower to do so) and (ii) any Taxes excluded in Clause 12.2(a) (Tax Gross-up) attributable to such Lender, in each case, that are payable or paid by the Facility Agent in connection with any Finance Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Facility Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Facility Agent to set off and apply any and all amounts at any time owing to such Lender under any Finance Document (other than a Hedging Agreement) or otherwise payable by the Facility Agent to the Lender from any other source against any amount due to the Facility Agent under this paragraph (f).

		
	(g)
	Each party's obligations under this Clause 12.2(Tax Gross-up) shall survive the resignation or replacement of the Facility Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Finance Document.

		
	12.3
	[Intentionally left blank]

		
	12.4
	[Intentionally left blank]

		
	12.5
	VAT

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

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

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

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

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

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

		
	13
	INCREASED COSTS

		
	13.1
	Increased costs

		
	(a)
	Subject to Clause 13.3(Exceptions), the Borrower shall, within three Business Days of written demand by the Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:

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

		
	(ii)
	compliance with any law or regulation made,

after the date of this Agreement.  Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) Basel III, and all requests, rules, regulations, guidelines and directives promulgated pursuant to the foregoing, are deemed to have been introduced or adopted after the date hereof, regardless of the date enacted or adopted.
		
	(b)
	In this Agreement, "Increased Costs" means:

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

		
	(ii)
	an additional or increased cost; or

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

which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.
		
	13.2
	Increased cost claims

		
	(a)
	A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly notify the Borrower (and such notification shall, to the extent commercially practicable, contain reasonable details of  the calculation for such additional amounts).

		
	(b)
	Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Costs.

		
	13.3
	Exceptions

Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is:
		
	(a)
	attributable to an Excluded Tax or a change in the rate of tax on the overall net income of a Finance Party;

		
	(b)
	compensated for by Clause 12.2 (Tax gross-up)

		
	(c)
	compensated for by any payment made pursuant to Clause 14.3 (Mandatory Cost);

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

		
	(e)
	incurred by a Hedge Counterparty in its capacity as such; or

		
	(f)
	attributable to the implementation or application of or compliance with the "International Convergence of Capital Measurement and Capital Standards, a Revised Framework" published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III) ("Basel II") or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates).

		
	14
	OTHER INDEMNITIES

		
	14.1
	Currency indemnity

		
	(a)
	If any sum due from an Obligor under the Finance Documents (a "Sum"), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the "First Currency") in which that Sum is payable into another currency (the "Second Currency") for the purpose of:

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

		
	(ii)
	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

that Obligor shall, as an independent obligation, on demand, indemnify each Secured Party to which that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.
		
	(b)
	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.

		
	(c)
	This Clause 14.1 (Currency indemnity) does not apply to any sum due to a Hedge Counterparty in its capacity as such.

		
	14.2
	Other indemnities

		
	(a)
	Each Obligor shall, upon written request, indemnify each Secured Party against any cost, loss or liability incurred by it as a result of:

		
	(i)
	the occurrence of any Event of Default;

		
	(ii)
	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 35 (Sharing among the Finance Parties);

		
	(iii)
	funding, or making arrangements to fund, its participation in an Advance requested by the Borrower in a Utilization Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Secured Party alone); or

		
	(iv)
	the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower.

		
	(b)
	Each Obligor shall, on demand, indemnify each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its Affiliate (each such person for the purposes of this Clause 14.2 (Other indemnities) an "Indemnified Person"), against any cost, loss or liability incurred by that Indemnified Person pursuant to or in connection with any litigation, arbitration or administrative proceedings or regulatory inquiry, in connection with or arising out of the entry into and the transactions contemplated by the Finance Documents (other than a Hedging Agreement), having the benefit of any Security constituted by the Finance Documents or which relates to the condition or operation of, or any incident occurring in relation to, any  Ship unless such cost, loss or liability is caused by the gross negligence or willful misconduct of that Indemnified Person.

		
	(c)
	Without limiting, but subject to any limitations set out in paragraph (b) above, the indemnity in paragraph (b) above shall cover any cost, loss or liability incurred by each Indemnified Person in any jurisdiction:

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

		
	(ii)
	in connection with any Environmental Claim.

		
	(d)
	Any Affiliate or any officer or employee of a Finance Party or of any of its Affiliates may rely on this Clause 14.2 (Other indemnities) subject to Clause 1.5 (Third party rights).

		
	(e)
	Notwithstanding the foregoing, this Clause 14.2 (Other indemnities) shall not cover the types of costs, loss or liability covered by Clause 10.2 (Market disruption), Clause 12 (Tax gross-up and indemnities, FATCA), Clause 13 (Increased costs), Clause 16 (Costs and expenses) and the other provisions of this Clause 14 (Other indemnities).

		
	14.3
	Mandatory Cost

Each Obligor shall, on demand by the Facility Agent, pay to the Facility Agent for the account of the relevant Lender, such amount which any Lender certifies in a notice to the Facility Agent to be its good faith determination of the amount necessary to compensate it for complying with:
		
	(a)
	in the case of a Lender lending from a Facility Office in a Participating Member State, the minimum reserve requirements (or other requirements having the same or similar purpose) of the European Central Bank or any other authority or agency which replaces all or any of its functions in respect of loans made from that Facility Office; and

		
	(b)
	in the case of any Lender lending from a Facility Office in the United Kingdom, any reserve asset, special deposit or liquidity requirements (or other requirements having the same or similar purpose) of the Bank of England (or any other governmental authority or agency) and/or paying any fees to the U.K. Financial Conduct Authority and/or the U.K. Prudential Regulation Authority (or any other governmental authority or agency which replaces all or any of their functions),

which, in each case, is referable to that Lender's participation in the Loan.
		
	14.4
	Indemnity to the Facility Agent

Each Obligor shall, on demand, jointly and severally indemnify the Facility Agent against:
		
	(a)
	any cost, loss or liability incurred by the Facility Agent (acting reasonably) as a result of:

		
	(i)
	investigating any event which it reasonably believes is a Default; or

		
	(ii)
	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorized; or

		
	(iii)
	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents (other than a Hedging Agreement ); and

		
	(b)
	any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent's gross negligence or wilful misconduct) but not including any claim based on the fraud of the Facility Agent in acting as Facility Agent under the Finance Documents (other than a Hedging Agreement).

		
	14.5
	Indemnity to the Security Agent

		
	(a)
	Each Obligor shall, on demand, jointly and severally indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them:

		
	(i)
	in relation to or as a result of:

		
	(A)
	any failure by the Borrower to comply with its obligations under Clause 16 (Costs and Expenses);

		
	(B)
	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorized;

		
	(C)
	the taking, holding, protection or enforcement of the Finance Documents and the Transaction Security;

		
	(D)
	the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents (other than a Hedging Agreement) or by law;

		
	(E)
	any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents (other than a Hedging Agreement);

		
	(F)
	any action by any Obligor which vitiates, reduces the value of, or is otherwise prejudicial to, the Transaction Security; and

		
	(G)
	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents (other than a Hedging Agreement).

		
	(ii)
	acting as Security Agent, Receiver or Delegate under the Finance Documents (other than a Hedging Agreement) or which otherwise relates to any of the Security Property or the performance of the terms of this Agreement or the other Finance Documents (other than a Hedging Agreement) (otherwise, in each case, than by reason of the relevant Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct).

		
	(b)
	The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify itself out of the Security Assets in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 14.5 (Indemnity to the Security Agent) and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all monies payable to it.

		
	14.6
	Indemnity to KEXIM and KEXIM Guaranteed Lenders

The Borrower shall promptly indemnify KEXIM and the KEXIM Guaranteed Lenders against any cost, loss or liability incurred by KEXIM and the KEXIM Guaranteed Lenders (acting reasonably) as a result of:
		
	(a)
	investigating any event which it reasonably believes is a covered risk (howsoever described) under the KEXIM Guarantee; or

		
	(b)
	exercising any of the rights, powers, discretions or remedies vested in it under the KEXIM Guarantee or by law.

		
	15
	MITIGATION BY THE FINANCE PARTIES

		
	15.1
	Mitigation

		
	(a)
	Each Finance Party shall, in consultation with the Borrower, take all commercially reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax Gross Up and Indemnities; FATCA), Clause 13 (Increased Costs) or paragraph (a) of Clause 14.3 (Mandatory Cost) including (but not limited to) transferring its rights and obligations under the Finance Documents (other than a Hedging Agreement) to another Affiliate or Facility Office.

		
	(b)
	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.

		
	15.2
	Limitation of liability

		
	(a)
	Each Obligor shall, on demand, jointly and severally indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1 (Mitigation).

		
	(b)
	A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if either:

		
	(i)
	a Default has occurred and is continuing; or

		
	(ii)
	in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it in any economic, legal or regulatory respect.

		
	15.3
	Defaulting Lender

		
	(a)
	Notwithstanding any other provision in this Agreement to the contrary, if at any time a Lender becomes a Defaulting Lender, so long as such Lender is a Defaulting Lender, fees pursuant to Clause 11.1 (Commitment fee) shall cease to accrue on such Defaulting Lender's unused Commitment until such time as such Lender is no longer a Defaulting Lender, at which time fees pursuant to Clause 11.1 (Commitment fee) shall resume to accrue and be payable in accordance with Clause 11.1 (Commitment fee).

		
	(b)
	Each Defaulting Lender shall indemnify the Borrower, the Facility Agent and each Non-Defaulting Lender from and against any and all loss, damage or expenses, including but not limited to reasonable legal fees and, in the case of the Facility Agent or any Non-Defaulting Lender, funds (if any) advanced by the Facility Agent or by any Non-Defaulting Lender, on account of such Defaulting Lender's failure to timely fund its applicable Commitment of an Advance or to otherwise perform its obligations under the Finance Documents (other than a Hedging Agreement).

		
	(c)
	In the event that the Facility Agent and the Borrower agree that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the participation of the Lenders in the Loan shall be readjusted to reflect the inclusion of such Lender's participation in the Loan and on such date such Lender shall purchase at par such of the Loan or participations therein of the other Lenders as the Facility Agent shall determine may be necessary in order for such Lender to hold its pro rata share of the participations in the Loan and/or the Commitments.

		
	(d)
	At any time during a Default Period, the Borrower may, upon three (3) Business Days prior notice to the applicable Defaulting Lender (so long as such Default Period remains in effect at the end of such notice period), require such Defaulting Lender to assign all right, title and interest that it may have in, and its participations in, its participation in the Loan and any other Obligations of the Borrower under this Agreement and the Finance Documents to another Lender (if another Lender will consent to purchase such right, title and interest and participations) or another Person in accordance with and subject to the terms of Clause 28 (Changes to the Lenders) of this Agreement, if such Person can be found by the Borrower, for a purchase price equal to 100% of the principal amount of participation in the Loan plus the amount of any interest and fees accrued and owing to such Defaulting Lender as of the date of such assignment.

		
	16
	COSTS AND EXPENSES

		
	16.1
	Transaction expenses

The Obligors shall, jointly and severally on demand, pay the Facility Agent, the Security Agent, the ECA Agent (for the account of K-Sure), the Lead Arrangers and the Mandated Lead Arrangers the amount of all documented costs and expenses (including reasonable legal fees) reasonably incurred by any Secured Party and/or K-Sure in connection with the negotiation, preparation, printing, execution, syndication and perfection of:
		
	(a)
	this Agreement and any other documents referred to in this Agreement;

		
	(b)
	the Transaction Security;

		
	(c)
	each of the K-Sure Insurance Policies and any other documents which may at any time be required by K-Sure to give effect to the terms of any K-Sure Insurance Policy or which K-Sure is entitled to call for or obtain pursuant to the terms of any K-Sure Insurance Policy; and

		
	(d)
	any other Finance Documents executed after the date of this Agreement.

		
	16.2
	Amendment costs

If:
		
	(a)
	an Obligor requests an amendment, waiver or consent; or

		
	(b)
	an amendment is required pursuant to Clause 36.9 (Change of currency); or

		
	(c)
	an Obligor requests, and the Security Agent agrees to, the release of all or any part of the Security Assets from the Transaction Security,

the Obligors shall, jointly and severally on demand, reimburse each of the Facility Agent, the ECA Agent (for the account of K-Sure)  and the Security Agent for the amount of all costs and expenses (including reasonable legal fees) reasonably incurred by each Secured Party and/or K-Sure in responding to, evaluating, negotiating or complying with that request or requirement.
		
	16.3
	Enforcement and preservation costs

The Obligors shall, jointly and severally on demand, pay to:
		
	(a)
	each Secured Party the amount of all costs and expenses (including reasonable legal fees) incurred by that Secured Party in connection with any step taken with a view to the protection, the enforcement of, or the preservation of any rights under, any Finance Document (other than a Hedging Agreement) or the Transaction Security and with any proceedings instituted by or against that Secured Party as a consequence of it entering into a Finance Document (other than a Hedging Agreement), taking or holding the Transaction Security, or enforcing those rights; and

		
	(b)
	each K-Sure Lender and the ECA Agent (for the account of K-Sure) the amount of all costs and expenses (including reasonable legal fees) incurred by a K-Sure Lender and/or K-Sure in connection with or incidental to the enforcement or exercise of, or the preservation of, its rights, powers, discretions and remedies under any K-Sure Insurance Policy and any proceedings instituted by or against any K-Sure Lender and/or K-Sure in connection thereto.

Section 7     
 
GUARANTEES

		
	17
	GUARANTEE AND INDEMNITY

		
	17.1
	Guarantee and indemnity

		
	(a)
	In order to induce the Facility Agent, the Security Agent and the Lenders to enter into this Agreement and to extend credit hereunder, and induce the other Finance Parties to enter into Hedging Agreements and in recognition of the direct benefits to be received by the Guarantors from the continuation of the Loan and the entering into of such Hedging Agreements, until the Final Ship Transfer Date each of the Guarantors hereby unconditionally and irrevocably guarantees as primary obligor and not merely as surety, the full and prompt payment when due, whether upon maturity, acceleration or otherwise, of any and all of the obligations of the Borrower and each other Obligor under this Agreement and the other Finance Documents to the Finance Parties (the "Obligations").

		
	(b)
	If any or all of such Obligations becomes due and payable hereunder, the Guarantors unconditionally and irrevocably, promise to pay such indebtedness to the Facility Agent and/or the other Finance Parties, or order, on demand, together with any and all reasonable documented out-of-pocket expenses which may be incurred by the Facility Agent and the other Finance Parties in collecting any of the Obligations.

		
	(c)
	This guarantee constitutes a guarantee of punctual performance and payment and not merely of collection. Notwithstanding the foregoing, any Hedging Obligations guaranteed by the Guarantors under this Clause 17 (Guarantee and indemnity) shall not include any Excluded Hedging Obligations.

		
	(d)
	If a claim is ever made upon any Finance Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Obligations and any of the aforesaid  Finance Party repays all or part of said amount by reason of:

		
	(i)
	any judgment, decree or order of any court or administrative body having jurisdiction over such Finance Party or any of its property; or

		
	(ii)
	any settlement or compromise of any such claim effected by such Finance Party with any such claimant (including the Borrower),

		
	(iii)
	then and in such event, each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding upon the such Guarantor, notwithstanding any revocation of the guarantee under this Clause or other instrument evidencing any liability of the Borrower, and the Guarantors shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such Finance Party.

		
	(e)
	All liabilities of the Owner Guarantors and the Hedge Guarantors under this Agreement shall, whether expressed to be so or not, be joint and several.

		
	17.2
	Keepwell

Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Hedge Guarantor to honor all of its obligations under this Clause 17 (Guarantee and indemnity) in respect of the Hedging Obligations guaranteed hereby (provided that each Qualified ECP Guarantor shall be liable under this Clause 17.2(Keepwell) only for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Clause 17 (Guarantee and indemnity), or otherwise under the guarantee under this Clause, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  Each Qualified ECP Guarantor intends that this Clause 17.2(Keepwell) constitute, and this Clause 17.2 (Keepwell) shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each other Hedge Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
		
	17.3
	Bankruptcy

Additionally, the Guarantors unconditionally and irrevocably guarantee the payment of any and all of the Obligations (including, without limitation, all interest accruing subsequent to the commencement of any case, proceeding or other action relating to any other Obligor under any Debtor Relief Laws, and all interest which, but for any such case, proceeding or other action would otherwise accrue) to the Finance Parties whether or not due or payable by the Borrower or any Obligor upon the occurrence of any of the events specified in Clause 27.7(Insolvency Event), and irrevocably, unconditionally and jointly and severally promises to pay such indebtedness to the Finance Parties, or order, on demand, in lawful money of the U.S.
		
	17.4
	Nature of Liability

The liability of the Guarantors hereunder is primary, absolute and unconditional, exclusive and independent of any Security for or other guarantee of any of the Obligations, whether executed by the Guarantors, any other guarantor or by any other party, and the liability of the Guarantors hereunder shall not be affected or impaired by:
		
	(a)
	any direction as to application of payment by the Borrower or by any other party; or

		
	(b)
	any other continuing or other guarantee, undertaking or maximum liability of a guarantor or of any other party as to the Obligations; or

		
	(c)
	any payment on or in reduction of any such other guarantee or undertaking; or

		
	(d)
	any dissolution, termination or increase, decrease or change in personnel by the Borrower; or

		
	(e)
	any payment made to any Finance Party on any of the Obligations which any such Finance Party repays to the Borrower or any other Obligor pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and  each Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding; or

		
	(f)
	any action or inaction by the Finance Party as contemplated in Clause 17.6 (Authorization); or

		
	(g)
	any invalidity, irregularity or enforceability of all or any part of the Obligations or of any Security therefor.

		
	17.5
	Independent Obligation

The obligations of each Guarantor hereunder are several and are independent of the obligations of any other guarantor, any other party or the Borrower, and a separate action or actions may be brought and prosecuted against any Guarantor whether or not action is brought against any other guarantor, any other party or the Borrower and whether or not any other guarantor, any other party or the Borrower be joined in any such action or actions.  Each Guarantor waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof.  Any payment by the Borrower or other circumstance which operates to toll any statute of limitations as to the Borrower shall operate to toll the statute of limitations as to the Guarantors.
		
	17.6
	Authorization

The Guarantors authorize the Finance Parties without notice or demand (except as shall be required by applicable statute or this Agreement and cannot be waived), and without affecting or impairing its liability hereunder, from time to time to:
		
	(a)
	in accordance with the terms and provisions of this Agreement and the other Finance Documents, change the manner, place or terms of payment of, and/or change or extend the time of payment of, renew, increase, accelerate or alter, any of the Obligations (including any increase or decrease in the principal amount thereof or the rate of interest or fees thereon), any security therefor, or any liability incurred directly or indirectly in respect thereof, and the guarantee under this Clause shall apply to the Obligations as so changed, extended, renewed or altered;

		
	(b)
	take and hold security for the payment of the Obligations and sell, exchange, release, impair, surrender, realize upon or otherwise deal with in any manner and in any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, any of the Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and/or any offset there against;

		
	(c)
	exercise or refrain from exercising any rights against the Borrower, any other Obligor or others or otherwise act or refrain from acting;

		
	(d)
	release or substitute any one or more endorsers, guarantors, the Borrower, or other Obligors;

		
	(e)
	settle or compromise any of the Obligations, any security therefor or any liability (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of the Borrower to its creditors other than the Finance Parties;

		
	(f)
	apply any sums by whomsoever paid or howsoever realized to any liability or liabilities of the Borrower to the Finance Parties regardless of what liability or liabilities of the Borrower remain unpaid;

		
	(g)
	consent to or waive any breach of, or any act, omission or default under, this Agreement, any other Finance Document, any Hedging Agreement or any of the instruments or agreements referred to herein or therein, or, pursuant to the terms of the Finance Documents, otherwise amend, modify or supplement this Agreement, any other Finance Document, any Hedging Agreement or any of such other instruments or agreements; and/or

		
	(h)
	take any other action which would, under otherwise applicable principles of common law, give rise to a legal or equitable discharge of any Guarantor from its liabilities under this Guarantee.

		
	17.7
	Reliance

It is not necessary for any Finance Party to inquire into the capacity or powers of any Guarantor or any of their respective Subsidiaries or the officers, directors, partners or agents acting or purporting to act on their behalf, and any of the Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.
		
	17.8
	Subordination

Any Financial Indebtedness of the Borrower now or hereafter owing to any Guarantor is hereby subordinated to the Obligations of the Borrower owing to the Finance Parties; and if the Facility Agent so requests at a time when an Event of Default exists, all such Financial Indebtedness of the Borrower to any Guarantor shall be collected, enforced and received by such Guarantor for the benefit of the Finance Parties and be paid over to the Facility Agent on behalf of the Finance Parties on account of the Obligations to the Finance Parties, but without affecting or impairing in any manner the liability of such Guarantor under the other provisions of this Guarantee.  Prior to the transfer by any Guarantor of any note or negotiable instrument evidencing any such Financial Indebtedness of the Borrower to such Guarantor, such Guarantor shall mark such note or negotiable instrument with a legend that the same is subject to this subordination.  Without limiting the generality of the foregoing, the Guarantors hereby agrees with the Finance Parties that they will not exercise any right of subrogation which they may at any time otherwise have as a result of this Guarantee (whether contractual, under Section 509 of the U.S. Bankruptcy Code or otherwise) until all the Obligations have been irrevocably paid in full in cash.  If and to the extent required in order for the Obligations of the Guarantors to be enforceable under applicable federal, state and other laws relating to the insolvency of debtors, the maximum liability of each Guarantor hereunder shall be limited to the greatest amount which can lawfully be guaranteed by such Guarantor, under such laws, after giving effect to any rights of contribution, reimbursement and subrogation arising under this Clause 17.8(Subordination).
		
	17.9
	Waiver

		
	(a)
	The Guarantors waive any right (except as shall be required by applicable law and cannot be waived) to require any Finance Party to:

		
	(i)
	proceed against the Borrower, any other guarantor or any other party;

		
	(ii)
	proceed against or exhaust any security held from the Borrower, any other guarantor or any other party; or

		
	(iii)
	pursue any other remedy in any Finance Party's power whatsoever.

		
	(b)
	The Guarantors hereby irrevocably waive any defences it may now or hereafter have in any way relating to any and all of the following:

		
	(i)
	based on or arising out of any defence of the Borrower, any other guarantor or any other party, other than payment in full in cash of the Obligations, based on or arising out of the disability of the Borrower, any other guarantor or any other party, or the validity, legality or unenforceability of such obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower other than payment in full in cash of such obligations;

		
	(ii)
	any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from any Finance Document;

		
	(iii)
	any taking, exchange, release or non-perfection of any Security Assets, or any taking, release or amendment or waiver of or consent to departure from the guarantee under this Clause or any other guarantee, for all or any of the Obligations;

		
	(iv)
	any law or regulation of any foreign jurisdiction or any other event affecting any term of any of the Obligations; 

		
	(v)
	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Transaction Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

		
	(vi)
	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Transaction Obligor or any other person;

		
	(vii)
	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;

		
	(viii)
	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security;

		
	(ix)
	any insolvency or similar proceedings; or

		
	(x)
	any other circumstance (including, without limitation, any statute of limitations or any existence of or reliance on any representation by the Facility Agent or any other Finance Party) that might otherwise constitute a defence available to, or a discharge of, such Guarantor, the Borrower or any other guarantor or surety other than payment in full in cash of the Obligations.  The Finance Parties may, at their election, foreclose on any security held by the Facility Agent, the Security Agent or any other Finance Party by one or more judicial or non-judicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Finance Parties may have against the Borrower, or any other party, or any security, without affecting or impairing in any way the liability of the Guarantors hereunder except to the extent the Obligations have been paid in cash. The Parent Guarantor waives any defence arising out of any such election by the Finance Parties, even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of the Guarantors against the Borrower or any other party or any security.

		
	(c)
	The Guarantors waive all presentments, demands for performance, protests and notices, including, without limitation, notices of non-performance, notices of protest, notices of dishonor, notices of acceptance of the guarantee under this Clause, and notices of the existence, creation or incurring of new or additional Obligations.  The Guarantors assume all responsibility for being and keeping themselves informed of the Borrower's financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks which each Guarantor assumes and incurs hereunder, and agrees that neither the Facility Agent nor any of the other Finance Parties shall have any duty to advise any Guarantor of information known to them regarding such circumstances or risks.

		
	17.10
	Judgement Shortfall

		
	(a)
	The obligations of the Guarantors under the guarantee under this Clause to make payments in the respective currency or currencies in which the respective obligations are required to be paid (such currency being herein called the "Obligation Currency") shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such tender or recovery results in the effective receipt by the Facility Agent, the Security Agent or the respective other Finance Party of the full amount of the Obligation Currency expressed to be payable to the Facility Agent, the Security Agent or such other Finance party under the guarantee under this Clause or the other Finance Documents or any Hedging Agreements, as applicable.  If for the purpose of obtaining or enforcing judgment against any Guarantor in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the "Judgment Currency") an amount due in the Obligation Currency, the conversion shall be made, at the rate of exchange (quoted by the Facility Agent, determined, in each case, as of the date immediately preceding the day on which the judgment is given (such Business Day being hereinafter referred to as the "Judgment Currency Conversion Date")).

		
	(b)
	If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of the amount due, each Guarantor, covenants and agrees to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate or exchange prevailing on the Judgment Currency Conversion Date.

		
	17.11
	Irrevocable Payment

The obligations of the Guarantors under the guarantee under this Clause shall remain in full force and effect until the irrevocable payment and performance in full by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.
		
	17.12
	Appropriations

Until all amounts which may be or become payable by the Transaction Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Secured Party (or any trustee or agent on its behalf) may:
		
	(a)
	refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantors shall not be entitled to the benefit of the same; and

		
	(b)
	hold in an interest-bearing suspense account any moneys received from the Parent Guarantor or on account of the Guarantors' liability under this Clause 17 (Guarantee and Indemnity).

		
	17.13
	Deferral of Parent Guarantor's rights

All rights which the Guarantors at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against the Borrower, any other Transaction Obligor or their respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise directs, the Guarantors will not exercise any rights which they may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 17 (Guarantee and Indemnity):
		
	(a)
	to be indemnified by a Transaction Obligor;

		
	(b)
	to claim any contribution from any third party providing security for, or any other guarantor of, any Transaction Obligor's obligations under the Finance Documents;

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

		
	(d)
	to bring legal or other proceedings for an order requiring any Transaction Obligor to make any payment, or perform any obligation, in respect of which the Guarantors have given a guarantee, undertaking or indemnity under Clause 17.1 (Guarantee and indemnity);

		
	(e)
	to exercise any right of set-off against any Transaction Obligor; and/or

		
	(f)
	to claim or prove as a creditor of any Transaction Obligor in competition with any Secured Party.

If the Guarantors receive any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the Transaction Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 36 (Payment Mechanics).
		
	17.14
	Additional security

This guarantee and any other Security given by the Guarantors are in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts in connection with the Finance Documents.
		
	17.15
	Applicability of provisions of Guarantee to other Security

Clauses 17.9 (Waiver), 17.12 (Appropriations), 17.13 (Deferral of Parent Guarantor's rights) and 17.14 (Additional security) shall apply, with any necessary modifications, to any Security which the Guarantors create (whether at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities or any part of them.

Section 8     
 
REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

		
	18
	REPRESENTATIONS

		
	18.1
	General

Each Obligor and the Ultimate Parent Guarantor (where relevant) makes the representations and warranties set out in this Clause 18 (Representations) to each Finance Party on the date of this Agreement, provided that any representation made by an Obligor to a Qualified Sanctions Lender pursuant to this Clause shall be made to such Qualified Sanctions Lender only the extent that the making of and the compliance with this representation do not and will not result in a violation of or conflict with the EU Blocking Regulation, Section 7 of the German Foreign Trade Ordinance (§ 7 Aussenwirtschaftsverordnung) or a similar applicable anti-boycott statute.
		
	18.2
	Corporate/Limited Liability Company/Limited Partnership Status

		
	(a)
	Each Obligor and the Ultimate Parent Guarantor is a duly organized and validly existing corporation, limited liability company or limited partnership, as the case may be, in good standing under the laws of the jurisdiction of its incorporation or formation.

		
	(b)
	Each Obligor and the Ultimate Parent Guarantor has the corporate or other applicable power and authority to own its property and assets and to transact the business in which it is currently engaged and presently proposes to engage.

		
	(c)
	Each Obligor and the Ultimate Parent Guarantor is duly qualified and is authorized to do business and is in good standing in each jurisdiction where the conduct of its business as currently conducted requires such qualifications, except for failures to be so qualified which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

		
	18.3
	Corporate Power and Authority; Legal Validity and Enforceability

		
	(a)
	Each Obligor and the Ultimate Parent Guarantor has the corporate or other applicable power and authority to execute, deliver and perform the terms and provisions of each of the Transaction Documents to which it is party and has taken all necessary corporate or other applicable action to authorize the execution, delivery and performance by it of each of such Transaction Documents.

		
	(b)
	Each Obligor and the Ultimate Parent Guarantor has duly executed and delivered each of the Transaction Documents to which it is party, and each of such Transaction Documents constitutes the legal, valid and binding obligation of such Obligor or the Ultimate Parent Guarantor enforceable against such Obligor or the Ultimate Parent Guarantor in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws generally affecting creditors' rights and by equitable principles (regardless of whether enforcement is sought in equity or at law). 

		
	(c)
	Each of the Security Documents creates in favor of the Security Agent for the benefit of the Secured Parties a legal, valid and enforceable fully perfected first priority security interest in and Security on all right, title and interest of the Obligors or the Ultimate Parent Guarantor party thereto in the Security Assets described therein, subject only to Other Permitted Security.  No filings or recordings are required in order to perfect the security interests created under any Security Document or to ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document in each case, except for filings or recordings which shall have been made or will be made, in accordance with Schedule 2 (Conditions Precedent).

		
	(d)
	None of the Obligors or the Ultimate Parent Guarantor has a place of business in any jurisdiction which requires any of the Security Documents to be filed or registered in that jurisdiction to ensure the validity of the Security Documents to which it is a party unless all such filings and registrations have been made or will be made, in accordance with Schedule 2 (Conditions Precedent).

		
	18.4
	Pari passu ranking

Its payment obligations under the Finance Documents to which it is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.
		
	18.5
	No Violation

Neither the execution, delivery or performance by any Obligor or the Ultimate Parent Guarantor of the Transaction Documents to which it is a party, nor compliance by it with the terms and provisions thereof, will:
		
	(a)
	contravene any material provision of any applicable law, statute, rule or regulation or any applicable order, judgment, writ, injunction or decree of any court or governmental instrumentality;

		
	(b)
	conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Security (except Other Permitted Security) upon any of the material properties or assets of such Obligor or the Ultimate Parent Guarantor pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument, to which such Obligor or the Ultimate Parent Guarantor is a party or by which it or any of its material property or assets is bound or to which it may be subject; or

		
	(c)
	violate any provision of the Constitutional Documents of such Obligor or the Ultimate Parent Guarantor.

		
	18.6
	Governmental Approvals

No Authorization or validation of, or filing, recording or registration with (except as have been obtained or made or, in the case of any filings or recordings in respect of the Security Documents, will be made within 10 days of the date such Security Document is required to be executed pursuant hereto), or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to authorize, or is required in connection with:
		
	(a)
	the execution, delivery and performance by any Obligor or the Ultimate Parent Guarantor of any Finance Document to which it is a party; or

		
	(b)
	the legality, validity, binding effect or enforceability of any Finance Document to which it is a party.

		
	18.7
	Financial Statements; Financial Condition; Undisclosed Liabilities

		
	(a)
	The audited consolidated balance sheets of the Parent Guarantor as at December 31, 2014 and the related consolidated statements of income and cash flows for the fiscal year ended on such date and (ii) the unaudited consolidated balance sheets of the Parent Guarantor as at June 30, 2015 and the related consolidated statements of income and cash flows, in each case for such quarterly accounting period, reported on by and accompanied by, in the case of the audited annual financial statements, an unqualified report from an Acceptable Accounting Firm, presenting fairly the consolidated financial condition of the Parent Guarantor as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended.  All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein).  Neither the Parent Guarantor nor any of its Subsidiaries has any material guarantee obligations, contingent liabilities and liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are not reflected in the financial statements referred to in the preceding sentence (it being understood that with respect to guarantee obligations, the underlying debt is so reflected).

		
	(b)
	Except as fully disclosed in the financial statements and the notes related thereto delivered pursuant to Clause 19.2 (Financial statements), there were as of the date of this Agreement no liabilities or obligations with respect to the Parent Guarantor or any of its Subsidiaries of any nature whatsoever (whether absolute, accrued, contingent or otherwise and whether or not due) which, either individually or in the aggregate, would be materially adverse to the Parent Guarantor and its Subsidiaries taken as a whole.  As of the date of this Agreement, none of the Obligors knows of any basis for the assertion against it of any liability or obligation of any nature that is not fairly disclosed (including, without limitation, as to the amount thereof) in the financial statements and the notes related thereto delivered pursuant to Clause 19.2 (Financial statements) which, either individually or in the aggregate, could reasonably be expected to be materially adverse to the Parent Guarantor and its Subsidiaries taken as a whole.

		
	(c)
	The Projections delivered by the Parent Guarantor to the Facility Agent and the Lenders prior to the date of this Agreement have been prepared in good faith and are based on GAAP and reasonable assumptions, and there are no statements or conclusions in such Projections which are based upon or include information known to the Parent Guarantor on the date of this Agreement to be misleading in any material respect or which fail to take into account material information known to the Parent Guarantor on the date of this Agreement regarding the matters reported therein.  On the date of this Agreement, the Parent Guarantor believes that such Projections are reasonable and attainable, it being recognized by the Lenders, however, that projections as to future events are not to be viewed as facts and that the actual results during the period or periods covered by the Projections may differ from the projected results included in such Projections.

		
	(d)
	Since December 31, 2014 (or as the case may be, the date of the latest audited consolidated balance sheets of the Parent Guarantor provided to the Facility Agent pursuant to this Agreement), nothing has occurred that has had or could reasonably be expected to have a Material Adverse Effect.

		
	(e)
	The audited accounts delivered under Clause 19.2(b) (Financial statements) will:

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

		
	(ii)
	give a true and fair view of the state of affairs of the Group (or the Ultimate Parent Guarantor, as the case may be) at the date of those accounts and of profit for the period to which those accounts relate; and

		
	(iii)
	fully disclose or provide for all significant liabilities of the Group (or the Ultimate Parent Guarantor, as the case may be).

		
	18.8
	Litigation

There are no actions, suits, investigations (conducted by any governmental or other regulatory body of competent jurisdiction) or proceedings pending or, to the knowledge of the Ultimate Parent Guarantor, the Parent Guarantor or the Borrower, threatened against the Ultimate Parent Guarantor, the Parent Guarantor or any of its Subsidiaries (i) with respect to the Finance Documents; or (ii) that could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.
		
	18.9
	True and Complete Disclosure

		
	(a)
	All factual information (taken individually or as a whole) furnished by or on behalf of the Ultimate Parent Guarantor, the Parent Guarantor or the Borrower in writing to the Facility Agent or any Lender (including, without limitation, all information contained in the Transaction Documents and the Previous Merger Agreement and any financial statement referred to in Clause 19.2 (Financial statements)) for purposes of or in connection with this Agreement, the other Finance Documents or any transaction contemplated herein or therein is, and all other such factual information (taken individually or as a whole) hereafter furnished by or on behalf of the Ultimate Parent Guarantor, the Parent Guarantor or the Borrower in writing to the Facility Agent or any Lender will be, true and accurate in all material respects and did not fail to state any fact necessary to make such information (taken as a whole) not misleading in any material respect at such time as such information was provided and copies of the Shipbuilding Contracts and the Previous Merger Agreement are the full, complete and true copies of such documents and do not omit any addenda, amendments or supplements thereto.

		
	(b)
	All factual information (taken individually or as a whole) furnished by or on behalf of the Ultimate Parent Guarantor, the Parent Guarantor or the Borrower in writing to the Facility Agent or any Lender (including, without limitation, all information contained in the Transaction Documents and the Merger Agreement and any financial statement referred to in Clause 19.2 (Financial statements)) for purposes of or in connection with this Agreement, the other Finance Documents or any transaction contemplated herein or therein is, and all other such factual information (taken individually or as a whole) hereafter furnished by or on behalf of the Ultimate Parent Guarantor, the Parent Guarantor or the Borrower in writing to the Facility Agent or any Lender will be, true and accurate in all material respects and did not fail to state any fact necessary to make such information (taken as a whole) not misleading in any material respect at such time as such information was provided and copies of the Shipbuilding Contracts and the Merger Agreement are the full, complete and true copies of such documents and do not omit any addenda, amendments or supplements thereto.

		
	18.10
	Use of Proceeds

		
	(a)
	All proceeds of the Loan shall be used in accordance with Clause 3.1 (Purpose).

		
	(b)
	No proceeds of the Loan shall be made available directly or indirectly to or for the benefit of a Restricted Party in a manner that would result in a violation of Sanctions Laws, nor shall they otherwise be applied in a manner or for a purpose prohibited by Sanctions Laws.

		
	(c)
	No payment in connection with a Finance Document shall be funded out of proceeds derived from any action which is in breach of Sanctions Laws.

		
	18.11
	Tax Returns and Payments

		
	(a)
	All payments which an Obligor is liable to make under the Finance Documents to which it is a party can properly be made without deduction or withholding for or on account of any Tax payable under any law of any relevant jurisdiction applicable as of the date of this Agreement.

		
	(b)
	The Ultimate Parent Guarantor and each of its Subsidiaries has timely filed with the appropriate taxing authorities, and, as applicable, all material U.S. federal income tax returns, statements, forms and reports for taxes and all other material U.S. and non-U.S. tax returns, statements, forms and reports for taxes required to be filed by or with respect to the income, properties or operations of the Ultimate Parent Guarantor and/or any of its Subsidiaries (the "Returns").  All such Returns accurately reflect in all material respects all liability for taxes of the Ultimate Parent Guarantor and its Subsidiaries as a whole for the periods covered thereby.  The Ultimate Parent Guarantor and each of its Subsidiaries have paid, or have provided adequate reserves (in accordance with IFRS) for the payment of, all Taxes shown as due on all such Returns and all other material U.S. federal, state and non-U.S. Taxes that have become due and payable.

		
	(c)
	There is no action, suit, proceeding, investigation, audit, or claim now pending or, to the best knowledge of the Ultimate Parent Guarantor or any of its Subsidiaries, threatened by any authority regarding any Taxes relating to the Ultimate Parent Guarantor or any of its Subsidiaries.

		
	(d)
	As of the date of this Agreement, neither the Ultimate Parent Guarantor nor any of its Subsidiaries has entered into an agreement or waiver or been requested to enter into an agreement or waiver extending any statute of limitations relating to the payment or collection of Taxes of the Ultimate Parent Guarantor or any of its Subsidiaries, or is aware of any circumstances that would cause the taxable years or other taxable periods of the Ultimate Parent Guarantor or any of its Subsidiaries not to be subject to the normally applicable statute of limitations.

		
	(e)
	Neither the Ultimate Parent Guarantor nor any of its Subsidiaries (i) has engaged in any "listed transaction" within the meaning of Section 6011 of the Code or (ii) has any actual or potential liability for the taxes of any person (other than the Ultimate Parent Guarantor or any of its present or former Subsidiaries) under the United States Treasury regulation Section 1.1502-6 (or any similar provision of state, local, foreign or provincial law).

		
	18.12
	[Intentionally Deleted]

		
	18.13
	Subsidiaries

		
	(a)
	On the first Utilization Date, the Parent Guarantor has no Subsidiaries other than those Subsidiaries listed on Schedule 10 (Subsidiaries) (which Schedule identifies the correct legal name, direct owner, percentage ownership and jurisdiction of organization of each such Subsidiary on the date hereof).  On the first Utilization Date, all outstanding capital stock, membership interests, partnership interests, units or other form of equity, of each class outstanding, of each of the Subsidiaries listed on Schedule 10 (Subsidiaries) has been validly issued, is fully paid and non-assessable (to the extent applicable) and, except in the case of the Parent Guarantor, is owned beneficially and of record by a Obligor free and clear of all Security other than Other Permitted Security. 

		
	(b)
	The Original Borrower is a wholly-owned Subsidiary of the Shareholder.

		
	(c)
	Each of the Owner Guarantors is a wholly-owned Subsidiary of the Original Borrower.

		
	18.14
	Compliance with Statutes, etc.

The Ultimate Parent Guarantor and each of its Subsidiaries are in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all governmental bodies, domestic or foreign, in respect of the conduct of its business and the ownership of its property, except such non-compliances that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
		
	18.15
	[Intentionally Deleted]

		
	18.16
	Anti-Money Laundering; Anti-Bribery and Corruption

		
	(a)
	Each Obligor and the Ultimate Parent Guarantor has conducted its business in compliance with all applicable Anti-Bribery and Corruption Laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

		
	(b)
	Each Obligor and the Ultimate Parent Guarantor as well as their respective directors and officers, complies with any applicable law or regulation implemented to combat "money laundering", including without limitation the PATRIOT Act and the Bank Secrecy Act.

		
	18.17
	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.

		
	18.18
	Pollution and Other Regulations

		
	(a)
	Each of the Borrower, the Parent Guarantor and its Subsidiaries is in compliance with all applicable Environmental Laws governing its business, except for such failures to comply as are not reasonably likely to have a Material Adverse Effect, and neither the Borrower, the Parent Guarantor nor any of its Subsidiaries is, to the knowledge of the Parent Guarantor or the Borrower, liable for any penalties, fines or forfeitures for failure to comply with any of the foregoing except for such penalties, fines or forfeitures as are not reasonably likely to have a Material Adverse Effect.

		
	(b)
	All licenses, permits, registrations or approvals required for the business of the Borrower, the Parent Guarantor and each of its Subsidiaries, as conducted as of the date of this Agreement, under any Environmental Law have been secured and each of the Borrower, the Parent Guarantor and each of its Subsidiaries is in substantial compliance therewith, except for such failures to secure or comply as are not reasonably likely to have a Material Adverse Effect.

		
	(c)
	Neither the Borrower, the Parent Guarantor nor any of its Subsidiaries is in noncompliance with, breach of or default under any applicable writ, order, judgment, injunction, or decree pursuant to any Environmental Law, to which the Borrower, the Parent Guarantor or such Subsidiary is a party or which would affect the ability of the Borrower, the Parent Guarantor or such Subsidiary to operate any Ship, Real Property or other facility and no event has occurred and is continuing which, with the passage of time or the giving of notice or both, would constitute noncompliance, breach of or default thereunder, except in each such case, as such noncompliance, breaches or defaults as are not likely to, individually or in the aggregate, have a Material Adverse Effect.

		
	(d)
	There are, as of the date of this Agreement, no Environmental Claims pending or, to the knowledge of the Borrower, the Parent Guarantor or the Borrower, threatened, against the Borrower, the Parent Guarantor or any of its Subsidiaries in respect of which an unfavorable decision, ruling or finding would be reasonably likely to have a Material Adverse Effect.

		
	(e)
	There are no facts, circumstances, conditions or occurrences on any Ship, Real Property or other facility owned or operated by the Borrower, the Parent Guarantor or any of its Subsidiaries that are reasonably likely (i) to form the basis of an Environmental Claim against the Borrower, the Parent Guarantor, any of its Subsidiaries or any Ship, Real Property or other facility owned by the Borrower, the Parent Guarantor or any of its Subsidiaries, or (ii) to cause such Ship, Real Property or other facility to be subject to any restrictions on its ownership, occupancy, use or transferability under any Environmental Law, except in each such case for clauses (i) and (ii) above, such Environmental Claims or restrictions that individually or in the aggregate are not reasonably likely to have a Material Adverse Effect.

		
	(f)
	Hazardous Materials have not at any time prior to the date of this Agreement, been (i) generated, used, treated or stored on, or transported to or from, any Ship, Real Property or other facility at any time owned or operated by the Borrower, the Parent Guarantor or any of its Subsidiaries or (ii) released on or from any such Ship, Real Property or other facility, except in each case for clauses (i) and (ii) above where such occurrence or event, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

This Clause 18.18 (Pollution and Other Regulations) contains the sole and exclusive representations and warranties of the Obligors with respect to environmental, health and safety matters, including any relating to or arising under Environmental Laws, Environmental Claims or Hazardous Materials.
		
	18.19
	[Intentionally Deleted]

		
	18.20
	Patents, Licenses, Franchises and Formulas

The Ultimate Parent Guarantor and each of its Subsidiaries owns, or has the right to use, and has the right to enforce and prevent any third party from using, all material patents, trademarks, permits, service marks, trade names, copyrights, licenses, franchises and formulas, and has obtained assignments of all leases and other rights of whatever nature, necessary for the present conduct of its business, without any known conflict with the rights of others, except for such failures and conflicts which could not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
		
	18.21
	Financial Indebtedness

Schedule 11 (Financial Indebtedness) sets forth a true and complete list of all Financial Indebtedness of the Parent Guarantor and its Subsidiaries as of the first Utilization Date (other than Financial Indebtedness under the Re-financing Facility and which is to remain outstanding after giving effect to the date of this Agreement (the "Existing Indebtedness")), in each case showing the aggregate principal amount thereof and the name of the borrower and any other entity which directly or indirectly guarantees such debt. 
		
	18.22
	[Intentionally Deleted]

		
	18.23
	Ownership and operation of the Ships

The registered owner and jurisdiction of registration and flag (which shall be in an Approved Flag) of each Ship is set forth in Schedule 8 (Details of the Ships). Each Ship is and will be operated in compliance with all applicable law, rules and regulations, except such noncompliance as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or result in a material diminution in the value of such Ship.
		
	18.24
	Citizenship

The Parent Guarantor and each other Obligor which owns or operates, or will own or operate, one or more Ships is, or will be, qualified to own and operate such Ships under the relevant Approved Flag, or will be permitted, to be flagged in accordance with the terms of the respective Ship's Mortgage.
		
	18.25
	Ship Classification Flag

Each Ship:
		
	(a)
	is or will be, classified in the highest class available for ships of its age and type with an Approved Classification Society, free of any conditions or recommendations, other than as permitted, or will be permitted, under the Ship's Mortgages, and

		
	(b)
	flagged in an Approved Flag jurisdiction.

		
	18.26
	No Immunity

The Ultimate Parent Guarantor does not, nor does any other Obligor or any of their respective properties, have any right of immunity on the grounds of sovereignty or otherwise from the jurisdiction of any court or from setoff or any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the laws of any jurisdiction.  The execution and delivery of the Finance Documents by the Obligors and the performance by them of their respective obligations thereunder constitute commercial transactions.
		
	18.27
	Flags and Enforcement

No fees or taxes, including, without limitation, stamp, transaction, registration or similar taxes, are required to be paid to ensure the legality, validity, or enforceability of this Agreement or any of the other Finance Documents other than recording taxes which have been, or will be, paid by the Ultimate Parent Guarantor or any of its Subsidiaries as and to the extent due.  Under the laws of any Approved Flag jurisdiction, the choice of the laws of England and Wales as set forth in the Finance Documents which are stated to be governed by the laws of England and Wales is a valid choice of law, and the irrevocable submission by each Obligor to jurisdiction and consent to service of process and, where necessary, appointment by such Obligor of an agent for service of process, in each case as set forth in such Finance Documents, is legal, valid, binding and effective.
		
	18.28
	Form of Documentation

Each of the Finance Documents is, or when executed will be, in proper legal form under the laws of the jurisdiction of the applicable Approved Flag for the enforcement thereof under such laws.  To ensure the legality, validity, enforceability or admissibility in evidence of each such Finance Document in applicable Approved Flag jurisdiction, it is not necessary that any Finance Document or any other document be filed or recorded with any court or other authority in such applicable Approved Flag jurisdiction, or notarized or executed under seal, or physically executed in any such jurisdiction, except as have been made, or will be made, in accordance with Clause 46 (Counterparts).
		
	18.29
	Solvency

After giving effect to:
		
	(a)
	the Loan,

		
	(b)
	the consummation of the transactions contemplated hereunder; and

		
	(c)
	the payment and accrual of all transaction costs in connection with the foregoing,

the Parent Guarantor and its Subsidiaries, taken as a whole, the Borrower and its Subsidiaries, taken as a whole, and the Ultimate Parent Guarantor are Solvent.

		
	19
	INFORMATION UNDERTAKINGS

		
	19.1
	General

The undertakings in this Clause 19 (Information Undertakings) remain in force throughout the Security Period unless the Facility Agent, acting with the authorization of the Majority Lenders (or, where specified, all the Lenders), may otherwise permit.
		
	19.2
	Financial statements

The Ultimate Parent Guarantor will send to the Facility Agent:
		
	(a)
	as soon as possible, but in no event later than 120 days after the end of each financial year of the Ultimate Parent Guarantor from and including the financial year ending 31 December 2017, the audited consolidated accounts of the Group and audited individual accounts of the Ultimate Parent Guarantor;

		
	(b)
	as soon as possible, but in no event later than 75 days after the end of each financial half-year of the Ultimate Parent Guarantor (which half-year end shall, for the avoidance of doubt, occur annually), the audited consolidated balance sheet of the Group certified as to its correctness by the chief financial officer of the Ultimate Parent Guarantor and the audited individual balance sheet of the Ultimate Parent Guarantor certified as to its correctness by an officer or director of the Ultimate Parent Guarantor; 

		
	(c)
	as soon as possible, but in no event later than 60 days after the end of each financial quarter of the Ultimate Parent Guarantor and provided that these documents have not been published on the Ultimate Parent Guarantor 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 Ultimate Parent Guarantor and unaudited individual income statements of the Ultimate Parent Guarantor certified as to their correctness by an officer or director of the Ultimate Parent Guarantor; 

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

		
	(e)
	together with delivery of the compliance certificates described in Clause 19.3(a) (Compliance certificate) required in connection with Clauses 19.2(a) and 19.2(b) (Financial Statements) and, after the occurrence of an Event of Default which is continuing, at the written request of the Facility Agent, valuations of each of the Ships dated no more than 30 days prior to the delivery thereof, in form and substance reasonably satisfactory to the Facility Agent and from two Approved Appraisers stating the then current Fair Market Value of each of the Ships. All such valuations shall be conducted by, and made at the expense of, the Borrower.

		
	19.3
	Compliance Certificate

		
	(a)
	At the time of the delivery of the financial statements provided for in Clauses 19.2(a) and 19.2(b) (Financial Statements), a compliance certificate (together with supporting schedules, if any) signed by the chief financial officer of the Ultimate Parent Guarantor in the form attached as Schedule 7 (Compliance Certificate) (or in any other format which the Facility Agent may approve and with such other information as the Facility Agent may require).

		
	(b)
	At the time of a disposal of any Ship, a certificate of the chief financial officer of the Ultimate Parent Guarantor which certificate shall:

		
	(i)
	certify on behalf of the Ultimate Parent Guarantor the last valuation received pursuant to Clause 19.2(e) (Financial Statements) determining the Aggregate Collateral Vessel Value, after giving effect to such disposition(s) and/or showing the individual Fair Market Value of all Ships owned by the Owner Guarantors or Additional Borrower (as the case may be) which have not been sold, transferred, lost or otherwise disposed of at such time; and

		
	(ii)
	set forth the calculations required to establish whether the Ultimate Parent Guarantor is in compliance with the provisions of Clause 25.1 (Minimum required security cover)after giving effect to such disposition.

		
	19.4
	Information: miscellaneous

Each Obligor shall and shall procure that each other Obligor shall supply to the Facility Agent (in sufficient copies for all the Lenders and to the ECAs, if the Facility Agent so requests):
		
	(a)
	promptly, copies of all financial information, proxy materials and other information and reports, if any, which the Ultimate Parent Guarantor or any of its Subsidiaries shall file with the SEC (or any successor thereto) or deliver to holders of its Financial Indebtedness pursuant to the terms of the documentation governing such Financial Indebtedness (or any trustee, agent or other representative therefor) provided that these documents have not been published on the Additional Borrower's website or on the SEC's EDGAR system (or any successor system) and such documents are publicly available or sent to the Lenders in the form of a press release.

		
	(b)
	promptly upon, and in any event within five Business Days after, without duplication of any other reporting requirements herein, receipt of any notices of default, financial reporting and collateral reporting under the Re-financing Facility, and copies of all effectuated additions, amendments, restatements, supplements or other modifications in respect of the Re-financing Facility documents.

		
	(c)
	promptly, such further information and/or documents as any Finance Party (through the Facility Agent) may reasonably request so as to enable such Finance Party to comply with any laws applicable to it (including without limitation compliance with FATCA) or as may be required by any regulatory authority.

		
	(d)
	promptly upon, and in any event within fifteen Business Days after, the Ultimate Parent Guarantor obtains knowledge thereof, written notice of any of the following environmental matters occurring after the date of this Agreement, except to the extent that such environmental matters could not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect:

		
	(i)
	any Environmental Claim pending or threatened in writing against the Ultimate Parent Guarantor or any of its Subsidiaries or any Ship or property owned or operated or occupied by the Ultimate Parent Guarantor or any of its Subsidiaries;

		
	(ii)
	any condition or occurrence on or arising from any Ship or property owned or operated or occupied by the Ultimate Parent Guarantor or any of its Subsidiaries that (a) results in material noncompliance by the Ultimate Parent Guarantor or such Subsidiary with any applicable Environmental Law or (b) could reasonably be expected to form the basis of an Environmental Claim against the Ultimate Parent Guarantor or any of its Subsidiaries or any such Ship or property;

		
	(iii)
	any condition or occurrence on any Ship or property owned or operated or occupied by the Ultimate Parent Guarantor or any of its Subsidiaries that could reasonably be expected to cause such Ship or property to be subject to any restrictions on the ownership, occupancy, use or transferability by the Ultimate Parent Guarantor or such Subsidiary of such Ship or property under any Environmental Law;

		
	(iv)
	the taking of any removal or remedial action in response to the actual or alleged presence of any Hazardous Material on any Ship or property owned or operated or occupied by the Ultimate Parent Guarantor or any of its Subsidiaries as required by any Environmental Law or any governmental or other administrative agency; provided that in any event the Ultimate Parent Guarantor shall deliver to the Facility Agent all material notices received by the Ultimate Parent Guarantor or any of its Subsidiaries from any government or governmental agency under, or pursuant to the OPA; and

		
	(v)
	all such notices shall describe in reasonable detail the nature of the claim, investigation, condition, occurrence or removal or remedial action and the Ultimate Parent Guarantor's or such Subsidiary's response thereto.  In addition, the Ultimate Parent Guarantor will provide the Facility Agent with copies of all material communications with any government or governmental agency and all material communications with any person relating to any Environmental Claim of which notice is required to be given pursuant to this Clause 21.4 (Ownership of Subsidiaries), and such detailed reports of any such Environmental Claim as may reasonably be requested by the Facility Agent or the Majority Lenders;

		
	(e)
	promptly after Ultimate Parent Guarantor's or any of its Subsidiaries' receipt thereof, a copy of any "management letter" received from its certified public accountants and management's response thereto;

		
	(f)
	promptly and in any event within five Business Days after any Obligor obtains actual knowledge thereof, the relevant party shall supply to the Facility Agent (i) the details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanctions Laws by any Sanctions Authority against it, any of its Subsidiaries, any of its direct or indirect owners, or any of their respective directors, officers, employees, agents or representatives as well as information on what steps are being taken to answer or oppose such inquiry, claim, action, suit, proceeding or investigation and (ii) notice that any Obligor, any of its Subsidiaries or any of its direct or indirect owners, or any of their respective directors, officers, employees agents or representatives has become or is likely to become a Restricted Party or becomes involved in any transaction involving a Restricted Party; and

		
	(g)
	from time to time, such other information or documents (financial or otherwise) with respect to the Ultimate Parent Guarantor or its Subsidiaries as the Facility Agent or the Lenders (through the Facility Agent) may reasonably request in writing.

		
	19.5
	"Know your customer" checks

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

		
	(ii)
	any change in the status of an Obligor (including, without limitation, a change of ownership of an Obligor) after the date of this Agreement; 

		
	(iii)
	any change in the information provided in the Beneficial Ownership Certification would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification; or

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

obliges a Finance Party (or, in the case of sub-paragraph (iv) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of any Finance Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by a Servicing Party (for itself or on behalf of any other Finance Party) or any Lender (for itself or, in the case of the event described in sub-paragraph (iv) above, on behalf of any prospective new Lender) (such documentation and evidence to include without limitation, constitutional documents and certificates of good standing of a company, officer's certificates setting out the names of a company's directors and/or officers, copies of passports and address proofs of such directors and/or officers) in order for such Finance Party or, in the case of the event described in sub-paragraph (iv) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.
		
	(b)
	Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing Party to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

		
	19.6
	Notification of Event of Default

Promptly, and in any event within three Business Days after the Ultimate Parent Guarantor obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or Event of Default which notice shall specify the nature thereof, the period of existence thereof and what action the Ultimate Parent Guarantor proposes to take with respect thereto, (ii) any litigation or governmental investigation or proceeding pending or threatened in writing against the Ultimate Parent Guarantor or any of its Subsidiaries which, if adversely determined, could reasonably be expected to have a Material Adverse Effect on any Finance Document and (iii) any Total Loss in respect of any Ship.

		
	20
	FINANCIAL COVENANTS

		
	20.1
	General

The undertakings in this Clause 20 (Financial Covenants) remain in force throughout the Security Period except as the Facility Agent, acting with the authorization of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.
		
	20.2
	Financial Covenants

The Additional 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 20 (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 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;
"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 (other than a Security in favour of the Security Agent 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 19.2 (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, bank 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.

		
	21
	GENERAL UNDERTAKINGS

		
	21.1
	General

The undertakings in this Clause 21 (General Undertakings) remain in force throughout the Security Period except as the Facility Agent, acting with the authorization of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit provided that any undertaking made by an Obligor to a Qualified Sanctions Lender pursuant to this Clause 21 shall be made to such Qualified Sanctions Lender only the extent that the making of and the compliance with this undertaking do not and will not result in a violation of or conflict with the EU Blocking Regulation, Section 7 of the German Foreign Trade Ordinance (§ 7 Aussenwirtschaftsverordnung) or a similar applicable anti-boycott statute.
		
	21.2
	Corporate Franchises

The Ultimate Parent Guarantor will, and will cause each of its Subsidiaries, to do or cause to be done, all things necessary to preserve and keep in full force and effect its existence and its material rights, franchises, licenses and patents (if any) used in its business, except, in the case of any Subsidiary of the Ultimate Parent Guarantor that is not an Owner Guarantor, which could not be reasonably expected to have a Material Adverse Effect; provided, however, that nothing in this Clause 21.2 (Corporate Franchises) shall prevent:
		
	(a)
	sales or other dispositions of assets, consolidations or mergers by or involving the Ultimate Parent Guarantor or any of its Subsidiaries which are permitted in accordance with Clause 21.23 (Merger) or Clause 21.22 (Disposals);

		
	(b)
	any Owner Guarantor from changing the jurisdiction of its organization to the extent permitted by Clause 21.31(c)(vi) (Limitation on Certain Requirements on Subsidiaries); or

		
	(c)
	the abandonment by the Ultimate Parent Guarantor or any of its Subsidiaries of any rights, franchises, licenses and patents that could not be reasonably expected to have a Material Adverse Effect.

		
	21.3
	Compliance with laws

Each Obligor will:
		
	(a)
	comply with all applicable statutes, regulations and orders of, and all applicable restrictions (including all laws and regulations relating to money laundering) imposed by, all governmental bodies, domestic or foreign, (i) in respect of the conduct of its business and the ownership of its property except such non-compliances as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and (ii) applicable to each Ship, its ownership, employment, operation, management and registration, including the ISM Code, ISPS Code, all material Environmental Laws, all Sanctions Laws and the laws of the relevant Approved Flag;

		
	(b)
	obtain, comply with, and do all that is necessary to maintain in full force and effect any approvals required by any Environmental Law except such non-compliances as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and

		
	(c)
	without limiting paragraph (a) above, not employ any Ship, nor allow its employment, operation or management in any manner contrary to any applicable law or regulation, including, but not limited to the ISM Code, the ISPS Code, all applicable Environmental Laws except such non-compliances as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and all Sanctions Laws.

		
	(d)
	conduct its business in a proper and efficient manner in compliance with:

		
	(i)
	its constitutional documents;

		
	(ii)
	all Anti-Corruption Laws; and 

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

and shall notify the Facility Agent immediately upon becoming aware of any breach of any such document, law or regulation.
		
	21.4
	Ownership of Subsidiaries

		
	(a)
	Other than "director qualifying shares", the Parent Guarantor shall at all times directly or indirectly own 100% of the Equity Interests of the Original Borrower and each of the Owner Guarantors.

		
	(b)
	The Parent Guarantor shall cause each Owner Guarantor to at all times be directly owned by one or more of Obligors.

		
	(c)
	Until the sale of a Ship to the Additional Borrower as contemplated by Clause 24.13 (Transfer of Ships), the Parent Guarantor will cause each Ship to be owned at all times by a single Owner Guarantor that owns no other Ships.

		
	21.5
	Environmental claims

The Ultimate Parent Guarantor will, and will cause each of its Subsidiaries to, comply with all Environmental Laws applicable to the ownership or use of any Ship or any other ship or property now or hereafter owned or operated by the Ultimate Parent Guarantor or any of its Subsidiaries, will within a reasonable time period pay or cause to be paid all costs and expenses incurred in connection with such compliance (except to the extent being contested in good faith), and will keep or cause to be kept all such Ships or other ships or property free and clear of any Securities imposed pursuant to such Environmental Laws, in each of the foregoing cases, except to the extent any failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  None of the Ultimate Parent Guarantor, any of Subsidiaries of the Ultimate Parent Guarantor will generate, use, treat, store, release or dispose of, or permit the generation, use, treatment, storage, release or disposal of, Hazardous Materials on any Ship or other ship or property now or hereafter owned or operated or occupied by the Ultimate Parent Guarantor, any of its Subsidiaries, or transport or permit the transportation of Hazardous Materials to or from any ports or property except in material compliance with all applicable Environmental Laws and as reasonably required by the trade in connection with the operation, use and maintenance of any such property or otherwise in connection with their businesses except to the extent any failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  The Ultimate Parent Guarantor will, and will cause each of its Subsidiaries to, maintain insurance on the Ships and any other Ship in at least such amounts as are in accordance with normal industry practice for similarly situated insureds, against losses from oil spills and other environmental pollution.
		
	21.6
	[Intentionally Deleted]

		
	21.7
	Taxation

The Ultimate Parent Guarantor will, and will cause each of its Subsidiaries to, pay and discharge, all material taxes, assessments and governmental charges or levies that become due and payable which are imposed upon it or upon its income or profits, or upon any properties belonging to it, prior to the date on which penalties attach thereto, and all lawful claims for sums that have become due and payable which, if unpaid, might become a Security not otherwise permitted under Clause 21.21 (Negative pledge), provided that neither the Ultimate Parent Guarantor nor any of its Subsidiaries shall be required to pay any such tax, assessment, charge, levy or claim which is being contested in good faith and by proper proceedings if it has maintained adequate reserves with respect thereto in accordance with IFRS.
		
	21.8
	Performance of obligations

The Ultimate Parent Guarantor will, and will cause each of its Subsidiaries to, perform all of its obligations under the terms of each mortgage, indenture, security agreement and other debt instrument (including, without limitation, the Finance Documents) by which it is bound except to the extent waived by the parties thereto and where such non-compliance could reasonably be expected to have a Material Adverse Effect.
		
	21.9
	Use of Proceeds

		
	(a)
	The Ultimate Parent Guarantor will procure that:

		
	(i)
	all proceeds of the Loan shall be used in accordance with Clause 3.1 (Purpose);

		
	(ii)
	no proceeds of the Loan 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 or for a purpose prohibited by Sanctions Laws; and

		
	(iii)
	no payment in connection with a Finance Document shall be funded out of proceeds derived from any action which is in breach of Sanctions Laws.

		
	21.10
	[Intentionally Deleted]

		
	21.11
	Books, Records and Inspections

The Ultimate Parent Guarantor will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries, in conformity in all material respects with IFRS and all requirements of law, shall be made of all dealings and transactions in relation to its business.  The Ultimate Parent Guarantor will, and will cause each of its Subsidiaries to, permit officers and designated representatives of the Facility Agent and the Lenders as a group to visit and inspect, during regular business hours and under guidance of officers of the Ultimate Parent Guarantor or any of its Subsidiaries, any of the properties of the Ultimate Parent Guarantor or its Subsidiaries, and to examine the books of account of the Ultimate Parent Guarantor or such Subsidiaries and discuss the affairs, finances and accounts of the Ultimate Parent Guarantor or such Subsidiaries with, and be advised as to the same by, its and their officers and, in the presence of the Ultimate Parent Guarantor, independent accountants, all upon reasonable advance notice and at such reasonable times and intervals and to such reasonable extent as the Facility Agent or the Majority Lenders may request; provided that, unless an Event of Default exists and is continuing at such time, the Facility Agent and the Lenders shall not be entitled to request more than two such visitations and/or examinations in any fiscal year of the Ultimate Parent Guarantor.
		
	21.12
	Conduct of business

Until the Final Ship Transfer Date (and, in relation to an Owner Guarantor for so long as it shall own a Ship) the Parent Guarantor will, and will procure that each Owner Guarantor will:
		
	(a)
	maintain its books, financial records and accounts, including checking and other bank accounts, and custodian and other securities safekeeping accounts, separate and distinct from those of the other Owner Guarantors;

		
	(b)
	maintain its books, financial records and accounts (including inter-entity transaction accounts) in a manner so that it will not be difficult or costly to segregate, ascertain or otherwise identify their assets and liabilities separate and distinct from the assets and liabilities of the other Owner Guarantors;

		
	(c)
	not commingle any of its assets, funds or liabilities with the assets, funds or liabilities of the other Owner Guarantors;

		
	(d)
	observe all requisite organizational procedures and formalities, including the holding of meetings of the boards of directors as required by its Constitutional Documents, the recordation and maintenance of minutes of such meetings, and the recordation of and maintenance of resolutions adopted at such meetings;

		
	(e)
	except as permitted by Clause 21.23 (Merger), not be consensually merged or consolidated with the other Owner Guarantors (other than for financial reporting purposes);

		
	(f)
	procure that all transactions, agreements and dealings between the Parent Guarantor and the Owner Guarantors (including, in each case, transactions, agreements and dealings pursuant to which the assets or property of one is used or to be used by the other), will reflect the separate identity and legal existence of each such Person;

		
	(g)
	ensure that transactions between any of the Borrower and the Owner Guarantors, on the one hand, and any third parties, on the other hand, will be conducted in the name of the Borrower or such Owner Guarantor, as applicable, as an entity separate and distinct from the Borrower or such Owner Guarantor, as applicable; and

		
	(h)
	in respect of each Owner Guarantor, refer to the Parent Guarantor as a department or division of such Owner Guarantor and will not otherwise refer to the Parent Guarantor in a manner inconsistent with its status as a separate and distinct legal entity.

		
	21.13
	[Intentionally left blank]

		
	21.14
	Loan proceeds

The Borrower will use the proceeds of the Loan only as provided in Clause 3.1 (Purpose).
		
	21.15
	Charters

In connection with any Charter in respect of a Ship having an indicated duration of at least 24 months (including any optional extensions or renewals) entered or to be entered into by the relevant Owner Guarantor or Additional Borrower (as the case may be) owning that Ship with a charterer (other than a member of Group)  or any Charter of any duration entered into or to be entered into by the relevant Owner Guarantor or Additional Borrower (as the case may be) owning that Ship with a charterer who is a member of the Group, the relevant Owner Guarantor or Additional Borrower (as the case may be) shall, at its own cost and expense, promptly and duly execute and deliver to the Security Agent a notice of the assignment in respect of such charter contained in the Assignment of Charter Agreement, and will procure that such charterer executes and deliver to the Security Agent a consent and acknowledgement to such assignment in form and substance reasonably satisfactory to the Facility Agent (in the case where such charterer is a member of the Group) and in all other cases, use all commercially reasonable efforts to procure that such charterer executes and delivers to the Security Agent such consent and acknowledgment to such assignment.
		
	21.16
	Sanctions

		
	(a)
	The Borrower shall:

		
	(i)
	ensure that neither it nor any Subsidiary of the Borrower is or will become a Restricted Party;

		
	(ii)
	use reasonable endeavours to procure that no director, officer, employee, agent or representative of the Borrower or any Subsidiary of the Borrower is or will become a Restricted Party; and

		
	(iii)
	procure that no proceeds of any Advance 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 or for a purpose prohibited by Sanctions Laws.

		
	(b)
	Each Obligor shall ensure that it shall 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.

		
	21.17
	[Intentionally left blank]

		
	21.18
	[Intentionally left blank]

		
	21.19
	[Intentionally Deleted]

		
	21.20
	[Intentionally left blank]

		
	21.21
	Negative pledge

		
	(a)
	The Ultimate Parent Guarantor shall not, and shall not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Security upon or with respect to any Security Assets, whether now owned or hereafter acquired, or sell any such Security Assets subject to an understanding or agreement, contingent or otherwise, to repurchase such Security Assets (including sales of accounts receivable with recourse to the Ultimate Parent Guarantor or any of its Subsidiaries), or assign any right to receive income or permit the filing of any financing statement under the UCC describing such Security or any other similar notice of Security under any similar recording or notice statute; provided that the provisions of this Clause 21.21 (Negative Pledge) shall not prevent the creation, incurrence, assumption or existence of the following (any Security referred to in paragraphs (i) to (vii) ("Other Permitted Security")):

		
	(i)
	any inchoate Security for taxes, assessments or governmental charges or levies not yet due and payable or Securities for taxes, assessments or governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves have been established in accordance with IFRS;

		
	(ii)
	any Permitted Encumbrance, and in the case where such Permitted Encumbrance is a Security imposed by law, such Security was incurred in the ordinary course of business and does not secure any Financial Indebtedness (such as carriers', warehousemen's, materialmen's and mechanics' liens and other similar Security arising in the ordinary course of business) and:

		
	(A)
	does not in the aggregate materially detract from the value of the Security Assets and does not materially impair the use thereof in the operation of the business of the Ultimate Parent Guarantor, the Parent Guarantor or such Subsidiary; or

		
	(B)
	which is being contested in good faith by appropriate proceedings, which proceedings (or orders entered in connection with such proceedings) have the effect of preventing the forfeiture or sale of the Security Assets subject to any such Security;

		
	(iii)
	any Security incurred or deposits made in the ordinary course of business in connection with workers' compensation, unemployment insurance and other types of social security to secure the performance of tenders, statutory obligations (other than excise taxes), surety, stay, customs and appeal bonds, statutory bonds, bids, leases, government contracts, trade contracts, performance and return of money bonds and other similar obligations in each case incurred in the ordinary course of business (exclusive of obligations for the payment of borrowed money) and any Security arising by virtue of deposits made in the ordinary course of business to secure liability for premiums to insurance carriers; provided that the aggregate value of all cash and property at any time encumbered pursuant to this paragraph (iii) shall not exceed $5,000,000;

		
	(iv)
	any Security in respect of seamen's wages which are not past due and other maritime Security for amounts arising in the ordinary course of business and not yet required to be removed or discharged under the terms of the respective Mortgages; and

		
	(v)
	any bankers' Security, rights of setoff and other similar Security existing solely with respect to cash and Cash Equivalents on deposit in one or more accounts maintained by any Obligor or any of its Subsidiaries, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank or banks with respect to cash management and operating account arrangements;

		
	(vi)
	any Permitted Security; and

		
	(vii)
	any Security arising out of any judgments, awards, decrees or attachments in respect of which the Ultimate Parent Guarantor, the Parent Guarantor or its Subsidiaries shall in good faith be prosecuting an appeal or proceedings for review, provided that the aggregate amount of all such judgments, awards, decrees or attachments shall not exceed $10,000,000.

		
	(b)
	Each Obligor or any of its Subsidiaries, the Facility Agent and the Security Agent shall be authorized to take any actions deemed appropriate by it in connection with the granting of any Other Permitted Security (including, without limitation, by executing appropriate lien subordination agreements in favor of the holder or holders of such Security, in respect of the item or items of equipment or other assets subject to such Security) and for the avoidance of doubt an Owner Guarantor may transfer any Ship owned by it to the Additional Borrower subject to the provisions of Clause 24.13 (Transfer of Ships).

		
	21.22
	Disposals

		
	(a)
	The Ultimate Parent Guarantor shall not, and shall not permit any of its Subsidiaries to convey, sell, lease or otherwise dispose of any of the Security Assets, or enter into any sale-leaseback transactions involving any of the Security Assets, except that:

		
	(i)
	the Borrower and each Owner Guarantor may sell, lease or otherwise dispose of any Ship or 100% of the Equity Interest (but not part) of the Owner Guarantor owning that Ship, provided that:

		
	(A)
	such sale is made on market terms at no less than Fair Market Value (as determined in accordance with the Appraisals most recently delivered to the Facility Agent (or obtained by the Facility Agent) pursuant to Clause 19.2(d) (Financial Statements) or delivered at the time of such sale to the Facility Agent by the Ultimate Parent Guarantor);

		
	(B)
	at least 75% of the consideration in respect of such sale shall consist of cash or Cash Equivalents received by the Borrower, or to the respective Owner Guarantor which owned such Ship, on the date of consummation of such sale; and

		
	(C)
	the Borrower shall prepay the relevant Vessel Loans as required by Clause 7.6 (Mandatory prepayment on sale or Total Loss) with the proceeds of such sale, and provided that no Default or Event of Default pursuant to Clause 27.3 (Specific obligations) exists, such prepayment may be made with the proceeds of such sale together with such other cash of the Borrower;

		
	(ii)
	the Ultimate Parent Guarantor and its Subsidiaries may sell or discount, in each case without recourse and in the ordinary course of business, overdue accounts receivable arising in the ordinary course of business, but only in connection with the compromise or collection thereof consistent with customary industry practice (and not as part of any bulk sale); and

		
	(iii)
	the Borrower and any Owner Guarantor may transfer any Security Assets (other than a ship) to any other Owner Guarantor, so long as:

		
	(A)
	no Default or Event of Default then exists; and

		
	(B)
	the Security Requirement are satisfied after giving effect to such transfer to the satisfaction of the Facility Agent (acting on instructions of the Majority Lenders).

For the avoidance of doubt, the provisions of this Clause 21.22 (Disposals) shall not apply to the sale of a Ship in accordance with Clause 24.13 (Transfer of Ships).
		
	(b)
	To the extent the Majority Lenders (or to the extent required pursuant to Clause 45 (Amendments and Waivers) all Lenders) waive the provisions of this Clause 21.22 with respect to the sale of any Security Assets, or any Security Assets is sold as permitted by this Clause 21.22 (Disposals), such Security Assets (unless sold to the Ultimate Parent Guarantor or a Subsidiary of the Ultimate Parent Guarantor) shall be sold free and clear of the Securities created by the Security Documents, and the Facility Agent and Security Agent shall be authorized to take any actions deemed appropriate in order to effect the foregoing.

		
	(c)
	Save to the extent permitted under this Agreement or otherwise permitted by the Facility Agent (acting on instructions of the Majority Lenders), nothing in this Clause shall be deemed to permit an Obligor from disposing all or substantially all of its assets.

		
	21.23
	Merger

The Ultimate Parent Guarantor will not, and will not permit any of its Subsidiaries to wind up, liquidate or dissolve its affairs or enter into any transaction of merger, consolidation or amalgamation or convey, sell, lease or otherwise dispose of all or substantially all of its assets, except that:
		
	(a)
	any Owner Guarantor may be merged, consolidated or amalgamated with, or convey or sell all or substantially all of its assets to any other Owner Guarantor, so long as (x) no Default or Event of Default then exists and (y) the Security Requirements are satisfied after giving effect to such transfer to the satisfaction of the Facility Agent and (ii) any Subsidiary of the Ultimate Parent Guarantor (other than the Borrower, any Owner Guarantor and any subsidiary thereof) may be merged, consolidated or amalgamated with, or convey or sell all or substantially all of its assets to any other Subsidiary (other than the Borrower, any Owner Guarantor and any subsidiary thereof) of the Ultimate Parent Guarantor or the Ultimate Parent Guarantor;

		
	(b)
	following a Security Assets Disposition permitted by this Agreement, the Owner Guarantor which owned the Ship that is the subject of such Security Assets Disposition may dissolve, provided that (i) the Borrower shall prepay the relevant Vessel Loan as required by Clause 7.6 (Mandatory prepayment on sale or Total Loss), (ii) all of the proceeds of such dissolution shall be paid only to an Obligor and (iii) no Default or Event of Default is continuing unremedied at the time of such dissolution; and

		
	(c)
	any Subsidiary which is not an Obligor may wind up, liquidate or dissolve.

		
	21.24
	Change of business

		
	(a)
	The Ultimate Parent Guarantor and its Subsidiaries will not engage in any business other than the businesses permitted pursuant to that Ultimate Parent Guarantor or Subsidiaries' constitutional documents (or, in the case of any Subsidiary that is formed or incorporated after the date of this Agreement, any business in which the Ultimate Parent Guarantor or any other Subsidiary is permitted to carry out pursuant to that Ultimate Parent Guarantor or Subsidiaries' constitutional documents) and activities directly related thereto, and similar or related maritime businesses.

		
	(b)
	The Borrower and Owner Guarantors will not engage in any operating or business activities other than (i) ownership, management or operation of the Ships, (ii) maintenance of legal existence (including the ability to incur fees, costs, expenses and taxes relating to such management), (iii) the entering into and performance of its obligations under this Agreement and the other Finance Documents and its Constitutional Documents, (iv) if applicable, participating in tax, accounting and other administrative matters as a member of the consolidated group of the Ultimate Parent Guarantor and its Subsidiaries, (v) holding any cash, Cash Equivalents and other property necessary or desirable in connection with or incidental to, the ownership, management and operation of the Ships, (vi) payment of Dividends, incurring Indebtedness and any other activities to the extent permitted hereunder and under the other Finance Documents, (vii) providing indemnification to officers and directors and (viii) any activities incidental or reasonably related to the foregoing.

		
	21.25
	Financial Indebtedness

		
	(a)
	The Parent Guarantor will not, and will not permit any of its Subsidiaries to, contract, create, incur, assume or suffer to exist any Indebtedness other than:

		
	(i)
	Financial Indebtedness incurred pursuant to this Agreement and the other Finance Documents;

		
	(ii)
	Financial Indebtedness of the Obligors incurred pursuant to the Re-financing Facility in an aggregate principal amount not to exceed $581,000,000 at any time outstanding, less any repayments thereof made after the date hereof, including, for the avoidance of doubt, any swap or hedge agreement permitted thereunder in accordance with the terms thereof (including, without limitation, any swap or hedge agreement entered into by the relevant Obligor(s) for the purposes of hedging interest rate exposure thereunder);

		
	(iii)
	any  Hedging Agreement and Other Hedging Agreement entered into in the ordinary course of business and consistent with past practices; provided that (x) in the case of any Hedging Agreement, the term thereof does not extend beyond the relevant Termination Date and (y) in the case of any Other Hedging Agreement, the term thereof does not exceed six months and additionally, where such Hedging Agreement is an agreement to hedge interest rate fluctuations, such agreement is entered into in accordance with Clauses 8.5 (Hedging) to 8.6 (Hedging – First Right to Bid and Non-Lender Hedging Agreements) of this Agreement;

		
	(iv)
	intercompany loans and advances (i) among the Obligors and (ii) made by Subsidiaries of the Parent Guarantor (other than the Obligors) to the Parent Guarantor or any other Subsidiary of the Parent; provided that any such loans or advances to an Obligor pursuant to this Clause 21.25(a)(iv) (Financial Indebtedness) shall be unsecured and subordinated to the obligations incurred hereunder of the respective Obligor pursuant to written subordination provisions on terms reasonably acceptable to the Facility Agent (acting on instructions of the Majority Lenders);

		
	(v)
	additional Financial Indebtedness incurred by the Parent Guarantor or any Subsidiary (other than the Borrower or any Owner Guarantor) in an aggregate principal amount not to exceed $25,000,000 at any one time outstanding; and

		
	(vi)
	the Parent Guarantor or any Subsidiary (other than the Borrower or any Owner Guarantor) may incur and remain liable for Financial Indebtedness not otherwise permitted under this Clause 21.25 (Financial Indebtedness) so long as (i) no Default or Event of Default exists at the time of such incurrence and after giving effect thereto and (ii) the Parent Guarantor and its Subsidiaries shall be in pro forma compliance with the financial covenants under this Agreement both before and after giving effect to the incurrence of such Financial Indebtedness.

		
	(b)
	The Ultimate Parent Guarantor 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 Ultimate Parent Guarantor set out in Clause 20 (Financial Covenants) would be breached, on the date of such incurrence.

		
	21.26
	Share capital

		
	(a)
	The Parent Guarantor will not issue, and will not permit any Subsidiary to issue, any preferred stock (or equivalent equity interests) other than Qualified Preferred Stock.

		
	(b)
	The Parent Guarantor will not permit the Original Borrower or any Owner Guarantor to issue any capital stock (including by way of sales of treasury stock) or any options or warrants to purchase, or securities convertible into, capital stock, except

		
	(i)
	for transfers and replacements of then outstanding shares of capital stock,

		
	(ii)
	for stock splits, stock dividends and additional issuances which do not decrease the percentage ownership of the Parent Guarantor or any of its Subsidiaries in any class of the capital stock of such Subsidiary,

		
	(iii)
	to qualifying directors to the extent required by applicable law,

		
	(iv)
	to such Person's shareholders or in connection with any investment permitted under this Agreement, and

		
	(v)
	to the Original Borrower or another Owner Guarantor, in the case of an Owner Guarantor, or to the Parent Guarantor, in the case of the Original Borrower.

		
	(vi)
	All capital stock of the Original Borrower or any Owner Guarantor issued in accordance with this Clause 21.26 (Share Capital) shall be delivered to the Security Agent pursuant to the Shares Security.

		
	21.27
	Jurisdiction of Employment

The Additional Borrower will not, the Parent Guarantor will not, and will not permit the Owner Guarantors or any third party charterer of a Ship to, employ or cause to be employed any Ship in any country or jurisdiction in which (i) the Borrower, the Owner Guarantors or such third party charterer of a Ship is prohibited by law from doing business, or (ii) the Security created by the applicable Mortgage will be rendered unenforceable. 
		
	21.28
	Dividends

The Ultimate Parent Guarantor may only pay a Dividend or make a distribution and/or buy-back, redeem or cancel its own common stock or otherwise return any income or capital to shareholders if the following conditions are satisfied:
		
	(i)
	no Event of Default has occurred and is continuing or would result upon payment of the proposed dividend, distribution or buy-back or other relevant sum; and  

		
	(ii)
	the payment of such dividend or distribution or other relevant sum would not cause any breach of any of the financial covenants set out in Clause 20 (Financial Covenants).

		
	21.29
	Chartering Arrangements

		
	(a)
	The Additional Borrower will, the Parent Guarantor will, and will procure that each Owner Guarantor shall, subject to paragraph (d) below, only charter out the Ship owned or to be owned by it under the relevant Pool Agreement, provided that any Ship may exit such Pool Agreement and be employed under a Charter either directly with a charterer (such direct Charter, an "Other Charter") or through entering into another Pool Agreement without the prior written consent of the Facility Agent, if, such Other Charter complies with the requirements of Clause 24.11 (Restrictions on chartering etc.).

		
	(b)
	The Additional Borrower will, the Parent Guarantor will and will procure that each Owner Guarantor shall (i) provide the Facility Agent upon its request with a true, and complete copy of any Pool Agreement entered into by such Owner Guarantor or the Additional Borrower (as the case may be) in relation to the Ship owned by it; (ii) ensure that each Pool Agreement entered into by the relevant Owner Guarantor or the Additional Borrower (as the case may be) shall constitute legal and valid and binding obligations of the Owner Guarantor or the Additional Borrower (as the case may be) party thereto and shall use commercially reasonable endeavours to ensure that such Pool Agreement shall constitute the legal and valid and binding obligations of the relevant Pool Manager which is party thereto, (iii) and ensure that each Pool Agreement is assignable, and shall be assigned, to the Security Agent pursuant to an Assignment of Pool Agreement, (iv) use commercially reasonable endeavours to procure that the relevant Pool Manager to such Pool Agreement shall provide an acknowledgement in such form and substance as set out in the Assignment of Pool Agreement (or such other form as the Security Agent may approve).

		
	(c)
	Notwithstanding anything to the contrary set forth in this Agreement and any other Finance Documents, with respect to any charter of a Ship through a Pool Manager, such charter may only be entered into between the Owner Guarantor or Additional Borrower which owns such Ship and such Pool Manager and in no event shall the Parent Guarantor or any Subsidiary thereof (other than the Owner Guarantor or Additional Borrower owning such Ship) have any obligations thereunder.

		
	(d)
	After withdrawal of the relevant Ship from the VL8 Pool, no Owner Guarantor or Additional Borrower will (in the case of any Ships owned by that Owner Guarantor or Additional Borrower) 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.

		
	21.30
	Other transactions

The Ultimate Parent Guarantor will not, and will not permit any of the Owner Guarantors to, enter into any transaction or series of related transactions, whether or not in the ordinary course of business, with any of its Affiliates, other than on terms and conditions no less favourable to such Person as would be obtained by such Person at that time in a comparable arm's-length transaction with a Person other than an Affiliate, except:
		
	(a)
	Restricted Payments may be paid to the extent provided in Clause 21.28 (Dividends); 

		
	(b)
	loans and investments may be made and other transactions may be entered into between the Ultimate Parent Guarantor and the Owner Guarantors to the extent permitted by Clause 21.28 (Dividends);  and Clause 21.25 (Financial Indebtedness);

		
	(c)
	as long as the Ultimate Parent Guarantor has an independent compensation committee, directors' fees as determined by such independent compensation committee and, at any time the Ultimate Parent Guarantor does not have an independent compensation committee, the Ultimate Parent Guarantor may pay reasonable directors' fees;

		
	(d)
	the Ultimate Parent Guarantor and the Owner Guarantors may enter into employment agreements or arrangements with their respective officers and employees in the ordinary course of business;

		
	(e)
	the Ultimate Parent Guarantor and the Owner Guarantors may pay management fees which have been pre-approved by the Facility Agent (acting on instructions of the Majority Lenders) to Wholly‐Owned Subsidiaries of the Ultimate Parent Guarantor in the ordinary course of business;

		
	(f)
	the Ultimate Parent Guarantor and the Owner Guarantors may enter into a Intercompany Ship Delivery Agreement;

		
	(g)
	the transactions in existence on the date of this Agreement which are listed on Schedule 13 (Existing Transactions) shall be permitted; and

		
	(h)
	the Ship Management Agreements and the Pool Agreement.

		
	21.31
	Limitation on Certain Restrictions on Subsidiaries

The Ultimate Parent Guarantor will not, and will not permit any of the Owner Guarantors to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any such Owner Guarantor to:
		
	(a)
	pay dividends or make any other distributions on its capital stock or any other interest or participation in its profits owned by the Ultimate Parent Guarantor or the Owner Guarantors, or pay any Financial Indebtedness owed to the Ultimate Parent Guarantor or the Owner Guarantors,

		
	(b)
	make loans or advances to the Ultimate Parent Guarantor or any of the Owner Guarantors; or

		
	(c)
	transfer any of its properties or assets to the Ultimate Parent Guarantor or any of the Owner Guarantors, except for such encumbrances or restrictions existing under or by reason of:

		
	(i)
	applicable law;

		
	(ii)
	this Agreement and the other Finance Documents;

		
	(iii)
	the Re-financing Facility to the extent applicable, or any refinancing thereof or amendments thereto, and the other documents related thereto;

		
	(iv)
	customary provisions restricting subletting or assignment of any lease governing a leasehold interest of the Ultimate Parent Guarantor or an Owner Guarantor;

		
	(v)
	customary provisions restricting assignment of any agreement entered into by the Ultimate Parent Guarantor or an Owner Guarantor in the ordinary course of business; and

		
	(vi)
	restrictions which are not more restrictive than those contained in this Agreement for any documents governing any Indebtedness incurred after the date of this Agreement  in accordance with the terms of this Agreement.

		
	21.32
	Jurisdiction of incorporation or formation; Amendment of constitutional documents

		
	(a)
	The Parent Guarantor will not, and will not permit the Borrower or any Owner Guarantor to, amend, modify or change its (i) Constitutional Documents from that provided to the Facility Agent as at the date of this Agreement or (ii) any agreement entered into by it with respect to its Equity Interests (including any shareholders' agreement), or enter into any new agreement with respect to its Equity Interests, other than any amendments, modifications or changes or any such new agreements which are not in any way materially adverse to the interests of the Lenders.

		
	(b)
	Notwithstanding the foregoing, upon not less than 30 days prior written notice to the Facility Agent and so long as no Default or Event of Default exists and is continuing, any Owner Guarantor may change its jurisdiction of organization to another jurisdiction reasonably satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders), provided that any Owner Guarantor that has entered into the Security Documents hereunder shall promptly take all actions reasonably deemed necessary by the Security Agent to preserve, protect and maintain, without interruption, the security interest and Security of the Security Agent in any Security Assets owned by such Owner Guarantor to the satisfaction of the Security Agent, and such Owner Guarantor shall have provided to the Facility Agent and the Lenders such opinions of counsel as may be reasonably requested by the Facility Agent to assure itself that the conditions of this proviso have been satisfied.

		
	21.33
	End of Fiscal Year; Fiscal Quarter

The Ultimate Parent Guarantor shall cause:
		
	(a)
	each of its, and each of its Subsidiaries' fiscal years to end on December 31; and

		
	(b)
	each of its and its Subsidiaries' fiscal quarters to end on March 31, June 30, September 30 and December 31 of each year.

		
	21.34
	Further assurance

		
	(a)
	The Ultimate Parent Guarantor will, and will cause each of the Subsidiaries to, cause the Security Requirement to be satisfied at all times.

		
	(b)
	The Ultimate Parent Guarantor, on behalf of itself and each other Obligor, will at any time and from time to time, at the expense of the Ultimate Parent Guarantor or such other Obligor, it will promptly execute and deliver all further instruments and documents, and take all further action that may be reasonably necessary, or that the Facility Agent may reasonably require, to perfect and protect any Security granted or purported to be granted hereby or by the other Finance Documents, or to enable the Security Agent to exercise and enforce its rights and remedies with respect to any Security Assets.  Without limiting the generality of the foregoing, the Ultimate Parent Guarantor will, and will cause each Obligor, execute (to the extent applicable) and file, or cause to be filed, such financing or continuation statements under the UCC (or any non-U.S. equivalent thereto), or amendments thereto, such amendments or supplements to the Mortgages (including any amendments required to maintain Securities granted by such Mortgages pursuant to the effectiveness of this Agreement), and such other instruments or notices, as may be reasonably necessary, or that the Facility Agent may reasonably require, to protect and preserve the Securities granted or purported to be granted hereby and by the other Finance Documents.

		
	(c)
	The Ultimate Parent Guarantor, Borrower and Owner Guarantors hereby authorize the Security Agent to file one or more financing or continuation statements under the UCC (or any non-U.S. equivalent thereto), and amendments thereto, relative to all or any part of the Collateral, without the signature of the Parent Guarantor, Borrower or any Owner Guarantor, where permitted by law.  The Security Agent will promptly send the Parent Guarantor a copy of any financing or continuation statements which it may file without the signature of the Parent Guarantor, Borrower or any Owner Guarantor and the filing or recordation information with respect thereto.

		
	(d)
	At the reasonable written request of any counterparty to Hedging Agreement entered into after the date of this Agreement (to the extent permitted under this Agreement to be entered into and secured but would not result in or create any Excluded Hedging Obligation) with one or more Lenders or any Affiliate thereof (even if, after the entry into such Hedging Agreement, the respective Lender subsequently ceases to be a Lender for any reason), the applicable Obligor and, at the written direction of the Security Agent, the mortgagee, shall promptly execute an amendment to each Mortgage adding obligations under such Hedging Agreement as an additional secured obligation under each Mortgage (and allowing such obligations to be secured on such basis as set forth in this Agreement or in the Share Agreement), and cause the same to be promptly and duly recorded, and such amendment shall be in form and substance reasonably satisfactory to the Security Agent.

		
	21.35
	Notification of Sanctions

The Borrower shall:
		
	(a)
	supply to the Facility Agent, promptly upon becoming aware of them, the details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanction Laws against (i) the Borrower, (ii) any other Relevant Person or (iii) 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 Facility Agent promptly upon becoming aware that any of (i) the Borrower, (ii) any other Relevant Person or (iii) any owners of any Relevant Person (other than any owner of the Borrower), has become or is likely to become a Restricted Party.

		
	22
	INSURANCE UNDERTAKINGS

		
	22.1
	General

The undertakings in this Clause 22 (Insurance Undertakings) remain in force from the date of this Agreement throughout the rest of the Security Period except as the Facility Agent, acting with the authorization of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.
		
	22.2
	Maintenance of obligatory insurances

		
	(a)
	The Borrower and each Owner Guarantor shall keep each Ship insured with insurers and protection and indemnity clubs or associations of internationally recognized reputation, and placed in such markets, on such terms and conditions, and through an Approved Insurance Broker and under forms of policies approved by the Security Agent against the risks indicated below and such other risks as the Security Agent may reasonably specify from time to time; however, in no case shall the Security Agent specify insurance in excess of the customary insurances purchased by first-class owners of comparable vessels:

		
	(i)
	marine and war risk, including terrorism, confiscation, London Blocking and Trapping Addendum and Missing Collateral Vessel Clause, hull and machinery insurance, hull interest insurance and freight interest insurance (in each case, on an agreed value basis), together in an amount in Dollars at all times equal to or greater than the greater of (x) the then Fair Market Value of such Ship and (y) an amount which when aggregated with such insured value of the insurances for other Ships which are then subject to a Mortgage, is equal to one-hundred ten per cent (110%) of the aggregate principal amount of the Loan outstanding under this Agreement and any Swap Exposure outstanding at such time. The insured value for hull and machinery insurances required under this clause (i) for a Ship shall at all times be in an amount equal to the greater of (x) seventy per cent (70%) of the Fair Market Value of such Ship and (y) an amount which, when aggregated with the insured value of the hull and machinery insurances of the other Ships which are then subject to a Mortgage is equal to the aggregate principal amount of the Loan outstanding under this Agreement at such time, and the remaining marine and war risk insurance required by this paragraph (i) may be taken out as hull and freight interest insurance;

		
	(ii)
	marine and war risk protection and indemnity insurance or equivalent insurance (including coverage against liability for crew, fines and penalties arising out of the operation of such Ship, insurance against liability arising out of pollution, spillage or leakage, and workmen's compensation or longshoremen's and harbor workers' insurance as shall be required by applicable law) and freight, demurrage & defense insurance in such amounts approved by the Security Agent; provided, however, that insurance against liability under law or international convention arising out of pollution, spillage or leakage shall be in an amount not less than the greater of:

		
	(A)
	$1,000,000,000;

		
	(B)
	the maximum amount reasonably available from the International Group of Protection and Indemnity Associations (the "International Group") or alternatively such sources of pollution, spillage or leakage coverage as are commercially available in any absence of such coverage by the International Group as shall be carried by prudent shipowners engaged in similar trades; and

		
	(C)
	the amounts required by the laws or regulations of the United States of America or any applicable jurisdiction in which such Ship may be trading from time to time.

		
	(iii)
	mortgagee's interest insurance and mortgagee's additional perils insurance on such conditions as the Security Agent may reasonably require and mortgagee's interest insurance for pollution risks as from time to time agreed, satisfactory to the Security Agent and for an amount in U.S. dollars approved by the Security Agent but not being less than 110% of the sum of the aggregate principal amount of the Loan outstanding pursuant to this Agreement and any Swap Exposure outstanding at such time, the Borrower and such Owner Guarantor having no interest or entitlement in respect of such policies; all such mortgagee's interest insurance cover shall be obtained directly by the Security Agent and the Security Agent undertakes to use its best endeavors to match the premium level that the Borrower or such Owner Guarantor would have paid if they had arranged such cover on such conditions (as demonstrated by the reasonable satisfaction of the Security Agent), provided that in no event shall the Borrower or such Owner Guarantor be required to reimburse the Security Agent for any such costs in excess of the premium level then available to the Security Agent in the market; and

		
	(iv)
	while such Ship is idle or laid up, at the option of the Borrower and in lieu of the above-mentioned marine and war risk hull insurance, port risk insurance insuring such Ship against the usual risks encountered by like vessels under similar circumstances.

		
	(b)
	The marine and commercial war-risk insurance required in this Clause 22.2 (Maintenance of Obligatory Insurances) for such Ship shall have deductibles and franchises in amounts reasonably satisfactory to the Security Agent. All insurance maintained hereunder shall be primary insurance without right of contribution against any other insurance maintained by the Security Agent.  The policy of marine and war risk hull and machinery insurance with respect to each Ship shall, if so requested by the Security Agent, provide that the Security Agent shall be a named insured in its capacity as mortgagee and as loss payee.  The entry in a marine and war risk protection indemnity club with respect to each Ship shall note the interest of the Security Agent.  The Facility Agent, the Security Agent and each of their respective successors and assigns shall not be responsible for any premiums, club calls, assessments or any other obligations or for the representations and warranties made therein by the Borrower, any of the Borrower's Subsidiaries, the Owner Guarantor or any other Person.  In addition, the Borrower shall reimburse the Facility Agent for the commercially reasonable cost of mortgagee's interest insurance and mortgagee's additional perils insurance, which the Facility Agent will take out on each Ship upon such terms and in such amounts as the Facility Agent shall deem appropriate.

		
	(c)
	The Security Agent shall from time to time obtain a detailed report signed by an Approved Broker with respect to P & I entry, the hull and machinery and war risk insurance carried and maintained on each Ship, together with their opinion as to the adequacy thereof and its compliance with the provisions of this Clause 22.2 (Maintenance of Obligatory Insurances).  At the Borrower's expense, the Borrower will instruct its insurance broker (which, for the avoidance of doubt shall be a different insurance broker from the Approved Insurance Broker referred to in the immediately preceding sentence) and the P & I club or association providing P & I insurance referred to in part (a)(ii) of this Clause 22.2 (Maintenance of Obligatory Insurances), to agree to advise the Facility Agent by electronic mail of any expiration, termination, alteration or cancellation of any policy, any default in the payment of any premium and of any other act or omission on the part of the Borrower or Owner Guarantor of which the Borrower or such Owner Guarantor has knowledge and which might invalidate or render unenforceable, in whole or in part, any insurance on each Ship, and to provide an opportunity of paying any such unpaid premium or call, such right being exercisable by the Security Agent on each Ship on an individual and not on a fleet basis.  In addition, the Borrower and each Owner Guarantor shall promptly provide the Security Agent with any information which the Security Agent reasonably requests for the purpose of obtaining or preparing any report from the Security Agent's independent marine insurance consultant as to the adequacy of the insurances effected or proposed to be effected in accordance with this Clause 22.2 (Maintenance of Obligatory Insurances) as of the date hereof or in connection with any renewal thereof, and the Borrower and each Owner Guarantor shall upon demand indemnify the Security Agent in respect of all reasonable fees and other expenses incurred by or for the account of the Security Agent in connection with any such report, provided that the Security Agent shall be entitled to such indemnity only for one such report during a period of twelve months.

		
	(d)
	The underwriters or brokers shall furnish the Security Agent with a letter or letters of undertaking to the effect that:

		
	(i)
	they will hold the instruments of insurance, and the benefit of the insurances thereunder, to the order of the Security Agent in accordance with the terms of the loss payable clause referred to in the Assignment of Insurances;

		
	(ii)
	they will have endorsed on each and every policy as and when the same is issued the loss payable clause, to be in the excess of an amount equivalent to the Major Casualty, and the notice of assignment referred to in the relevant Assignment of Insurances for such Ship; and

		
	(iii)
	they will not set off against any sum recoverable in respect of a claim against any Ship under the said underwriters or brokers or any other Person in respect of any other vessel nor cancel the said insurances by reason of non-payment of such premiums or other amounts.

		
	(e)
	All policies of insurance required hereby shall provide for not less than fourteen (14) days prior written notice (seven (7) days in respect of war risks) to be received by the Security Agent of the termination or cancellation of the insurance evidenced thereby.  All policies of insurance maintained pursuant to this Clause 22.2 (Maintenance of Obligatory Insurances) for risks covered by insurance other than that provided by a P & I Club shall contain provisions waiving underwriters' rights of subrogation thereunder against any assured named in such policy and any assignee of said assured, only to the extent such underwriters agree to so waive rights of subrogation (provided that it is understood and agreed that the Borrower and each Owner Guarantor shall use commercially reasonable efforts to obtain such waivers).  The Borrower and each Owner Guarantor shall assign to the Security Agent its full rights under any policies of insurance in respect of each Ship in accordance with the terms contained herein (and, for the avoidance of doubt, such assignments shall include any additional value of any insurance that exceeds the values expressly required herein in respect of such Ship).  Each of the Borrower and each Owner Guarantor agrees that it shall deliver unless the insurances by their terms provide that they cannot cease (by reason of nonrenewal or otherwise) without the Facility Agent being informed and having the right to continue the insurance by paying any premiums not paid by the Borrower or such Owner Guarantor, receipts showing payment of premiums for Required Insurance and also of demands from each Ships P & I underwriters to the Security Agent at least two (2) days before the risk in question commences.

		
	(f)
	Unless the Security Agent shall otherwise agree, all amounts of whatsoever nature payable under any insurance must be payable to the Security Agent for distribution first to itself and thereafter to the Borrower, relevant Owner Guarantor or others as their interests may appear, provided that, notwithstanding anything to the contrary herein, until otherwise required by the Security Agent by notice to the underwriters upon the occurrence and continuance of an Event of Default hereunder, (i) amounts payable under any insurance on a Ship with respect to protection and indemnity risks may be paid directly to (x) the Borrower or relevant Owner Guarantor reimburse it for any loss, damage or expense incurred by it and covered by such insurance or (y) the Person to whom any liability covered by such insurance has been incurred, and (ii) amounts payable under any insurance with respect to such Ship involving any damage to such Ship not constituting an Total Loss, may be paid by underwriters directly for the repair, salvage or other charges involved or, if the Borrower or such Owner Guarantor shall have first fully repaired the damage or paid all of the salvage or other charges, may be paid to the Borrower or such Owner Guarantor as reimbursement therefor; provided, however, that if such amounts (including any franchise or deductible) are in excess of an amount equivalent to the Major Casualty, the underwriters shall not make such payment without first obtaining the written consent thereto of the Security Agent and the loss payable clauses pertaining to such insurances shall be endorsed to that effect.

		
	(g)
	All amounts paid to the Security Agent in respect of any insurance on each Ship shall be disposed of as follows (after deduction of the expenses of the Security Agent in collecting such amounts):

		
	(i)
	any amount which might have been paid at the time, in accordance with the provisions of paragraph (d) above, directly to the Borrower, Owner Guarantor  or others shall be paid by the Security Agent to, or as directed by, the Borrower;

		
	(ii)
	all amounts paid to the Security Agent in respect of a Total Loss of such Ship shall be applied by the Security Agent to the payment of the Financial Indebtedness hereby secured pursuant to Clause 7.6(b) (Mandatory Prepayment on Sale or Total Loss) of this Agreement; and

		
	(iii)
	all other amounts paid to the Security Agent in respect of any insurance on such Ship may, in the Security Agent's sole discretion, be held and applied to the prepayment of the Obligations or to making of needed repairs or other work on such Ship, or to the payment of other claims incurred by the Borrower or Owner Guarantor relating to such Ship, or may be paid to the Borrower, Owner Guarantor or whosoever may be entitled thereto.

		
	(h)
	In the event that any claim or lien is asserted against a Ship for loss, damage or expense which is covered by insurance required hereunder and it is necessary for the Borrower or Owner Guarantor to obtain a bond or supply other security to prevent arrest of such Ship or to release such Ship from arrest on account of such claim or lien, the Security Agent, on request of the Borrower, may, in the sole discretion of the Security Agent, assign to any Person, firm or corporation executing a surety or guarantee bond or other agreement to save or release such Ship from such arrest, all right, title and interest of the Security Agent in and to said insurance covering said loss, damage or expense, as collateral security to indemnify against liability under said bond or other agreement.

		
	(i)
	The Borrower shall deliver to the Security Agent certified copies and, whenever so reasonably requested by the Security Agent, if available to the Borrower, the originals of all certificates of entry, cover notes, binders, evidences of insurance and policies and all endorsements and riders amendatory thereof in respect of insurance maintained pursuant to Clause 22 (Insurance Undertakings) for the purpose of inspection or safekeeping, or, alternatively, satisfactory letters of undertaking from the broker holding the same.  The Security Agent shall be under no duty or obligation to verify the adequacy or existence of any such insurance or any such policies, endorsement or riders.

		
	(j)
	Neither the Borrower nor any Owner Guarantor will execute or permit or willingly allow to be done any act by which any insurance may be suspended, impaired or cancelled, and that it will not permit or allow any Ship to undertake any voyage or run any risk or transport any cargo which may not be permitted by the policies in force, without having previously notified the Security Agent in writing and insured such Ship by additional coverage to extend to such voyages, risks, passengers or cargoes.

		
	(k)
	In case any underwriter proposes to pay less on any claim than the amount thereof, the Borrower shall forthwith inform the Security Agent, and if a Default, Event of Default or a Total Loss has occurred and is continuing, the Security Agent shall have the exclusive right to negotiate and agree to any compromise.

		
	(l)
	The Borrower and each Owner Guarantor will comply with and satisfy all of the provisions of any applicable law, convention, regulation, proclamation or order concerning financial responsibility for liabilities imposed on the Borrower, Owner Guarantor or each Ship with respect to pollution by any state or nation or political subdivision thereof and will maintain all certificates or other evidence of financial responsibility as may be required by any such law, convention, regulation, proclamation or order with respect to the trade in which such Ship is from time to time engaged and the cargo carried by it.

		
	23
	SHIPBUILDING CONTRACT UNDERTAKINGS

		
	23.1
	General

The undertakings in this Clause 23 (Shipbuilding Contract Undertakings) remain in force throughout the Security Period except as the Facility Agent, acting with the authorization of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.
		
	23.2
	Performance of Shipbuilding Contracts

The Borrower and the Parent Guarantor shall procure that the relevant Owner Guarantor, the Shareholder or Subsidiary Inc., as applicable, shall:
		
	(a)
	observe and perform all its obligations and meet all its liabilities under or in connection with each Shipbuilding Contract to which it is a party to which non-compliance of would lead to a breach or default under such  Shipbuilding Contract; and

		
	(b)
	take any action, or refrain from taking any action, which the Facility Agent may reasonably request in connection with any breach of the Shipbuilding Contract to which it is a party to, by it.

		
	23.3
	No variation, release etc. of Shipbuilding Contracts

The Borrower and the Parent Guarantor shall procure that no relevant Owner Guarantor, the Shareholder or Subsidiary Inc., as applicable, shall whether by a document, by conduct, by acquiescence or in any other way:
		
	(a)
	vary, amend or waive the Shipbuilding Contract which it is a party to in a manner materially adverse to the Lenders;

		
	(b)
	terminate the Shipbuilding Contract to which it is a party to or treat itself as discharged or relieved from further performance of any of its obligations or liabilities under the Shipbuilding Contract to which it is a party to without the consent of the Facility Agent,

only if it is hereby agreed that an Owner Guarantor, the Shareholder or Subsidiary Inc., may assign, novate or transfer all of (but not part of) its rights, title, interest and benefit under a Shipbuilding Contract to which it is a party to, only if, prior to any such assignment, novation or transfer, the Facility Agent has been provided by the Borrower, in advance, with satisfactory documentary evidence that the Vessel Loan relating to such Shipbuilding Contract has been or will be fully prepaid and/or the relevant portion of the Commitments relating to such Vessel Loan has been or will be fully cancelled in compliance with Clause 7.6 (Mandatory prepayment on Sale or Total Loss ).
		
	23.4
	Action to protect validity of Shipbuilding Contracts

The Borrower and the Parent Guarantor shall procure that the relevant Owner Guarantor, the Shareholder or Subsidiary Inc., as applicable, shall use its best endeavors to ensure that all interests and rights conferred by the Shipbuilding Contract to which it is a party to remain valid and enforceable in all respects and retain the priority which they were intended to have.
		
	23.5
	No assignment etc. of Shipbuilding Contracts

Save as permitted by the Finance Documents, no Owner Guarantor shall, and the Borrower and the Parent Guarantor shall procure that no Owner Guarantor shall assign, novate, transfer or dispose of any of its rights or obligations under the Shipbuilding Contract to which it is a party to.
		
	23.6
	Provision of information relating to Shipbuilding Contracts

Without prejudice to Clause 19.4 (Information: miscellaneous), the Borrower and the Parent Guarantor shall procure that the relevant Transaction Obligor shall:
		
	(a)
	promptly inform the Borrower and Parent Guarantor if any breach of the Shipbuilding Contract to which it is a party occurs or a serious risk of such a breach arises and of any other event or matter affecting that Shipbuilding Contract, Master Agreement to which it is a party, which has or is reasonably likely to have a Material Adverse Effect and the Borrower and Parent Guarantor shall promptly inform the Facility Agent of any incurrence of Clause (a);

		
	(b)
	provide the Borrower and Parent Guarantor, promptly after service, with copies of all material notices served on or by it or any other Obligor under or in connection with the Shipbuilding Contract to which it is a party to and the Borrower and the Parent Guarantor shall promptly provide the Facility Agent with all notices received pursuant to this paragraph (b); and

		
	(c)
	provide the Borrower and Parent Guarantor with any information which the Facility Agent reasonably requests about any interest or right of any kind which any Owner Guarantor, the Shareholder or Subsidiary Inc. has at any time to, in or in connection with, the Shipbuilding Contract to which it is a party to or in relation to any matter arising out of or in connection with that Shipbuilding Contract including the progress of the construction of the Ship relating to such Shipbuilding Contract, and the Borrower and Parent Guarantor shall provide the Facility Agent with all information received pursuant to this paragraph (c).

		
	24
	GENERAL SHIP UNDERTAKINGS

		
	24.1
	General

The undertakings in this Clause 24 (General Ship Undertakings) remain in force on and from the date of the relevant Delivery Date of a Ship and throughout the rest of the Security Period except as the Facility Agent, acting with the authorization of the Lenders (or, where specified, and the ECAs) may otherwise permit.  The provisions of this Clause 24 (General Ship Undertakings) shall be met by the relevant Obligor which owns a Ship.
		
	24.2
	Flag of Ships; Citizenship; Ship Classification

		
	(a)
	Subject to Clause 24.13 (Transfer of Ships), the Additional Borrower shall, the Parent Guarantor shall, and shall cause each Owner Guarantor that owns a Ship to, cause each Ship to be registered under the laws and flag of (i) the Bahamas, (ii) the Republic of Malta; (iii) the Republic of Liberia, (iv) the Republic of the Marshall Islands, (v) the Republic of Panama; (vi) Bermuda; (vii) the United Kingdom; (viii) the Republic of Singapore, (ix) Belgium, (x) Greece, (xi) France, or (xii) such other jurisdiction acceptable to the Lenders (each jurisdiction in clauses (i) through and including (v), an "Approved Flag").  Notwithstanding the foregoing, any Obligor may transfer a Ship to another Approved Flag in accordance with Clause 24.3 (Flag Jurisdiction Transfer).

		
	(b)
	Subject to Clause 24.13 (Transfer of Ships), the Additional Borrower will, the Parent Guarantor will, and will cause each Owner Guarantor which owns or operates a Ship to, be qualified to own and operate such Ship under the laws of the applicable Approved Flag in accordance with the terms of the related Mortgage.

		
	(c)
	Subject to Clause 24.13 (Transfer of Ships), the Additional Borrower will, the Parent Guarantor will and will cause each Owner Guarantor which operates a Ship to keep such Ship in a good and sufficient state of repair consistent with the ship-ownership and management practice employed by first class owners of vessels of similar size and type and so as to ensure that each Ship is classified in the highest class available for vessels of its age and type with an Approved Classification Society, free of any overdue conditions or recommendations affecting the seaworthiness of such Ship, provided that if the classification of any of the Ships shall be subject to any such recommendations, the Borrower will and will cause each Owner Guarantor which operates such Ship to provide a written report to the Facility Agent describing the recommendations and assessing the steps required to be taken to prevent such recommendations from becoming overdue recommendations and it is hereby further agreed that there shall be no change in the classification of any of the Ships, save with the prior written consent of the Majority Lenders.

		
	(d)
	Subject to Clause 24.13 (Transfer of Ships), the Additional Borrower will, the Parent Guarantor will and will cause each Owner Guarantor which operates a Ship to:

		
	(i)
	comply with and satisfy in all material respects all applicable legal requirements of the jurisdiction of such Ship's home port, now or hereafter from time to time in effect, in order that such Ship shall continue to be documented pursuant to the laws of the jurisdiction of its home port with such endorsements as shall qualify such Ship for participation in the trades and services to which it may be dedicated from time to time; or

		
	(ii)
	not do or allow to be done anything whereby such documentation is or could reasonably be expected to be forfeited.

		
	(e)
	Subject to Clause 24.13 (Transfer of Ships), the Additional Borrower will, the Parent Guarantor will and will cause each Owner Guarantor which operates a Ship to:

		
	(i)
	make or cause to be made all repairs to or replacement of any damaged, worn or lost parts or equipment such that the value of such Ship will not be materially impaired; and

		
	(ii)
	except as otherwise contemplated by this Agreement, not remove any material part of, or item of, equipment owned by the Obligors installed on such Ship except in the ordinary course of the operation and maintenance of such Ship unless:

		
	(A)
	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 (other than any Other Permitted Security) in favor of any Person other than the Security Agent and becomes, upon installation on such Ship, the property of the Obligors  and subject to the security constituted by the Mortgage or the Share Agreement; or

		
	(B)
	the removal will not materially diminish the value of such Ship.

		
	(f)
	Subject to Clause 24.13 (Transfer of Ships), the Additional Borrower will, the Parent Guarantor will and will cause each Owner Guarantor which operates a Ship to submit such Ship to such periodical or other surveys as may be required for classification purposes and, upon the written request of the Security Agent, supply to the Security Agent copies of all survey reports and classification certificates issued in respect thereof.

		
	(g)
	Subject to Clause 24.13 (Transfer of Ships), the Additional Borrower will, the Parent Guarantor will and will cause each Owner Guarantor which operates a Ship to promptly pay and discharge all tolls, dues, taxes, assessments, governmental charges, fines, penalties, debts, damages and liabilities whatsoever which have given or may give rise to maritime or possessory Security (other than any Other Permitted Security) on, or claims enforceable against, such Ship other than any of the foregoing being contested in good faith and diligently by appropriate proceedings, and, in the event of arrest of any Ship pursuant to legal process, or in the event of its detention in exercise or purported exercise of any such Security or claim as aforesaid, procure, if possible, the release of such Ship from such arrest or detention forthwith upon receiving notice thereof by providing bail or otherwise as the circumstances may require.

		
	(h)
	Subject to Clause 24.13 (Transfer of Ships), the Additional Borrower will, the Parent Guarantor will and will cause each Owner Guarantor which operates a Ship to maintain, or cause to be maintained by the charterer or lessee of any Ship, a valid Certificate of Financial Responsibility (Oil Pollution) issued by the United States Coast Guard pursuant to the Federal Water Pollution Control Act to the extent that such certificate may be required by applicable legal requirements for any Ship and such other similar certificates as may be required in the course of the operations of any Ship pursuant to the International Convention on Civil Liability for Oil Pollution Damage of 1969, or other applicable legal requirements.

		
	(i)
	Subject to Clause 24.13 (Transfer of Ships), the Additional Borrower will, the Parent Guarantor will and will cause each Owner Guarantor which operates a Ship to cause such Ships to be managed by Approved Managers, provided that nothing herein shall be construed so as to prohibit such Approved Manager from sub-contracting its management duties. The Additional Borrower, the Parent Guarantor and such Owner Guarantor will use all commercially reasonable endeavours to procure that such Approved Manager shall enter into a Manager's Undertaking.

		
	24.3
	Flag Jurisdiction Transfer

Each Owner Guarantor of a Ship shall, and each other Obligor shall procure that such Owner Guarantor or Additional Borrower (as the case may be) shall only change the flag of the Ship which is owned by it from its initial Approved Flag to a new Approved Flag (the "Transferred Ship") and further upon fulfillment of the following conditions:
		
	(a)
	on or prior to each Flag Jurisdiction Transfer Date, the Facility Agent shall have received a certificate, dated the Flag Jurisdiction Transfer Date, signed by the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Treasurer or an authorized manager, member or general partner of the Owner Guarantor owning that Transferred Ship, certifying that:

		
	(i)
	all necessary governmental (domestic and foreign) and third party approvals and/or consents in connection with the Flag Jurisdiction Transfer being consummated on the Jurisdiction Transfer Date and otherwise referred to herein shall have been obtained and remain in effect;

		
	(ii)
	there exists no judgment, order, injunction or other restraint prohibiting or imposing materially adverse conditions upon such Flag Jurisdiction Transfer or the other transactions contemplated by this Agreement; and

		
	(iii)
	copies of resolutions approving the Flag Jurisdiction Transfer of such Owner Guarantor or Additional Borrower (as the case may be) owning that Ship and any other matters the Facility Agent may reasonably request;

		
	(b)
	on a date no later than by the Flag Jurisdiction Transfer Date:

		
	(i)
	the Owner Guarantor or Additional Borrower (as the case may be) owning the Transferred Ship shall have duly authorized, executed and delivered, and caused to be recorded in the appropriate vessel registry of the new Approved Flag, a new Mortgage (which shall to the extent possible, be registered as a "continuation mortgage" to the original Mortgage recorded in the initial Approved Flag) with respect to such Transferred Ship and such Mortgage shall be effective to create in favor of the Security Agent and/or the Lenders a legal, valid and enforceable first priority security interest, in and lien upon such Transferred Ship, subject only to any Other Permitted Security; and

		
	(ii)
	all filings, deliveries of instruments and other actions necessary or desirable in the reasonable opinion of the Security Agent to perfect and preserve such security interests shall have been duly effected and the Security Agent shall have received evidence thereof in form and substance reasonably satisfactory to the Security Agent;

		
	(iii)
	the Facility Agent shall have received from counsel to the Owner Guarantor or Additional Borrower (as the case may be)  owning that Transferred Ship reasonably satisfactory to the Facility Agent practicing in those jurisdictions in which the Transferred Ship is to be registered and/or the Owner Guarantor or Additional Borrower (as the case may be) owning such Transferred Ship is organized, opinions which shall be addressed to the Facility Agent and each of the Lenders, and dated on such Flag Jurisdiction Transfer Date, which shall (x) be in form and substance reasonably acceptable to the Facility Agent and (y) cover the perfection of the security interests granted pursuant to the new Mortgage registered over the Transferred Ship and such other matters incident thereto as the Facility Agent may reasonably request;

		
	(iv)
	the Facility Agent shall have received:

		
	(A)
	a certificate of ownership issued by the registry of the new Approved Flag showing the registered ownership of the Transferred Ship in the name of the relevant Owner Guarantor or Additional Borrower (as the case may be) owning that Transferred Ship; and

		
	(B)
	a certificate of ownership and encumbrance or, as applicable a transcript of registry issued by the registry of the new Approved Flag with respect to the Transferred Ship, indicating no recorded mortgages, encumbrances  or liens over the Transferred Ship other than any Security in favor of the Security Agent and/or the Lenders and any Other Permitted Security, and

		
	(C)
	a certificate satisfactory to the Facility Agent, from an Approved Insurance Broker with respect to the insurance maintained in respect of the Transferred Ship certifying that such insurances (x) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts, against such risks, and in such form, as are customarily insured against by similarly situated insureds for the protection of the Security Agent as mortgagee and (y) conform with the insurance requirements of the Mortgage and this Agreement;

		
	(v)
	the Security Requirements, as applicable, for the Transferred Ship shall have been satisfied; and

		
	(vi)
	that:

		
	(A)
	no Event of Default has occurred and is continuing; and

		
	(B)
	all representations and warranties contained in this Agreement or in any other Finance Document shall be true and correct in all material respects (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date).

		
	24.4
	Security Requirements

The Additional Borrower and each Owner Guarantor of a Ship which is to be subject to a Flag Jurisdiction Transfer shall, and each other Obligor shall procure that such Additional Borrower or Owner Guarantor shall comply with the following conditions in relation to such Ship for the purposes of such Flag Jurisdiction Transfer:
		
	(a)
	the Additional Borrower or Owner Guarantor owning the Transferred Ship shall have duly authorized, executed and delivered, and caused to be recorded in the appropriate ship registry, a Mortgage with respect to such Ship and such Mortgage shall be effective to create in favor of the Security Agent and/or the Lenders a legal, valid and enforceable first priority security interest, in and lien upon such Ship;

		
	(b)
	the Facility Agent shall have received each of the following:

		
	(i)
	class certificates from an Approved Classification Society indicating that such Ship meets the criteria specified in Clause 24.2 (Flag of Ships; Citizenship; Ship Classification);

		
	(ii)
	certified copies of all agreements related to the Ship Management Agreements and, if applicable, the Pool Agreement or other applicable Charter, for such Ship;

		
	(iii)
	certified copies of all ISM Code and ISPS Code documentation for each Ship; and

		
	(c)
	a report, in form and scope reasonably satisfactory to the Facility Agent, from an Approved Insurance Broker with respect to the insurance maintained by the Parent Guarantor, the Borrower or the Owner Guarantors in respect of such Ship, together with a certificate from such broker certifying that such insurances (i) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts, against such risks, and in such form, as are customarily insured against by similarly situated insureds for the protection of the Facility Agent, the Security Agent and/or the Lenders as mortgagee, (ii) otherwise conform with the insurance requirements of each respective Mortgage (it being understood that, except as required by applicable law, the insurance requirements of such Mortgage shall not exceed the Required Insurance) and (iii) include copies of the Required Insurance;

		
	(d)
	the Facility Agent shall have received in the relevant jurisdictions of incorporation of the applicable Obligors and in the jurisdiction of the flag of the Ship, an opinion addressed to the Facility Agent and each of the Lenders and dated on or about the date of this Agreement covering such matters as shall be reasonably required by the Facility Agent, in each case which shall (x) be in form and substance reasonably acceptable to the Facility Agent and (y) cover matters such as the perfection of the security interests granted pursuant to the Security Documents, and such other matters incidental to the transactions contemplated herein as the Facility Agent may reasonably request;

		
	(e)
	the Facility Agent shall have received a certificate, dated on or about the date of this Agreement and reasonably acceptable to the Facility Agent, signed by the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Treasurer or an authorized manager, member or general partner of the Parent Guarantor, the Borrower and Owner Guarantors, and attested to by the Secretary or any Assistant Secretary (or, to the extent such entity does not have a Secretary or Assistant Secretary, the analogous Person within such entity) of such entity, as the case may be, with appropriate insertions, together with copies of the Constitutional Documents of such entity and the resolutions of such entity referred to in such certificate authorizing the consummation of the transactions contemplated by the Finance Documents; and

		
	(f)
	the Facility Agent shall have received copies of governmental approvals, good standing certificates and bring-down telegrams or facsimiles, if any, which the Facility Agent may have reasonably requested in connection with any matters set out in this Clause, such documents and papers, where appropriate, to be certified by proper corporate or governmental authorities.

		
	24.5
	Classification society undertaking

Each Owner Guarantor shall, and the Parent Guarantor and the Borrower shall procure that such Owner Guarantor shall, in respect of the Ship owned by it, instruct the relevant Approved Classification Society (and use all commercially reasonable efforts to procure that the Approved Classification Society undertakes with the Security Agent):
		
	(a)
	to send to the Security Agent, following receipt of a written request from the Security Agent, certified true copies of all original class records held by the Approved Classification Society in relation to that Ship;

		
	(b)
	to allow the Security Agent (or its agents), at any time and from time to time, to inspect the original class and related records of that Owner Guarantor or the Additional Borrower (as the case may be) and that Ship at the offices of the Approved Classification Society and to take copies of them;

		
	(c)
	to notify the Security Agent immediately in writing if the Approved Classification Society:

		
	(i)
	receives notification from that Owner Guarantor or the Additional Borrower (as the case may be) or any person that that Ship's Approved Classification Society is to be changed; or

		
	(ii)
	becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Ship's class under the rules or terms and conditions of that Owner Guarantor or the Additional Borrower (as the case may be) or that Ship's membership of the Approved Classification Society;

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

		
	(i)
	to confirm that that Owner Guarantor or the Additional Borrower (as the case may be) is not in default of any of its contractual obligations or liabilities to the Approved Classification Society, including confirmation that it has paid in full all fees or other charges due and payable to the Approved Classification Society; or

		
	(ii)
	to confirm that that Owner Guarantor or the Additional Borrower (as the case may be) is in default of any of its contractual obligations or liabilities to the Approved Classification Society, to specify to the Security Agent in reasonable detail the facts and circumstances of such default, the consequences of such default, and any remedy period agreed or allowed by the Approved Classification Society.

		
	24.6
	Modifications

No Owner Guarantor shall, neither shall the Additional Borrower, and the Parent Guarantor and the Original Borrower shall procure that no Owner Guarantor shall, make any modification or repairs to, or replacement of, the Ship owned by it, or equipment installed on it which would or might materially alter the structure, type or performance characteristics of that Ship or materially reduce its value.
		
	24.7
	Removal and installation of parts

		
	(a)
	Subject to paragraph (b) below, no Owner Guarantor shall, neither shall the Additional Borrower, and the Parent Guarantor and the Borrower shall procure that no Owner Guarantor shall, remove any material part of any Ship, or any item of equipment installed on any Ship unless:

		
	(i)
	the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed;

		
	(ii)
	the replacement part or item is free from any Security in favor of any person other than the Security Agent; and

		
	(iii)
	the replacement part or item becomes, on installation on that Ship, the property of that Owner Guarantor or the Additional Borrower (as the case may be) and subject to the security constituted by the Mortgage on that Ship.

		
	(b)
	An Owner Guarantor or the Additional Borrower (as the case may be) may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship owned by that Owner Guarantor or the Additional Borrower (as the case may be).

		
	24.8
	Surveys

Each Owner Guarantor shall, the Additional Borrower shall, and the Parent Guarantor and the Borrower shall procure that such Owner Guarantor shall, submit the Ship owned by it regularly to all periodic or other surveys which may be required for classification purposes and, if so required by the Facility Agent acting with the authorization of the Majority Lenders or an ECA, provide the Facility Agent, with copies of all survey reports.
		
	24.9
	Ship inspections

		
	(a)
	Each Owner Guarantor shall, the Additional Borrower shall, and the Parent Guarantor and the Borrower shall procure that such Owner Guarantor shall, permit the Security Agent (acting through surveyors or other persons appointed by it for that purpose) to board the Ship owned by it at all reasonable times, to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections.

		
	(b)
	Any inspection of a Ship to be conducted by the Security Agent (or its agents) shall be:

		
	(i)
	without undue interference with the operations of that Ship;

		
	(ii)
	made upon the giving of at least 15 Business Days' prior written notice by the Facility Agent;

		
	(iii)
	at the cost of the Owner Guarantor or the Additional Borrower (as the case may be) owning that Ship provided, that the Owner Guarantor or the Additional Borrower (as the case may be) shall not be required to bear the cost of more than one inspection in each calendar year unless an Event of Default has occurred and is continuing.

		
	24.10
	Prevention of and release from arrest

		
	(a)
	Each Owner Guarantor shall, the Additional Borrower shall, and the Parent Guarantor and the Borrower shall procure that such Owner Guarantor shall, in respect of the Ship owned by it, promptly discharge:

		
	(i)
	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against that Ship, its Earnings or its Insurances;

		
	(ii)
	all Taxes, dues and other amounts charged in respect of that Ship, its Earnings or its Insurances; and

		
	(iii)
	all other outgoings whatsoever in respect of that Ship, its Earnings or its Insurances.

		
	(b)
	Each Owner Guarantor shall, the Additional Borrower shall, and the Parent Guarantor and the Borrower shall procure that such Owner Guarantor shall, upon receiving notice of the arrest or seizure of the Ship owned by it or of its detention in exercise or purported exercise of any lien or claim:

		
	(i)
	no later than within seven days of receiving such notice, notify the Facility Agent (who shall promptly notify the Lenders) and provide a report to the Facility Agent (for its forwarding to the Lenders) containing such information as the Lenders may require on such arrest, seizure or detention; and

		
	(ii)
	promptly procure its release by providing bail or otherwise as the circumstances may require.

		
	24.11
	Restrictions on chartering etc.

No Owner Guarantor or Additional Borrower (as the case may be) shall:
		
	(a)
	let that 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 Agent and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason; or

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

		
	(iii)
	the Owner Guarantor or Additional Borrower (as the case may be) establishes to the reasonable satisfaction of the Security Agent that it has sufficient funds to pay for the cost of such work.

		
	24.12
	Notice of Mortgage

Each Owner Guarantor shall, the Additional Borrower shall, and the Parent Guarantor and the Borrower shall procure that such Owner Guarantor shall, keep the relevant Mortgage registered against the Ship owned by it as a valid first priority or as the case may be, first preferred mortgage, carry on board that Ship a certified copy of the relevant Mortgage and place and maintain in a conspicuous place in the navigation room and the master's cabin of that Ship a framed printed notice stating that that Ship is mortgaged by that Borrower to the Security Agent.
		
	24.13
	Transfer of Ships

Notwithstanding Clause 24.3 (Flag Jurisdiction Transfer), an Owner Guarantor may transfer the ownership of a Ship owned by it to the Additional Borrower provided that on or before the date of such transfer the Security Agent has received the following documents in form and substance satisfactory to the Security Agent and its lawyers:
		
	(a)
	a duly executed original of the Replacement Finance Documents in relation to the relevant Ship (and of each document required to be delivered by their respective terms);

		
	(b)
	in each case if required for the provisions of the legal opinions referred to in paragraph (f), copies of the resolutions of the directors of the Additional Borrower authorising the execution of each of the Replacement Finance Documents in relation to the relevant Ship;

		
	(c)
	the original of any power of attorney under which any of the Replacement Finance Documents in relation to the relevant Ship are to be executed on behalf of the Additional Borrower;

		
	(d)
	documentary evidence that the relevant Ship:

		
	(i)
	is definitively and permanently registered in the name of the Additional Borrower as new owner under the relevant Approved Flag;

		
	(ii)
	is in the absolute and unencumbered ownership of the Additional Borrower as new owner save as contemplated by the Finance Documents;

		
	(iii)
	the Mortgage granted by the Additional Borrower as new owner in relation to it has been duly registered against that Ship as valid first priority or preferred (as the case may be) ship mortgage in accordance with the laws of the relevant Approved Flag; and

		
	(iv)
	notwithstanding the transfer of ownership to the Additional Borrower as new owner, it is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with.

		
	(e)
	documents establishing that the Ship will, as from the date of such transfer, be managed by the Approved Manager on terms acceptable to the Lenders, together with:

		
	(i)
	a Manager's Undertaking in respect of the Ship; and

		
	(ii)
	copies of the relevant Approved Manager's Document of Compliance and of that Ship's Safety Management Certificate (together with any other details of the applicable safety management system which the Agent requires) and ISSC;

		
	(f)
	favourable legal opinions from lawyers appointed by the Facility Agent on such matters concerning the laws of England, Belgium, the country where the Ship is registered following such transfer and such other relevant jurisdictions as the Facility Agent may require;

		
	(g)
	a favourable opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the insurances for the relevant Ship as the Facility Agent may require;

		
	(h)
	if required by the Facility Agent, a duly executed original of a supplemental agreement to this Agreement specifying such consequential amendments to this Agreement and other Finance Documents as may be required as a consequence of:

		
	(i)
	the transfer of ownership of the relevant Ship; 

		
	(ii)
	the execution of the Replacement Finance Documents in relation to the relevant Ship; and

		
	(iii)
	the transfer of the relevant Advance by the Owner Guarantor transferring ownership of the relevant Ship to the Additional Borrower;

		
	(i)
	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.

		
	24.14
	Transfer of Loan

Subject to the satisfaction of Clause 24.13 (Transfer of Ships), if the ownership of a Ship is transferred from an Owner Guarantor to the Additional Borrower:
		
	(a)
	the Additional Borrower shall assume the Vessel Loan in relation to that Ship and shall become indebted in an amount equal to the then outstanding amount of such Vessel Loan and the provisions of Clause 29.2 (Additional Borrower) shall apply; and

		
	(b)
	the Owner Guarantor shall be released and the provisions of Clause 29.3 (Release of Obligors) shall apply.

		
	25
	SECURITY COVER

		
	25.1
	Minimum required security cover

		
	(a)
	The Ultimate Parent Guarantor will not permit:

		
	(i)
	in relation to the Ships then owned by an Owner Guarantor, the Aggregate Collateral Vessel Value for such Ships, as determined by the most recent Appraisals delivered by the Borrower to the Facility Agent or obtained by the Facility Agent, at any time to equal less than:

		
	(A)
	from the date of this Agreement to and including the date falling one day prior to the second anniversary of the date of this Agreement, 135% of an amount equal to the aggregate principal amount of the Loan outstanding at such time;

		
	(B)
	thereafter 140% of an amount equal to the aggregate principal amount of the Vessel Loans in relation to the Ships owned by an Owner Guarantor outstanding at such time; 

		
	(ii)
	in relation to the Ships then owned by the Additional Borrower, the Aggregate Collateral Vessel Value for such Ships, as determined by the most recent Appraisals delivered by the Borrower to the Facility Agent or obtained by the Facility Agent, at any time equal to less than 145% of an amount equal to the aggregate principal amount of the Vessel Loans assumed by the Additional Borrower in relation to the Ships owned by it outstanding at such time;

		
	(iii)
	in relation to the ECA Ships then owned by an Owner Guarantor, the Aggregate Collateral Vessel Value of such ECA Ships, as determined by the most recent Appraisals delivered by the Borrower to the Facility Agent or obtained by the Facility Agent, at any time to equal less than:

		
	(A)
	from the date of this Agreement to and including the date falling one day prior to the second anniversary of the date of this Agreement, 135% of an amount equal to the aggregate principal amount of the ECA Vessel Loans outstanding at such time;

		
	(B)
	thereafter 140% of an amount equal to the aggregate principal amount of the ECA Vessel Loans in relation to the Ships owned by an Owner Guarantor outstanding at such time; 

		
	(iv)
	in relation to the ECA Ships then owned by the Additional Borrower, the Aggregate Collateral Vessel Value for such ECA Ships, as determined by the most recent Appraisals delivered by the Borrower to the Facility Agent or obtained by the Facility Agent, at any time equal to less than 145% of an amount equal to the aggregate principal amount of the ECA Vessel Loans assumed by the Additional Borrower in relation to the ECA Ships owned by it outstanding at such time;

provided that any non-compliance with this Clause 25.1 (Minimum required security cover) shall not constitute an Event of Default (but shall constitute a Default), so long as within thirty (30) days of such non-compliance, the Borrower has either (x) provided Additional Collateral (and shall during such period, and prior to satisfactory completion thereof, be diligently carrying out such actions) or (y) prepaid such portion of the Loan outstanding (in the case of paragraph (a)(i) of this Clause 25.1 (Minimum required security cover)) or the aggregate ECA Vessel Loans outstanding (in the case of paragraph (a)(ii) of this Clause 25.1 (Minimum required security cover)) to cure such non-compliance.
Any prepayment pursuant to this Clause 25.1 (Minimum required security cover) shall be applied to reduce in inverse chronological order the amount of each Repayment Instalment falling after that prepayment by the amount prepaid, pro rata in respect of each Vessel Loan outstanding (in the case of paragraph (a)(i) of this Clause 25.1 (Minimum required security cover)) and pro rata in respect of each ECA Vessel Loan outstanding (in the case of paragraph (a)(ii) of this Clause 25.1 (Minimum required security cover)).

		
	26
	APPLICATION OF EARNINGS

		
	26.1
	Payment of Earnings and Minimum Consolidated Liquidity

		
	(a)
	Each Obligor shall cause the Earnings and any other income derived from each of the respective Ships, to the extent constituting Requisition Compensation, Earnings and Insurances, to be deposited by the respective account debtor in respect of such earnings into one or more of the Earnings Accounts maintained for such Obligor from time to time.  Without limiting any Obligor's obligations in respect of this Clause 26.1 (Payment of Earnings and Minimum Consolidated Liquidity), each of the Obligors agrees that, in the event it receives any earnings and other income constituting Requisition Compensation, Earnings, and Insurances in relation to a Ship, and such other proceeds are deposited into any account other than the Earnings Account relating to that Ship, it shall promptly notify the Facility Agent and immediately deposit all such proceeds into the Earnings Account relating to that Ship.

		
	(b)
	The Parent Guarantor and the Original Borrower shall ensure that commencing from the first Utilisation Date and thereafter throughout the Security Period, there shall be maintained in the Minimum Liquidity Account (which shall be subject to an Accounts Security executed by the Parent Guarantor in favour of the Security Agent) an amount which when aggregated with 50% of the amount standing in the credit balance of the Debt Service Reserve Account, shall be no less than the Minimum Liquidity Amount. 

		
	(c)
	Until the date on which the Amending and Restating Agreement is entered into, all payments by a Hedge Counterparty to the Borrower or the Parent Guarantor under a Hedging Agreement shall be paid to the Minimum Liquidity Account and thereafter the Hedge Counterparty shall be notified to pay into the Earnings Account opened in the name of the Additional Borrower, and the Borrower and the Parent Guarantor (as the case may be) hereby irrevocably authorises such Hedge Counterparty to direct such payments into the Minimum Liquidity Account or the Earnings Account opened in the name of the Additional Borrower as the case may be.

		
	26.2
	Debt Service Reserve Account  

Each Obligor shall ensure that, at any time after the first Utilization Date and until the Final Ship Transfer Date there shall be maintained in the Debt Service Reserve Account a credit balance of no less than the aggregate of:
		
	(a)
	the full amount of the Repayment Instalment(s) falling due under Clause 6.1 (Repayment of Loan) in relation to the Vessel Loans relating to the Ships then owned by an Owner Guarantor on the next Repayment Date (excluding the Balloon Payment for the Commercial Tranche); and

		
	(b)
	the aggregate amount of interest on the Loan which is payable on the next due date for payment of interest on the Loan under this Agreement in relation to the Vessel Loans relating to the Ships then owned by an Owner Guarantor.

		
	26.3
	Shortfall in Earnings

		
	(a)
	If the aggregate of the credit balance on the Debt Service Reserve Account falls below the amounts required under Clause 26.2 (Debt Service Reserve Account ), the Parent Guarantor shall promptly make up the amount of the insufficiency and in any event, immediately on demand from the Facility Agent.

		
	(b)
	Without prejudicing the Facility Agent's right to make such demand at any time, the Facility Agent may, if so authorized by the Majority Lenders, permit the Borrower to make up all or part of the insufficiency from the Earnings received in the Earnings Account.

		
	26.4
	Interest accrued on Debt Service Reserve Account

Any credit balance on the Debt Service Reserve Account shall bear interest at the rate from time to time offered by the Account Bank to its customers for dollar deposits of similar amounts and for periods similar to those for which such balances appear to the Account Bank likely to remain on the Debt Service Reserve Account.
		
	26.5
	Release of accrued interest

Interest accruing under Clause 26.4 (Interest accrued on Debt Service Reserve Account) shall be credited to the Debt Service Reserve Account, shall be released to the Parent Guarantor at the end of the Security Period.  For the avoidance of doubt, such interest shall count towards the amounts in the Debt Service Reserve Account required to be maintained under Clause 26.2 (Debt Service Reserve Account).
		
	26.6
	Withdrawals from Accounts.

No withdrawals may be made from any Account without the prior written consent of the Facility Agent unless:
		
	(a)
	Clause 26.1(b) (Payment of Earnings and Minimum Consolidated Liquidity) and Clause 26.2 (Debt Service Reserve Account) are fully complied with; and

		
	(b)
	no Event of Default has occurred and is continuing.

		
	26.7
	Location of Accounts

Each Obligor shall promptly execute any documents which the Facility Agent specifies is necessary to create or maintain in favour of the Security Agent Security over (and/or rights of set-off, consolidation or other rights in relation to) the Earnings Accounts and the Debt Service Reserve Account.

		
	27
	EVENTS OF DEFAULT

		
	27.1
	General

Each of the events or circumstances set out in this Clause 27 (Events of Default) is an Event of Default except for Clause 27.20 (Acceleration).
		
	27.2
	Non-payment

Any Obligor shall default in the payment when due of any amounts due under any Finance Document (including without limitation, any KEXIM Premium and any K-Sure Premium) unless its failure to pay is caused by:
		
	(a)
	administrative or technical error; or

		
	(b)
	a Disruption Event,

		
	(c)
	and payment is made within three (3) Business Days of the payment due date.

		
	27.3
	Specific obligations

Any Obligor shall default in the due performance or observance by it of any term, covenant or agreement contained in Clauses 19.2 (Financial statements), 19.3 (Compliance certificate), 21.2 (Corporate Franchises), 21.4 (Ownership of subsidiaries), 21.21 (Negative pledge), 21.22 (Disposals), 21.23 (Merger), 21.24 (Change of business), 21.25 (Financial Indebtedness) 21.26 (Share capital), 21.27 (Jurisdiction of employment), 21.28 (Dividends), 21.30 (Other transactions), 21.31 (Limitation on certain restrictions on Subsidiaries), 21.32 (Jurisdiction of incorporation or formation; Amendment of constitutional documents), 21.33 (End of fiscal year; Fiscal quarter), 21.34 (Further assurance) and 25.1 (Minimum required security cover).
		
	27.4
	Other obligations

		
	(a)
	An Obligor does not comply with clause 3.3 (Condition Subsequent) of the Amending and Restating Agreement or any provision of the Finance Documents (other than those referred to in Clause 20 (Financial Covenants), Clause 27.2 (Non-payment) and Clause 27.3 (Specific obligations)).

		
	(b)
	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within thirty (30) days of the Facility Agent giving notice to the Borrower or (if earlier) any Obligor becoming aware of the failure to comply.

		
	27.5
	Misrepresentation

Any representation, warranty or statement made by any Obligor herein or in any other Finance Document or in any certificate delivered pursuant hereto or thereto shall prove to be untrue in any material respect on the date as of which made or deemed made.
		
	27.6
	Cross default

		
	(a)
	The Ultimate Parent Guarantor or any of its Subsidiaries shall default in any payment of any Financial Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Financial Indebtedness was created; or

		
	(b)
	The Ultimate Parent Guarantor or any of its Subsidiaries shall default in the observance or performance of any agreement or condition relating to any Financial Indebtedness (other than the obligations created hereunder) or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Financial Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause (determined without regard to whether any notice is required), any such Financial Indebtedness to become due prior to its stated maturity provided that 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; or

		
	(c)
	Any Financial Indebtedness (other than the obligations created hereunder) of the Ultimate Parent Guarantor or any of its Subsidiaries shall be declared to be due and payable, or required to be prepaid, redeemed, defeased or repurchased, other than by a regularly scheduled required prepayment or in connection with an asset sale, casualty or condemnation or other similar mandatory prepayment prior to the stated maturity thereof;

provided that it shall not be a Default or Event of Default under this Clause 27.6 (Cross Default) unless the aggregate principal amount of all Financial Indebtedness as described in preceding clauses (a) through (c), inclusive, exceeds $10,000,000. 
		
	27.7
	Insolvency Event

Neither the Ultimate Parent Guarantor nor any of its Subsidiaries (other than any Immaterial Subsidiary) shall:
		
	(a)
	commence a voluntary case concerning itself under Title 11 of the United States Code entitled "Bankruptcy," as now or hereafter in effect, or any successor thereto (the "U.S. Bankruptcy Code") or any other Debtor Relief Law;

		
	(b)
	be the subject of an involuntary proceeding under any Debtor Relief Law, which is not dismissed within thirty (30) days, after commencement of such proceeding;

		
	(c)
	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;

		
	(d)
	a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that it is insolvent or likely to become insolvent, or an administration notice is given or filed in relation to a Relevant Person, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that it should be wound up, placed in administration or cease to carry on business, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than any Borrower 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; 

		
	(e)
	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;

		
	(f)
	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; 

		
	(g)
	have an order for relief entered with respect to it under any Debtor Relief Laws or similar laws as now or hereafter in effect;

		
	(h)
	fail to pay, or admit in writing its inability to pay, its debts generally as they become due;

		
	(i)
	be adjudicated insolvent or bankrupt; or

		
	(j)
	take any corporate action for the purpose of effecting any of the foregoing.

		
	27.8
	Judgments

One or more judgments or decrees shall be entered against the Ultimate Parent Guarantor or any of its Subsidiaries involving in the aggregate for the Ultimate Parent Guarantor and its Subsidiaries a liability (not paid or fully covered by a reputable and solvent insurance company) and such judgments and decrees either shall be final and non-appealable or shall not be vacated, discharged or stayed or bonded pending appeal for any period of 60 consecutive days, and the aggregate amount of all such judgments, to the extent not covered by insurance, exceeds $10,000,000.
		
	27.9
	[Intentionally Deleted]

		
	27.10
	Guarantees

After the execution and delivery thereof, any guarantee pursuant to Clause 17 (Guarantee and Indemnity) of this Agreement, or any provision thereof, shall cease to be in full force or effect as to any Guarantor (unless such Guarantor is no longer a Subsidiary of the Parent Guarantor by virtue of a liquidation, sale, merger or consolidation permitted by Clauses 21.23 (Merger) and/or 21.24 (Change of Business)) or any Guarantor (or person acting by or on behalf of such Guarantor) shall deny or disaffirm such Guarantor's obligations under the guarantee to which it is a party or any Guarantor shall default in the due performance or observance of any term, covenant or agreement on its part to be performed or observed pursuant to the guarantee to which it is a party beyond any grace period (if any) provided therefor.
		
	27.11
	Security imperilled

At any time after the execution and delivery thereof, any of the Security Documents shall cease to be in full force and effect, or shall cease in any material respect to give the Security Agent for the benefit of the Secured Parties the Security, rights, powers and privileges purported to be created thereby (including, without limitation, a perfected security interest in, and Security on, all of the Security Assets), in favour of the Security Agent, superior to and prior to the rights of all third Persons (except in connection with any Other Permitted Security), and subject to no other Security (except any Other Permitted Security), or any Obligor shall default in the due performance or observance of any term, covenant or agreement on its part to be performed or observed pursuant to any of the Security Documents and such default shall continue beyond any grace period (if any) specifically applicable thereto pursuant to the terms of such Security Document, or any "event of default" (as defined in any Mortgage) shall occur in respect of any Mortgage.
		
	27.12
	Cessation or change of business

Except in connection with the sale of a Ship by the Owner Guarantor that owns it or save to the extent permitted under this Agreement, any Obligor:
		
	(a)
	suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business;

		
	(b)
	changes the nature of its business from that conducted as at the date of this Agreement.

		
	27.13
	Repudiation and rescission of agreements

Save to the extent permitted under this Agreement, an Obligor (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document or any of the Transaction Security or evidences an intention to rescind or repudiate a Transaction Document or any Transaction Security.
		
	27.14
	Restricted Party and non-compliance with Sanctions Laws and/or Anti-Bribery and Corruption Laws

A Transaction Obligor, the Ultimate Parent Guarantor or any Subsidiary becomes a Restricted Party or any Obligor, or the Ultimate Parent Guarantor or its Subsidiary fails to comply with any Sanctions Laws and/or any Anti-Bribery and Anti- Corruption Laws applicable to it.
		
	27.15
	Arrest etc.

Any Ship which is subject to a Mortgage is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other claim and the Owner Guarantor or the Additional Borrower (as the case may be) owning such Ship fails to procure the release of such Ship within a period of 30 Business Days thereafter (the "30 Days Period") unless the Borrower has prepaid the Vessel Loan in full (together with all interest, fees and other related amounts payable in relation thereto) on or before the last day of the 30 Days Period. 
		
	27.16
	Expropriation

If 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
		
	27.17
	Transaction Documents.

		
	(a)
	It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the Transaction Documents.

		
	(b)
	Any obligation of a Transaction Obligor under the Transaction Documents is not or ceases to be legal, valid, binding or enforceable.

		
	(c)
	Any Transaction Document ceases to be in full force and effect or to be continuing or is or purports to be determined or any Transaction Document is alleged by a party to it (other than a Finance Party) to be ineffective.

		
	27.18
	Stock Exchange Listing

The shares of the Additional Borrower cease to remain listed, or are suspended from trading on First Market of Euronext Brussels and the New York Stock Exchange or such other reputable international stock exchange approved by the Facility Agent (acting on the instructions of the Majority Lenders) in writing, such approval not to be unreasonably withheld or delayed, for a consecutive period of more than fourteen (14) days.
		
	27.19
	K-Sure Insurance Policies and KEXIM Guarantee

		
	(a)
	Any default (howsoever described) occurs under the terms of the KEXIM Guarantee and/or any K-Sure Insurance Policy.

		
	(b)
	Any of the KEXIM Guarantee and/or any K-Sure Insurance Policy is terminated, repudiated or ceases to be in full force and effect.

		
	27.20
	Acceleration

Upon the occurrence and during the continuance of an Event of Default, the Facility Agent may and, upon the written request of the Majority Lenders, shall by written notice to the Borrower, take any or all of the following actions, without prejudice to the rights of the Facility Agent or any Lender to enforce its claims against any Obligor (provided that, if an Event of Default specified in Clause 27.7 (Insolvency Event) shall occur in respect of any Obligor, the result which would occur upon the giving of written notice by the Facility Agent to the Borrower as specified in paragraphs (a) and (b) below shall occur automatically without the giving of any such notice):
		
	(a)
	cancel the Total Commitments, whereupon they shall immediately be cancelled and/or declare the principal of and any accrued interest in respect of the Loan and all Secured Liabilities owing hereunder to be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor; and

		
	(b)
	enforce, as Security Agent, all of the Security and security interests created pursuant to the Security Documents.

		
	27.21
	No impairment of rights.

Nothing in this Clause 27 (Events of Default) shall be taken to impair or restrict the exercise of any right given to individual Finance Parties under a Finance Document.

Section 9     
 
CHANGES TO PARTIES

		
	28
	CHANGES TO THE LENDERS

		
	28.1
	Assignments and transfers by the Lenders

Subject to this Clause 28 (Changes to the Lenders), a Lender (the "Existing Lender") may:
		
	(a)
	assign all of its rights (or if less than all, a portion equal to at least $20,000,000 in principal amount in the aggregate for the Existing Lender); or

		
	(b)
	transfer by novation all of its rights and obligations (or if less than all, a portion equal to at least $20,000,000 in principal amount in the aggregate for the Existing Lender),

under the Finance Documents to another bank or financial institution, an ECA 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 (the "New Lender"); provided that if all of any Existing Lender's rights are less than $20,000,000 in principal amount and any Affiliates of such Existing Lender hold any rights under this Agreement, then such Existing Lender and its Affiliates must assign or transfer all of their rights and obligations (or if less than all, a portion equal to at least $20,000,000 in principal amount in the aggregate for the Existing Lender and such Affiliates) to the New Lender.
		
	28.2
	Conditions of assignment or transfer

		
	(a)
	The consent of the Borrower or any Owner Guarantor is not required for an assignment or transfer by an Existing Lender. The consent of the Parent Guarantor is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is:

		
	(i)
	to another Lender or an Affiliate of a Lender;

		
	(ii)
	if the Existing Lender is a fund, to a fund which is a Related Fund; or

		
	(iii)
	made at a time when any Event of Default is continuing.

		
	(b)
	The consent of the Parent Guarantor to an assignment or transfer must not be unreasonably withheld or delayed.  The Parent Guarantor will be deemed to have given its consent ten (10) days after the Existing Lender has requested it unless consent is expressly refused by the Parent Guarantor within that time.

		
	(c)
	The consent of the Parent Guarantor to an assignment or transfer must not be withheld solely because the assignment or transfer may result in an increase to any amount payable under Clause 14.3 (Mandatory Cost) if the Existing Lender agrees to indemnify the Borrower against any such additional amount payable by the Borrower under such Clause.

		
	(d)
	Any assignment or transfer by an Existing Lender which is a K-Sure Lender must be made in accordance with the terms of the relevant K-Sure Insurance Policy.

		
	(e)
	An assignment will only be effective on:

		
	(i)
	receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to the other Secured Parties as it would have been under if it were an Original Lender; and

		
	(ii)
	performance by the Facility Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender.

		
	(f)
	Each Obligor agrees that all rights and interests (present, future or contingent) which the Existing Lender has under or by virtue of the Finance Documents are assigned to the New Lender absolutely, free of any defects in the Existing Lender's title and of any rights or equities which the Borrower or any other Obligor had against the Existing Lender.

		
	(g)
	A transfer will only be effective if the procedure set out in Clause 28.5 (Procedure for transfer) is complied with.

		
	(h)
	If:

		
	(i)
	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and

		
	(ii)
	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Gross Up and Indemnities) or under that clause as incorporated by reference or in full in any other Finance Document or Clause 13 (Increased Costs),

then the New Lender or Lender acting through its new Facility Office is entitled to receive payment under those Clauses only to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.  This paragraph (h) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility.
		
	(i)
	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.

		
	(j)
	Any New Lender in respect of a KEXIM Guaranteed Tranche may only be a Lead Arranger, a Mandated Lead Arranger or such other bank or financial institution acceptable to KEXIM.

		
	28.3
	Assignment or transfer fee

The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of $5,000.
		
	28.4
	Limitation of responsibility of Existing Lenders

		
	(a)
	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

		
	(i)
	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents, the Transaction Security or any other documents;

		
	(ii)
	the financial condition of any Obligor;

		
	(iii)
	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or

		
	(iv)
	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.
		
	(b)
	Each New Lender confirms to the Existing Lender and the other Finance Parties and the Secured Parties that it:

		
	(i)
	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document or the Transaction Security; and

		
	(ii)
	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities throughout the Security Period.

		
	(c)
	Nothing in any Finance Document obliges an Existing Lender to:

		
	(i)
	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 28 (Changes to the Lenders); or

		
	(ii)
	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Transaction Obligor of its obligations under the Finance Documents or otherwise.

		
	28.5
	Procedure for transfer

		
	(a)
	Subject to the conditions set out in Clause 28.2 (Conditions of assignment or transfer), a transfer is effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender.  The Facility Agent shall, subject to paragraph (b) below as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with this Agreement and delivered in accordance with this Agreement, execute that Transfer Certificate.

		
	(b)
	The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.

		
	(c)
	Subject to Clause 28.9 (Pro rata interest settlement), on the Transfer Date:

		
	(i)
	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents and in respect of the Transaction Security, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled (being the "Discharged Rights and Obligations");

		
	(ii)
	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;

		
	(iii)
	the Facility Agent, the Security Agent, the Mandated Lead Arrangers, the Lead Arrangers, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the Security Agent, the Mandated Lead Arrangers, the Lead Arrangers and the Existing Lenders shall each be released from further obligations to each other under the Finance Documents; and

		
	(iv)
	the New Lender shall become a Party as a "Lender".

		
	28.6
	Procedure for assignment

		
	(a)
	Subject to the conditions set out in Clause 28.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender.  The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.

		
	(b)
	The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.

		
	(c)
	Subject to Clause 28.9 (Pro rata interest settlement), on the Transfer Date:

		
	(i)
	the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

		
	(ii)
	the Existing Lender will be released from the obligations (the "Relevant Obligations") expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of the Transaction Security); and

		
	(iii)
	the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations.

		
	(d)
	Lenders may utilize procedures other than those set out in this Clause 28.6 (Procedure for assignment) to assign their rights under the Finance Documents (but not, without the consent of the relevant Transaction Obligor or unless in accordance with Clause 28.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in Clause 28.2 (Conditions of assignment or transfer).

		
	28.7
	Copy of Transfer Certificate or Assignment Agreement to Borrower

The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrower a copy of that Transfer Certificate or Assignment Agreement.
		
	28.8
	Security over Lenders' rights

In addition to the other rights provided to Lenders under this Clause 28 (Changes to the Lenders), each Lender may without consulting with or obtaining consent from any Transaction Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:
		
	(a)
	any charge, assignment, pledge or other Security 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, pledge or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities,

except that no such charge, assignment, pledge or Security shall:
		
	(i)
	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment, pledge or Security for the Lender as a party to any of the Finance Documents; or

		
	(ii)
	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

		
	28.9
	Pro rata interest settlement

If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a "pro rata basis" to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 28.5 (Procedure for transfer) or any assignment pursuant to Clause 28.6 (Procedure for assignment) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period):
		
	(a)
	any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favor of the Existing Lender up to but excluding the Transfer Date ("Accrued Amounts") and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and

		
	(b)
	the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:

		
	(i)
	when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and

		
	(ii)
	the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 28.9 (Pro rata interest settlement), have been payable to it on that date, but after deduction of the Accrued Amounts.

		
	(c)
	In this Clause 28.9 (Pro rata interest settlement) references to "Interest Period" shall be construed to include a reference to any other period for accrual of fees.

		
	29
	CHANGES TO THE OBLIGORS

		
	29.1
	Assignment or transfer by Obligors

No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.
		
	29.2
	Additional Borrower

		
	(a)
	On the First Ship Transfer Date, the Additional Borrower:

		
	(i)
	agrees to become a Borrower and to be bound by the terms of this Agreement and the other Finance Documents as Borrower; and 

		
	(ii)
	shall assume the Vessel Loan in relation to the Ship transferred to it in accordance with Clause 24.13 (Transfer of Ships). 

		
	(b)
	On each Subsequent Ship Transfer Date, the Additional Borrower shall assume the Vessel Loan in relation to the Ship then transferred to it in accordance with Clause 24.13 (Transfer of Ships). 

		
	(c)
	On the Final Ship Transfer Date, the Additional Borrower shall:

		
	(i)
	assume the Vessel Loan in relation to the Ship then transferred to it in accordance with Clause 24.13 (Transfer of Ships); and 

		
	(ii)
	become the sole Borrower under this Agreement and the provisions of Clause 29.3 (Release of Obligors) shall apply in relation to the Original Borrower.

		
	29.3
	Release of Obligors

		
	(a)
	On the First Ship Transfer Date, the Owner Guarantor which has transferred the Ship to the Additional Borrower shall, provided the conditions set out in Clause 24.13 (Transfer of Ships) have been satisfied in full, be released from the Security Documents relating to such Ship and from its obligations under the Finance Documents. 

		
	(b)
	On each Subsequent Ship Transfer Date, the relevant Owner Guarantor which has transferred a Ship to the Additional Borrower shall, provided the conditions set out in Clause 24.13 (Transfer of Ships) have been satisfied in full, be released from the Security Documents relating to such Ship and from its obligations under the Finance Documents. 

		
	(c)
	On the Final Ship Transfer Date:

		
	(i)
	the relevant Owner Guarantor which has transferred a Ship to the Additional Borrower shall, provided the conditions set out in Clause 24.13 (Transfer of Ships) have been satisfied in full, be released from the Security Documents relating to such Ship and from its obligations under the Finance Documents;

		
	(ii)
	the Ultimate Parent Guarantor shall be released from its obligations as a Guarantor and all references to the Ultimate Parent Guarantor shall be construed as references to the Borrower;

		
	(iii)
	the Parent Guarantor shall be released from its obligations as a Guarantor under this Agreement; 

		
	(iv)
	the Shares Pledges granted by the Shareholder shall be released; and 

		
	(v)
	the Ultimate Parent Guarantor shall be entitled to proceed with the solvent winding up of each Owner Guarantor, the Parent Guarantor and the Shareholder.

		
	29.4
	Release of security

		
	(a)
	If a disposal of any asset subject to security created by a Security Document is made in the following circumstances:

		
	(i)
	the disposal is permitted by the terms of any Finance Document;

		
	(ii)
	all Lenders agree to the disposal;

		
	(iii)
	the disposal is being made at the request of the Security Agent in circumstances where any security created by the Security Documents has become enforceable; or

		
	(iv)
	the disposal is being effected by enforcement of a Security Document,

the Security Agent may release the asset(s) being disposed of from any security over those assets created by a Security Document.  However, the proceeds of any disposal (or an amount corresponding to them) must be applied in accordance with the requirements of the Finance Documents (if any).
		
	(b)
	If the Security Agent is satisfied that a release is allowed under this Clause 29.2 (Release of security) (at the request and expense of the Borrower) each Finance Party must enter into any document and do all such other things which are reasonably required to achieve that release.  Each other Finance Party irrevocably authorizes the Security Agent to enter into any such document.  Any release will not affect the obligations of any other Obligor under the Finance Documents.

Section 10     
 
THE FINANCE PARTIES

		
	30
	THE FACILITY AGENT, THE LEAD ARRANGERS AND THE MANDATED LEAD ARRANGERS

		
	30.1
	Appointment of the Facility Agent

		
	(a)
	Each other Finance Party appoints the Facility Agent to act as its agent under and in connection with the Finance Documents.

		
	(b)
	Each other Finance Party authorizes the Facility Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.

		
	(c)
	Notwithstanding anything in Clause 1.1 (Definitions), references to the Finance Documents or a Finance Document in this Clause do not include any Hedging Agreement entered into by any Obligor with any Hedge Counterparty in connection with the Facility, and references to a Finance Parties or a Finance Party in this Clause do not include a Hedge Counterparty.

		
	30.2
	Instructions

		
	(a)
	The Facility Agent shall:

		
	(i)
	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Facility Agent 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 Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties).

		
	(b)
	The Facility Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Facility Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

		
	(c)
	Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Facility Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.

		
	(d)
	The Facility Agent may refrain from acting in accordance with any instructions of any Finance Party or group of Finance Parties until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability (together with any applicable VAT) which it may incur in complying with those instructions.

		
	(e)
	Without prejudice to the remainder of this Clause 30.2 (Instructions), in the absence of instructions, the Facility Agent shall not be obliged to take any action (or refrain from taking action) even if it considers acting or not acting to be in the best interests of the Finance Parties.  The Facility Agent may act (or refrain from acting) as it considers to be in the best interest of the Finance Parties.

		
	(f)
	The Facility Agent is not authorized to act on behalf of a Finance Party (without first obtaining that Finance Party's consent) in any legal or arbitration proceedings relating to any Finance Document.  This paragraph (f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement of the Transaction Security or Security Documents.

		
	30.3
	Duties of the Facility Agent

		
	(a)
	The Facility Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

		
	(b)
	Subject to paragraph (c) below, the Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent for that Party by any other Party.

		
	(c)
	Without prejudice to Clause 28.7 (Copy of Transfer Certificate or Assignment Agreement to Borrower), paragraph (b) above shall not apply to any Transfer Certificate or any Assignment Agreement.

		
	(d)
	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

		
	(e)
	If the Facility Agent 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 Finance Parties.

		
	(f)
	If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent, the Mandated Lead Arrangers or the Security Agent) under this Agreement, it shall promptly notify the other Finance Parties.

		
	(g)
	The Facility Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

		
	30.4
	Role of the Lead Arrangers or Mandated Lead Arrangers 

Except as specifically provided in the Finance Documents, the Lead Arrangers and the Mandated Lead Arrangers have no obligations of any kind to any other Party under or in connection with any Finance Document.
		
	30.5
	No fiduciary duties

		
	(a)
	Nothing in any Finance Document constitutes the Facility Agent or the Lead Arrangers or the Mandated Lead Arrangers as a trustee or fiduciary of any other person.

		
	(b)
	Neither the Facility Agent nor the Lead Arrangers or the Mandated Lead Arrangers shall be bound to account to other Finance Party for any sum or the profit element of any sum received by it for its own account.

		
	30.6
	Application of receipts

Except as expressly stated to the contrary in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility Agent shall be applied by the Facility Agent in accordance with Clause 36.5 (Application of receipts; partial payments).
		
	30.7
	Business with the Group

The Facility Agent, the Lead Arrangers and the Mandated Lead 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.
		
	30.8
	Rights and discretions

		
	(a)
	The Facility Agent may:

		
	(i)
	rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorized;

		
	(ii)
	assume that:

		
	(A)
	any instructions received by it from the Majority Lenders, any Finance Parties or any group of Finance Parties are duly given in accordance with the terms of the Finance Documents; and

		
	(B)
	unless it has received notice of revocation, that those instructions have not been revoked; and

		
	(iii)
	rely on a certificate from any person:

		
	(A)
	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or

		
	(B)
	to the effect that such person approves of any particular dealing, transaction, step, action or thing,

		
	(C)
	as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

		
	(b)
	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Finance Parties) that:

		
	(i)
	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 27 (Events of Default));

		
	(ii)
	any right, power, authority or discretion vested in any Party or any group of Finance Parties has not been exercised; and

		
	(iii)
	any notice or request made by the Borrower (other than a Utilization Request) is made on behalf of and with the consent and knowledge of all the Transaction Obligors.

		
	(c)
	The Facility Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.

		
	(d)
	Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Facility Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Facility Agent (and so separate from any lawyers instructed by the Lenders) if the Facility Agent in its reasonable opinion deems this to be desirable.

		
	(e)
	The Facility Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Facility Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

		
	(f)
	The Facility Agent may act in relation to the Finance Documents and the Security Property through its officers, employees and agents and shall not:

		
	(i)
	be liable for any error of judgment made by any such person; or

		
	(ii)
	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person,

		
	(iii)
	unless such error or such loss was caused by the Facility Agent's gross negligence or willful misconduct.

		
	(g)
	Unless a Finance Document expressly provides otherwise the Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under the Finance Documents.

		
	(h)
	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the Mandated Lead Arrangers is obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

		
	(i)
	Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

		
	30.9
	Responsibility for documentation

Neither the Facility Agent nor the Mandated Lead Arrangers or the Lead Arrangers is responsible or liable for:
		
	(a)
	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, the Security Agent, the Mandated Lead Arrangers, the Lead Arrangers, an Obligor or any other person in, or in connection with, any Transaction Document or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document; or

		
	(b)
	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or

		
	(c)
	any determination as to whether any information provided or to be provided to any Finance Party or Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

		
	30.10
	No duty to monitor

The Facility Agent shall not be bound to inquire:
		
	(a)
	whether or not any Default has occurred;

		
	(b)
	as to the performance, default or any breach by any Obligor of its obligations under any Transaction Document; or

		
	(c)
	whether any other event specified in any Transaction Document has occurred.

		
	30.11
	Exclusion of liability

		
	(a)
	Without limiting paragraph (b) below (and without prejudice to paragraph (e) of Clause 36.11 (Disruption to Payment Systems etc.) or any other provision of any Finance Document excluding or limiting the liability of the Facility Agent), the Facility Agent will not be liable for:

		
	(i)
	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Transaction Document or the Security Property, unless directly caused by its gross negligence or wilful misconduct;

		
	(ii)
	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or

		
	(iii)
	any shortfall which arises on the enforcement or realization 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,

		
	(C)
	including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalization, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

		
	(b)
	No Party other than the Facility Agent may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Transaction Document or any Security Property (other than any claim based on, or any act or omission resulting from gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision)) and any officer, employee or agent of the Facility Agent may rely on this Clause subject to Clause 1.5 (Third party rights).

		
	(c)
	The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognized clearing or settlement system used by the Facility Agent for that purpose.

		
	(d)
	Nothing in this Agreement shall oblige the Facility Agent or the Mandated Lead Arrangers or the Lead 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 Finance Party,

		
	(iii)
	on behalf of any Finance Party and each Finance Party confirms to the Facility Agent, the Lead Arrangers and the Mandated Lead 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 Facility Agent or the Mandated Lead Arrangers or the Lead Arrangers.

		
	(e)
	Without prejudice to any provision of any Finance Document excluding or limiting the Facility Agent's liability, any liability of the Facility Agent arising under or in connection with any Transaction Document or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Facility Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Facility Agent at any time which increase the amount of that loss.  In no event shall the Facility Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Facility Agent has been advised of the possibility of such loss or damages.

		
	30.12
	Lenders' indemnity to the Facility Agent

		
	(a)
	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Facility Agent, within three Business Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent's gross negligence or willful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 36.11 (Disruption to Payment Systems etc.) notwithstanding the Facility Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision)) in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by an Obligor pursuant to a Finance Document).

		
	(b)
	Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for any payment that Lender makes to the Facility Agent pursuant to paragraph (a) above.

		
	(c)
	Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Facility Agent to an Obligor.

		
	30.13
	Resignation of the Facility Agent

		
	(a)
	The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower.

		
	(b)
	Alternatively, the Facility Agent may resign by giving 15 days' notice to the other Finance Parties and the Borrower, in which case the Majority Lenders may appoint a successor Facility Agent with the consent of the Borrower (not to be unreasonably withheld or delayed).

		
	(c)
	If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) above within 15 days after notice of resignation was given, the retiring Facility Agent may appoint a successor Facility Agent (with effect from its written acceptance) with the consent of the Borrower (not to be unreasonably withheld or delayed).

		
	(d)
	If the Facility Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Facility Agent is entitled to appoint a successor Facility Agent under paragraph (c) above, the Facility Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Facility Agent to become a party to this Agreement as Facility Agent) agree with the proposed successor Facility Agent amendments to this Clause 30 (The Facility Agent, the Lead Arrangers and the Mandated Lead Arrangers ) and any other term of this Agreement dealing with the rights or obligations of the Facility Agent consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Facility Agent's normal fee rates and those amendments will bind the Parties.

		
	(e)
	The retiring Facility Agent shall make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the Finance Documents.  The Borrower shall, within three Business Days of demand, reimburse the retiring Facility Agent for the amount of all costs and expenses (including legal fees) incurred by it in making available such documents and records and providing such assistance.

		
	(f)
	The Facility Agent's resignation notice shall only take effect upon the appointment of a successor.

		
	(g)
	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the benefit of Clause 14.4 (Indemnity to the Facility Agent) and this Clause 30 (The Facility Agent, the Lead Arrangers and the Mandated Lead Arrangers ) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Facility Agent.  Any fees for the account of the retiring Facility Agent shall cease to accrue from (and shall be payable on) that date.  Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

		
	(h)
	The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) above.  In this event, the Facility Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (e) above shall be for the account of the Borrower.

		
	(i)
	The consent of the Borrower, the Ultimate Parent Guarantor, the Parent Guarantor or any other Obligor, is not required for an assignment or transfer of rights and/or obligations by the Facility Agent.

		
	30.14
	Confidentiality

		
	(a)
	In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

		
	(b)
	If information is received by a division or department of the Facility Agent other than the division or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.

		
	30.15
	Relationship with the other Finance Parties

		
	(a)
	Subject to Clause 28.9 (Pro rata interest settlement), the Facility Agent may treat the person shown in its records as Lender or Hedge Counterparty at the opening of business (in the place of the Facility Agent's principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office or, as the case may be, the Hedge Counterparty:

		
	(i)
	entitled to or liable for any payment due under any Finance Document on that day; and

		
	(ii)
	entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,

unless it has received not less than five Business Days' prior notice from that Lender or Hedge Counterparty to the contrary in accordance with the terms of this Agreement.
		
	(b)
	Each Finance Party shall supply the Facility Agent with any information that the Security Agent may reasonably specify (through the Facility Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent.

		
	(c)
	Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or dispatched 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 39.5 (Electronic communication)) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 39.2 (Addresses) and sub-paragraph (ii) of paragraph (a) of Clause 39.5 (Electronic communication) and the Facility 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.

		
	30.16
	Credit appraisal by the Finance Parties

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Transaction Document, each Finance Party confirms to the Facility Agent and the Mandated Lead 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 Transaction 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 Transaction Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property;

		
	(c)
	whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Transaction Document, the Security Property, the transactions contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property;

		
	(d)
	the adequacy, accuracy or completeness of any information provided by the Facility Agent, any Party or by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document; and

		
	(e)
	the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.

		
	30.17
	Facility Agent's management time

Any amount payable to the Facility Agent under Clause 14.4 (Indemnity to the Facility Agent) and Clause 16 (Costs and Expenses) shall include the cost of utilizing the Facility Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Facility Agent may notify to the Borrower and the other Finance Parties, and is in addition to any fee paid or payable to the Facility Agent under Clause 11 (Fees; KEXIM Premium and K-Sure Premium).
		
	30.18
	Deduction from amounts payable by the Facility Agent

If any Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make 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.
		
	30.19
	Reliance and engagement letters

Each Secured Party confirms that each of the Mandated Lead Arrangers and the Facility Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Mandated Lead Arrangers or the Facility Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.
		
	30.20
	Full freedom to enter into transactions

Without prejudice to Clause 30.7 (Business with the Group) or any other provision of a Finance Document and notwithstanding any rule of law or equity to the contrary, the Facility Agent shall be absolutely entitled:
		
	(a)
	to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred to in, a Finance Document);

		
	(b)
	to deal in and enter into and arrange transactions relating to:

		
	(i)
	any securities issued or to be issued by any Obligor or any other person; or

		
	(ii)
	any options or other derivatives in connection with such securities; and

		
	(c)
	to provide advice or other services to the Borrower or any person who is a party to, or referred to in, a Finance Document,

and, in particular, the Facility Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.

		
	31
	THE SECURITY AGENT

		
	31.1
	Appointment and trust

		
	(a)
	Each other Finance Party appoints the Security Agent to act as its agent and (to the extent permitted or required under any applicable law) trustee in connection with the Security Property and confirms that the Security Agent shall have a lien on the Security Property and the proceeds of the enforcement of the Security Documents for all moneys payable to the beneficiaries of the Security Documents.

		
	(b)
	The Security Agent accepts its appointment under paragraph (a) above as trustee of the Security Property with effect from the date of this Agreement and declares that it holds the Security Property in trust for the Secured Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 31 (The Security Agent) and the other provisions of the Finance Documents.

		
	(c)
	Each other Finance Party authorizes the Security Agent to (i) perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions, and (ii) execute each of the Security Documents and all other documents that may be approved by the Facility Agent and/or the Majority Lenders for execution by it.

		
	(d)
	Notwithstanding anything in Clause 1.1 (Definitions), references to the Finance Documents or a Finance Document in this Clause do not include any Hedging Agreement entered into by any Obligor with any Hedge Counterparty in connection with the Facility, and references to a Finance Parties or a Finance Party in this Clause do not include a Hedge Counterparty.

		
	31.2
	Enforcement through Security Agent only

The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority or discretion arising under the Security Documents except through the Security Agent.
		
	31.3
	Instructions

		
	(a)
	The Security Agent shall:

		
	(i)
	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Security Agent in accordance with any instructions given to it by the Facility Agent acting on the instructions of:

		
	(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 Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties).

		
	(b)
	The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Facility Agent acting on the instructions of the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

		
	(c)
	Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Security Agent by the Facility Agent acting on the instructions of the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.

		
	(d)
	The Security Agent may refrain from acting in accordance with any instructions of the Facility Agent acting on the instructions of any Finance Party or group of Finance Parties until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability (together with any applicable VAT) which it may incur in complying with those instructions.

		
	(e)
	Without prejudice to the remainder of this Clause 31.3 (Instructions), in the absence of instructions, the Security Agent may (but shall not be obliged to) take such action in the exercise of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate.

		
	(f)
	The Security Agent is not authorized to act on behalf of a Finance Party (without first obtaining that Finance Party's consent) in any legal or arbitration proceedings relating to any Finance Document.  This paragraph (f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement of the Transaction Security or Security Documents.

		
	31.4
	Duties of the Security Agent

		
	(a)
	The Security Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

		
	(b)
	The Security Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party.

		
	(c)
	Except where a Finance Document specifically provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

		
	(d)
	If the Security Agent receives notice from a Party referring to any Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

		
	(e)
	The Security Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

		
	31.5
	No fiduciary duties

		
	(a)
	Nothing in any Finance Document constitutes the Security Agent as an agent, trustee or fiduciary of any Obligor.

		
	(b)
	The Security Agent shall not be bound to account to any other Party for any sum or the profit element of any sum received by it for its own account.

		
	31.6
	Business with the Group

The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.
		
	31.7
	Rights and discretions

		
	(a)
	The Security Agent may:

		
	(i)
	rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorized;

		
	(ii)
	assume that:

		
	(A)
	any instructions received by it from the Facility Agent acting on the instructions of the Majority Lenders, any Finance Parties or any group of Finance Parties are duly given in accordance with the terms of the Finance Documents; and

		
	(B)
	unless it has received notice of revocation, that those instructions have not been revoked; and

		
	(iii)
	rely on a certificate from any person:

		
	(A)
	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or

		
	(B)
	to the effect that such person approves of any particular dealing, transaction, step, action or thing,

		
	(C)
	as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

		
	(b)
	The Security Agent may assume (unless it has received notice to the contrary in its capacity as security agent for the Secured Parties) that:

		
	(i)
	no Default has occurred;

		
	(ii)
	any right, power, authority or discretion vested in any Party or any group of Finance Parties has not been exercised; and

		
	(iii)
	any notice or request made by the Borrower (other than a Utilization Request) is made on behalf of and with the consent and knowledge of all the Obligors.

		
	(c)
	The Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.

		
	(d)
	Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Security Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Security Agent (and so separate from any lawyers instructed by the Facility Agent or the Lenders) if the Security Agent in its reasonable opinion deems this to be desirable.

		
	(e)
	The Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Security Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

		
	(f)
	The Security 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,

		
	(iii)
	unless such error or such loss was caused by the Security Agent's gross negligence or willful misconduct.

		
	(g)
	Unless a Finance Document expressly provides otherwise the Security Agent may disclose to any other Party any information it reasonably believes it has received as security agent under the Finance Documents.

		
	(h)
	Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

		
	(i)
	Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

		
	31.8
	Responsibility for documentation

The Security Agent is not responsible or liable for:
		
	(a)
	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, the Security Agent, the Mandated Lead Arrangers, the Lead Arrangers, an Obligor or any other person in, or in connection with, any Transaction Document or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document; or

		
	(b)
	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or

		
	(c)
	any determination as to whether any information provided or to be provided to any Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

		
	31.9
	No duty to monitor

The Security Agent shall not be bound to inquire:
		
	(a)
	whether or not any Default has occurred;

		
	(b)
	as to the performance, default or any breach by any Obligor of its obligations under any Transaction Document; or

		
	(c)
	whether any other event specified in any Transaction Document has occurred.

		
	31.10
	Exclusion of liability

		
	(a)
	Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Security Agent or any Receiver or Delegate), none of the Security Agent nor any Receiver or Delegate will be liable for:

		
	(i)
	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Transaction Document or the Security Property, unless caused by its gross negligence or willful misconduct;

		
	(ii)
	exercising, or not exercising , any right, power, authority or discretion given to it by, or in connection with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or

		
	(iii)
	any shortfall which arises on the enforcement or realization 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,

		
	(C)
	including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalization, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

		
	(b)
	No Party other than the Security Agent, that Receiver or that Delegate (as applicable) may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Transaction Document or any Security Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.5 (Third party rights).

		
	(c)
	The Security Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Security Agent if the Security Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognized clearing or settlement system used by the Security Agent for that purpose.

		
	(d)
	Nothing in this Agreement shall oblige the Security Agent to carry out:

		
	(i)
	any "know your customer" or other checks in relation to any person; or

		
	(ii)
	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Finance Party,

		
	(iii)
	on behalf of any Finance Party and each Finance Party confirms to the Security Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent.

		
	(e)
	Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Security Agent, any Receiver or Delegate, any liability of the Security Agent, any Receiver or Delegate arising under or in connection with any Transaction Document or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Security Agent, Receiver or Delegate or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Security Agent, any Receiver or Delegate at any time which increase the amount of that loss.  In no event shall the Security Agent, any Receiver or Delegate be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Security Agent, the Receiver or Delegate has been advised of the possibility of such loss or damages.

		
	31.11
	Lenders' indemnity to the Security Agent

		
	(a)
	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Agent and every Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct) duly justified in acting as Security Agent, Receiver or Delegate under the Finance Documents (unless the Security Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).

		
	(b)
	Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for any payment that Lender makes to the Security Agent pursuant to paragraph (a) above.

		
	(c)
	Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Security Agent to an Obligor.

		
	31.12
	Resignation of the Security Agent

		
	(a)
	The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower.

		
	(b)
	Alternatively, the Security Agent may resign by giving 15 days' notice to the other Finance Parties and the Borrower, in which case the Majority Lenders may appoint a successor Security Agent with the consent of the Borrower (not to be unreasonably withheld or delayed).

		
	(c)
	If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (b) above within 15 days after notice of resignation was given, the retiring Security Agent may appoint a successor Security Agent with the consent of the Borrower (not to be unreasonably withheld or delayed).

		
	(d)
	The retiring Security Agent shall make available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents.  The Borrower shall, within three Business Days of demand, reimburse the retiring Security Agent for the amount of all costs and expenses (including legal fees) incurred by it in making available such documents and records and providing such assistance.

		
	(e)
	The Security Agent's resignation notice shall only take effect upon:

		
	(i)
	the appointment of a successor; and

		
	(ii)
	the transfer of all the Security Property to that successor.

		
	(f)
	Upon the appointment of a successor, the retiring Security Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of Clause 31.23 (Winding up of trust) and paragraph (d) above) but shall remain entitled to the benefit of Clause 14.5 (Indemnity to the Security Agent) and this Clause 31 (The Security Agent) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Security Agent.  Any fees for the account of the retiring Security Agent shall cease to accrue from (and shall be payable on) that date.  Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

		
	(g)
	The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph (b) above.  In this event, the Security Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Borrower.

		
	(h)
	The consent of the Borrower (or any other Obligor) is not required for an assignment or transfer of rights and/or obligations by the Security Agent.

		
	31.13
	Confidentiality

		
	(a)
	In acting as Security Agent for the Finance Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any other of its divisions or departments.

		
	(b)
	If information is received by a division or department of the Security Agent other than the division or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Security Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.

		
	31.14
	Credit appraisal by the Finance Parties

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Transaction Document, each Finance Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any Transaction Document including but not limited to:
		
	(a)
	the financial condition, status and nature of each member of the Group;

		
	(b)
	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property;

		
	(c)
	whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Transaction Document, the Security Property, the transactions contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property;

		
	(d)
	the adequacy, accuracy or completeness of  any information provided by the Security Agent, any Party or by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document; and

		
	(e)
	the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.

		
	31.15
	Security Agent's management time

		
	(a)
	Any amount payable to the Security Agent under Clause 14.5 (Indemnity to the Security Agent) and Clause 16 (Costs and Expenses) shall include the cost of utilizing the Security Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Security Agent may notify to the Borrower and the other Finance Parties, and is in addition to any fee paid or payable to the Security Agent under Clause 11 (Fees, KEXIM Premium and K-Sure Premium).

		
	(b)
	Without prejudice to paragraph (a) above, in the event of:

		
	(i)
	a Default;

		
	(ii)
	the Security Agent being requested by an Obligor or the Facility Agent acting on the instructions of the Majority Lenders to undertake duties which the Security Agent and the Borrower agree to be of an exceptional nature or outside the scope of the normal duties of the Security Agent under the Finance Documents; or

		
	(iii)
	the Security Agent and the Borrower agreeing that it is otherwise appropriate in the circumstances,

		
	(iv)
	the Borrower shall pay to the Security Agent any additional remuneration (together with any applicable VAT) that may be agreed between them or determined pursuant to paragraph (c) below.

		
	(c)
	If the Security Agent and the Borrower fail to agree upon the nature of the duties, or upon the additional remuneration referred to in paragraph (b) above or whether additional remuneration is appropriate in the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by the Borrower (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.

		
	31.16
	Reliance and engagement letters

Each Secured Party confirms that the Security Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Security Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.
		
	31.17
	No responsibility to perfect Transaction Security

The Security Agent shall not be liable for any failure to:
		
	(a)
	require the deposit with it of any deed or document certifying, representing or constituting the title of any Obligor to any of the Security Assets; or

		
	(b)
	obtain any license, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any Finance Document or the Transaction Security; or

		
	(c)
	require any further assurance in relation to any Security Document.

		
	31.18
	Insurance by Security Agent

		
	(a)
	The Security Agent 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,

		
	(iv)
	and the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance.

		
	(b)
	Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable for any damages, costs or losses to any person as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Facility Agent acting on the instructions of the Majority Lenders request it to do so in writing and the Security Agent fails to do so within 14 days after receipt of that request.

		
	31.19
	Custodians and nominees

The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it with reasonable care under this Agreement or be bound to supervise the proceedings or acts of any person.
		
	31.20
	Delegation by the Security Agent

		
	(a)
	Each of the Security Agent, any Receiver and any Delegate 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 Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit and commercially reasonable in the interests of the Secured Parties.

		
	(c)
	No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of any such delegate or sub delegate selected by it with reasonable care.

		
	31.21
	Additional Security Agents

		
	(a)
	The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it:

		
	(i)
	if it considers that appointment to be in the best  interests of the Secured Parties; or

		
	(ii)
	for the purposes of conforming to any legal requirement, restriction or condition which the Security Agent deems to be relevant; or

		
	(iii)
	for obtaining or enforcing any judgment in any jurisdiction,

and the Security Agent shall give prior notice to the Borrower and the Finance Parties of that appointment.
		
	(b)
	Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those given to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities that are given or imposed by the instrument of appointment.

		
	(c)
	The commercially reasonable remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent.

		
	31.22
	Acceptance of title

The Security Agent shall be entitled to accept without inquiry, and shall not be obliged to investigate, any right and title that any Obligor may have to any of the Security Assets and shall not be liable for or bound to require any Obligor to remedy any defect in its right or title.
		
	31.23
	Winding up of trust

If the Security Agent, with the approval of the Facility Agent determines that:
		
	(a)
	all of the Secured Liabilities and all other obligations secured by the Security Documents have been fully and finally discharged; and

		
	(b)
	no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Obligor pursuant to the Finance Documents,

		
	(c)
	then

		
	(i)
	the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents; and

		
	(ii)
	any Security Agent which has resigned pursuant to Clause 31.12 (Resignation of the Security Agent) shall release, without recourse or warranty, all of its rights under each Security Document.

		
	31.24
	Application of receipts

		
	(a)
	Except as expressly stated to the contrary in any Finance Document, any moneys which the Security Agent receives or recovers and which are, or are attributable to, Security Property (for the purposes of this Clause 31 (The Security Agent), the "Recoveries") shall be transferred to the Facility Agent for application in accordance with Clause 36.5 (Application of receipts; partial payments).

		
	(b)
	Paragraph (a) above is without prejudice to the rights of the Security Agent, each Receiver and each Delegate:

		
	(i)
	under Clause 14.5 (Indemnity to the Security Agent) or any other indemnity in favor of the Security Agent under the Finance Documents to be indemnified out of the Security Assets; and

		
	(ii)
	under any Finance Document to credit any moneys received or recovered by it to any suspense account.

		
	(c)
	Any transfer by the Security Agent to the Facility Agent in accordance with paragraph (a) above shall be a good discharge, to the extent of that payment, by the Security Agent.

		
	(d)
	The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph (a) of this Clause 31.24 (Application of receipts) in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated.

		
	31.25
	Deductions from receipts

		
	(a)
	Before transferring any moneys to the Facility Agent under Clause 31.24 (Application of receipts), the Security Agent may, in its discretion:

		
	(i)
	deduct any sum then due and payable under this Agreement or any other Finance Documents to the Security Agent or any Receiver or Delegate and retain that sum for itself or, as the case may require, pay it to another person to whom it is then due and payable;

		
	(ii)
	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

		
	(iii)
	pay all Taxes which may be assessed against it in respect of any of the Security Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

		
	(b)
	For the purposes of sub-paragraph (i) of paragraph (a) above, if the Security Agent has become entitled to require a sum to be paid to it on demand, that sum shall be treated as due and payable, even if no demand has yet been served.

		
	31.26
	Prospective liabilities

Following enforcement of any of the Transaction Security, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any Recoveries in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) for later payment to the Facility Agent for application in accordance with Clause 36.5 (Application of receipts; partial payments) in respect of:
		
	(a)
	any sum to the Security Agent, any Receiver or any Delegate; and

		
	(b)
	any part of the Secured Liabilities,

that the Security Agent or, in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or owing at any time in the future.
		
	31.27
	Investment of proceeds

Prior to the payment of the proceeds of the Recoveries to the Facility Agent for application in accordance with Clause 36.5 (Application of receipts; partial payments) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the payment  from time to time of those moneys in the Security Agent's discretion in accordance with the provisions of this Clause 31.27 (Investment of proceeds).
		
	31.28
	Currency conversion

		
	(a)
	For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent may convert any moneys received or recovered by the Security Agent from one currency to another, at a market rate of exchange.

		
	(b)
	The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.

		
	31.29
	Good discharge

Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the Facility Agent on behalf of the Secured Parties and any payment made in that way shall be a good discharge, to the extent of that payment, by the Security Agent.
		
	31.30
	Full freedom to enter into transactions

Without prejudice to Clause 31.6 (Business with the Group) or any other provision of a Finance Document and notwithstanding any rule of law or equity to the contrary, the Security Agent shall be absolutely entitled:
		
	(a)
	to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred to in, a Finance Document);

		
	(b)
	to deal in and enter into and arrange transactions relating to:

		
	(i)
	any securities issued or to be issued by any Obligor or any other person; or

		
	(ii)
	any options or other derivatives in connection with such securities; and

		
	(c)
	to provide advice or other services to the Borrower or any person who is a party to, or referred to in, a Finance Document,

and, in particular, the Security Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.

		
	32
	ECA AGENT

		
	32.1
	The ECA Agent

		
	(a)
	Each K-Sure Lender and each KEXIM Guaranteed Lender appoints and authorizes the ECA Agent to act as its agent under and in connection with this Agreement and the other Finance Documents, in relation to each K-Sure Insurance Policy and all K-Sure Matters or the KEXIM Guarantee and all KEXIM Matters (as the case may be) with power to take such actions as:

		
	(i)
	are specified under any Finance Document as being for the ECA Agent to take on behalf of the K-Sure Lenders insured under the K-Sure Insurance Policy or on behalf of the KEXIM Guaranteed Lenders under the KEXIM Guarantee (as the case may be);

		
	(ii)
	are specifically delegated to the ECA Agent by the terms of the K-Sure Insurance Policy or the KEXIM Guarantee; or

		
	(iii)
	are reasonably incidental thereto,

and if expressly authorized in writing by each K-Sure Lender or each KEXIM Guaranteed Lender (as the case may be), the ECA Agent may execute and deliver on its behalf the K-Sure Insurance Policy or the KEXIM Guarantee (as the case may be) and all documents that are necessary or desirable in connection with such agreement, and where the ECA Agent has acted in accordance with the express written instructions of the K-Sure Lenders or the KEXIM Guaranteed Lenders (as the case may be), each K-Sure Lender or each KEXIM Guaranteed Lender agrees severally to be bound by the terms and conditions of each K-Sure Insurance Policy or the KEXIM Guarantee (as the case may be) as if it had executed and delivered such agreement for and in its own name.
		
	(b)
	Without limiting the foregoing:

		
	(i)
	each K-Sure Lender and each KEXIM Guaranteed Lender authorizes the ECA Agent to exercise those rights, powers and discretions which are expressly given to the ECA Agent by this Agreement and the other Finance Documents, together with any other reasonably incidental rights, powers and discretions; and

		
	(ii)
	each K-Sure Lender appoints the ECA Agent solely for the purpose of:

		
	(A)
	providing, revealing and disclosing, such information and details relating to any Obligor, the Finance Documents and the facilities granted pursuant thereto, to K-Sure as K-Sure may require from time to time for the purpose of issuing and administering the K-Sure Insurance Policies; and

		
	(B)
	making a claim on behalf of the K-Sure Lenders under the K-Sure Insurance Policies and directing payment of the insurance proceeds under the K-Sure Insurance Policies which shall be held by the Security Agent in trust for the K-Sure Lenders and for application by the Facility Agent in accordance with Clause 36 (Payment Mechanics) of this Agreement.

		
	(iii)
	each KEXIM Guaranteed Lender appoints the ECA Agent solely for the purpose of:

		
	(A)
	providing, revealing and disclosing, such information and details relating to any Obligor, the Finance Documents and the facilities granted pursuant thereto, to KEXIM as KEXIM may require from time to time for the purpose of issuing and administering the KEXIM Guarantee; and

		
	(B)
	making a claim on behalf of the KEXIM Guaranteed Lenders under the KEXIM Guarantee and directing payment of any moneys pursuant to the KEXIM Guarantee which shall be held by the Security Agent in trust for the KEXIM Guaranteed Lenders and for application by the Facility Agent in accordance with Clause 36 (Payment Mechanics) of this Agreement.

		
	33
	ECA SPECIFIC PROVISIONS

		
	33.1
	No actions without K-Sure Lender consent

		
	(a)
	Except where the ECA Agent reasonably believes that this is inconsistent with the terms of any K-Sure Insurance Policy, the ECA Agent agrees:

		
	(i)
	not to take any action under the relevant K-Sure Insurance Policy without the consent of all the K-Sure Lenders (which consent shall not be unreasonably withheld or delayed), unless the ECA Agent has reasonably determined that such action would not be detrimental to the insurance coverage provided to the K-Sure Lenders thereunder; and

		
	(ii)
	to take such actions under the relevant K-Sure Insurance Policy (including with respect to any amendment, modification or supplement to that K-Sure Insurance Policy) as may be directed by all the K-Sure Lenders from time to time;

		
	(b)
	provided that, notwithstanding anything herein or in the relevant K-Sure Insurance Policy to the contrary, the ECA Agent shall not be obliged to take any such action or to expend or risk its own funds or otherwise incur any liability in the performance of any of its duties or the exercise of any of its rights or powers under this Agreement or the relevant K-Sure Insurance Policy if:

		
	(i)
	it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; or

		
	(ii)
	such action would be contrary to applicable law.

		
	(c)
	If, in respect of any K-Sure Matters in relation to or arising out of any of the Finance Documents, where the approval, consent, authorization or instruction of K-Sure is required under the terms of the Finance Documents or the relevant K-Sure Insurance Policy, the ECA Agent wishes to take any step or action under or in relation to which conflicts with, or in contrary to, the provisions of the relevant K-Sure Insurance Policy and/or the approval, consent, authorization or instruction of K-Sure, such step or action may only be taken with consent of all the K-Sure Lenders.

		
	33.2
	No actions without KEXIM Guaranteed Lender consent

		
	(a)
	Except where the ECA Agent reasonably believes that this is inconsistent with the terms of the KEXIM Guarantee, the ECA Agent agrees:

		
	(b)
	not to take any action under the KEXIM Guarantee without the consent of all the KEXIM Guaranteed Lenders (which consent shall not be unreasonably withheld or delayed); and

		
	(c)
	to take such actions under the KEXIM Guarantee (including with respect to any amendment, modification or supplement to the KEXIM Guarantee) as may be directed by all the KEXIM Guaranteed Lenders from time to time; provided that, notwithstanding anything herein or in the KEXIM Guarantee to the contrary, the ECA Agent shall not be obliged to take any such action or to expend or risk its own funds or otherwise incur any liability in the performance of any of its duties or the exercise of any of its rights or powers under this Agreement or the KEXIM Guarantee if:

		
	(i)
	it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; or

		
	(ii)
	such action would be contrary to applicable law.

		
	33.3
	Limitation on obligation of ECA Agent to request instructions

The ECA Agent shall not have any obligation to request the Facility Agent or the Majority Lenders or any other Finance Party to give it any instructions or to make any determination.
		
	33.4
	Ratification of unauthorized action of ECA Agent

Any action which the ECA Agent takes or purports to take at a time when it had not been authorized to do so shall, if subsequently ratified, be as valid as regards every Finance Party as if the ECA Agent had been expressly authorized in advance.
		
	33.5
	Cooperation with the ECA Agent

		
	(a)
	Each Lender and each Obligor undertakes to cooperate with the ECA Agent to comply with any legal requirements imposed on the ECA Agent in connection with the performance of its duties under this Agreement or any other Finance Document and shall supply any information reasonably requested by the ECA Agent in connection with the proper performance of those duties.

		
	(b)
	The ECA Agent undertakes to provide timely notice to KEXIM and K-Sure with respect to any matters that require consent from the Majority Lenders.

		
	33.6
	Nature of the ECA Agent's duties

The ECA Agent's duties under the Finance Documents are limited to coordinating and communicating with the ECAs. Unless otherwise specifically required under this Agreement, the ECA Agent is not tasked with responsibilities relating to payment, collection or receipt of funds.
		
	33.7
	K-Sure Lenders' representations

		
	(a)
	Each K-Sure Lender represents and warrants to the ECA Agent, with effect from the date of the relevant K-Sure Insurance Policy, that:

		
	(b)
	no information provided by such K-Sure Lender in writing to the ECA 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 such K-Sure Lender, in the exercise of reasonable care and due diligence prior to giving such information, could not have discovered the error or omission;

		
	(c)
	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 ECA Agent being in breach of any of its obligations in its capacity as ECA Agent under the relevant K-Sure Insurance Policy or the other Finance Documents, or result in the relevant K-Sure Lenders being in breach of any of their respective obligations as insured parties under the relevant K-Sure Insurance Policy, or which would otherwise prejudice the ECA Agent's ability to make a claim on behalf of the K-Sure Lenders under the relevant K-Sure Insurance Policy;

		
	(d)
	it has reviewed the relevant K-Sure Insurance Policy and is aware of the provisions thereof; and

		
	(e)
	the representations and warranties made by the ECA Agent on behalf of each K-Sure Lender under the relevant K-Sure Insurance Policy are true and correct with respect to such K-Sure Lender in all respects.

		
	33.8
	KEXIM Guaranteed Lenders' representations

		
	(a)
	Each KEXIM Guaranteed Lender represents and warrants to the ECA Agent, with effect from the date of the KEXIM Guarantee, that:

		
	(b)
	no information provided by such KEXIM Guaranteed Lender in writing to the ECA Agent or to KEXIM prior to the date of this Agreement was untrue or incorrect in any material respect except to the extent that such KEXIM Guaranteed Lender, in the exercise of reasonable care and due diligence prior to giving such information, could not have discovered the error or omission;

		
	(c)
	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 ECA Agent being in breach of any of its obligations in its capacity as ECA Agent under the KEXIM Guarantee or the other Finance Documents, or result in the relevant KEXIM Guaranteed Lenders being in breach of any of their respective obligations as insured parties under the KEXIM Guarantee, or which would otherwise prejudice the ECA Agent's ability to make a claim on behalf of the KEXIM Guaranteed Lenders under the relevant KEXIM Guarantee;

		
	(d)
	it has reviewed the KEXIM Guarantee and is aware of the provisions thereof; and

		
	(e)
	the representations and warranties made by the ECA Agent on behalf of each KEXIM Guaranteed Lender under the KEXIM Guarantee are true and correct with respect to such KEXIM Guaranteed Lender in all respects.

		
	33.9
	Provision of information

		
	(a)
	The ECA Agent shall provide to K-Sure any information which it receives from any Obligor or the Facility Agent pursuant to the Finance Documents and which it is obliged to provide to K-Sure under the terms of the relevant K-Sure Insurance Policy.

		
	(b)
	The ECA Agent shall provide to KEXIM any information which it receives from any Obligor or the Facility Agent pursuant to the Finance Documents and which it is obliged to provide to KEXIM under the terms of the KEXIM Guarantee.

		
	33.10
	Lender communications

		
	(a)
	Each K-Sure Lender shall promptly forward to the ECA Agent a copy of any communication relating to K-Sure Matters which that K-Sure Lender sends to, or receives from, any Obligor or K-Sure directly.

		
	(b)
	Each KEXIM Guaranteed Lender shall promptly forward to the ECA Agent a copy of any communication relating to KEXIM Matters which that KEXIM Guaranteed Lender sends to, or receives from, any Obligor or KEXIM directly.

		
	33.11
	Claims under K-Sure Insurance Policies and KEXIM Guarantee

		
	(a)
	Each K-Sure Lender acknowledges and agrees that, unless otherwise provided for in the relevant K-Sure Insurance Policy, it shall have no entitlement to make any claim or to take any action whatsoever under or in connection with any of the K-Sure Insurance Policies except through the ECA Agent and that all of the rights of the K-Sure Lenders under any of the K-Sure Insurance Policies shall only be exercised by the ECA Agent.

		
	(b)
	Each KEXIM Guaranteed Lender acknowledges and agrees that, unless otherwise provided for in the KEXIM Guarantee, it shall have no entitlement to make any claim or to take any action whatsoever under or in connection with the KEXIM Guarantee except through the ECA Agent and that all of the rights of the KEXIM Guaranteed Lenders under the KEXIM Guarantee shall only be exercised by the ECA Agent.

		
	33.12
	Application of receipts

		
	(a)
	Except as expressly stated to the contrary in any Finance Document, any moneys which the ECA Agent receives or recovers shall be transferred to the Facility Agent as soon as practicable upon receipt by the ECA Agent, for application in accordance with Clause 36 (Payment Mechanics) of this Agreement.

		
	(b)
	The parties agree that any unpaid K-Sure Premium and any unpaid fees, costs and expenses of K-Sure shall constitute amounts then due and payable in respect of the Loan under the Finance Documents for the purposes of the amounts then due and payable in respect of Clause 36 (Payment Mechanics) of this Agreement.

		
	(c)
	The parties agree that any unpaid KEXIM Premium and any unpaid fees, costs and expenses of KEXIM shall constitute amounts then due and payable in respect of the Loan under the Finance Documents for the purposes of the amounts then due and payable in respect of Clause 36 (Payment Mechanics) of this Agreement.

		
	33.13
	Assignment to K-Sure

		
	(a)
	Each of the Parties agrees that, upon payment in full or in part by K-Sure of all moneys due under a K-Sure Insurance Policy in accordance with the terms of any K-Sure Insurance Policy, provided that, to the extent required under the relevant K-Sure Insurance Policy, this payment has satisfied all obligations under the Finance Documents in full or in part in respect of the relevant Advance under the K-Sure Tranche to which such K-Sure Insurance Policy relates:

		
	(b)
	the obligations of the Borrower, any other Obligor or any other party to the Finance Documents shall not be reduced or affected in any manner;

		
	(c)
	each of the K-Sure Lenders shall assign to K-Sure:

		
	(i)
	such part of their respective contributions in respect of that K-Sure Tranche and (to the extent that there remain any) of their respective contributions in respect of that K-Sure Tranche as is equal to the amount simultaneously paid to it by K-Sure under the relevant K-Sure Insurance Policy; and

		
	(ii)
	the rights of the K-Sure Lenders to recover against the Borrower, any other Obligors or any other party to the Finance Documents pursuant to the Finance Documents or any relevant laws;

		
	(iii)
	in each case, by means of a substitution certificate or such other evidence of assignment as may be reasonably required by K-Sure, provided that this shall not be construed as depriving any K-Sure Lender of its rights to recover any part of the Total Commitments, the Loan or otherwise of the Unpaid Sum still owing to it after receipt of the relevant K-Sure Insurance Policy insurance proceeds;

		
	(d)
	K-Sure shall, upon being validly assigned rights under the Finance Documents pursuant to Clause 28.1 (Assignment and transfers by the Lenders), and to the extent of such assignment, be an assignee and as such shall be entitled to the rights and benefits of the K-Sure Lenders under this Agreement and the other Finance Documents in respect of such payment to the extent of its interest;

		
	(e)
	until such assignment, each of the K-Sure Lenders shall hold in trust for K-Sure any payments  under this Agreement and each of the other Finance Documents and pay or transfer such payment to K-Sure in accordance with the relevant K-Sure Insurance Policy;

		
	(f)
	without prejudice to the indemnity provisions in Clause 14 (Other Indemnities), the Borrower and/or any other Obligor shall indemnify K-Sure in respect of any actual, reasonable costs or expenses (including reasonable legal fees) suffered or incurred by K-Sure  in connection with the assignment referred to in this Clause 33.13 or in connection with any review by K-Sure of any Event of Default or dispute between the Borrower and/or any other Obligor and the Finance Parties occurring prior to the assignment referred to in this Clause 33.13;

		
	(g)
	with respect to the obligations of the Borrower and the other Obligors owed to the Facility Agent and/or the K-Sure Lenders under the Finance Documents, such obligations shall additionally be owed to K-Sure by way of subrogation of the rights of the K-Sure Lenders;

		
	(h)
	the Borrower agrees to cooperate with the Facility Agent, the ECA Agent and the Lenders, as the case may be, in giving effect to any subrogation or assignment referred to in this Clause 33.13 and to take all actions requested by the Facility Agent, any K-Sure Lender, the ECA Agent or K-Sure, in each case to the extent capable of being done by it, to implement or give effect to such subrogation or assignment;

		
	(i)
	the Borrower hereby acknowledges, for the benefit of the K-Sure Lenders and K-Sure, that any payments made by K-Sure to an K-Sure Lender (or to the Facility Agent or the ECA Agent on their respective behalfs) pursuant to a K-Sure Insurance Policy, will not satisfy, reduce, release or prejudice any of the Borrower's obligations under the Finance Documents in whole or in part, which obligations shall remain due and payable notwithstanding the receipt or application of those payments;

		
	(j)
	on the date of any subrogation to, or (as applicable) assignment of any rights referred to in this Clause 33.13:

		
	(i)
	all further rights and benefits (including the right to receive commission in respect thereof but not any duty or other obligations) whatsoever of the relevant K-Sure Lender in relation to the portion of the Loan or the rights and benefits to which such assignment or rights of subrogation relate under or arising out of this Agreement shall, to the extent of such assignment or rights of subrogation, be vested in and be for the benefit of K-Sure; and

		
	(ii)
	references in this Agreement to the K-Sure Lenders shall, where relevant in the context thereafter be construed so as to include K-Sure in relation to such rights and benefits as are assigned to, or to which K-Sure has rights of subrogation; and

		
	(k)
	the representations and warranties made in this Agreement in favor of the relevant K-Sure Lender shall survive any assignment or transfer pursuant to this Clause 33.13 and shall also inure to the benefit of K-Sure;

		
	(l)
	provided that nothing in this Clause 33.13 shall be construed as depriving the K-Sure Lenders of any rights they may have against the Borrower or any other Obligor in respect of the Lenders' rights under Clauses 14 (Other indemnities) and 13 (Increased costs).

		
	33.14
	Subrogation to KEXIM

		
	(a)
	Notwithstanding any other provision of this Agreement and, in addition to, and without prejudice to, any right of indemnification or subrogation KEXIM (in its capacity as guarantor under the KEXIM Guarantee) may have at law, in equity or otherwise, each of the Parties agrees that KEXIM (in such capacity) will be subrogated to the rights of the KEXIM Guaranteed Lenders under the KEXIM Guaranteed Tranche to the extent of any payment made by KEXIM (in such capacity) under the KEXIM Guarantee (each such payment being a KEXIM Guarantee Payment) and the KEXIM Guaranteed Lenders shall provide all assistance required by KEXIM (in such capacity) to enforce its rights under the Finance Documents following such subrogation.

		
	(b)
	Furthermore, the Borrower consents to any assignment by the KEXIM Guaranteed Lenders of any or all of its rights under the Finance Documents in respect of the KEXIM Guaranteed Tranche to KEXIM (in its capacity as guarantor under the KEXIM Guarantee) as may be required by the provisions of the KEXIM Guarantee.

		
	(c)
	The Borrower agrees to cooperate with KEXIM (in its capacity as guarantor under the KEXIM Guarantee) and the KEXIM Guaranteed Lenders, as the case may be, in giving effect to any subrogation or assignment referred to in this Clause 33.14 (Subrogation to KEXIM), and to take all actions reasonably requested by KEXIM (in such capacity) or any such Lender, in each case, to implement or give effect to such subrogation or assignment.

		
	33.15
	Reimbursement to KEXIM

		
	(a)
	Without prejudice to Clause 33.14 (Subrogation to KEXIM), the Obligors shall, within five (5) Business Days of demand by KEXIM, reimburse KEXIM for any KEXIM Guarantee Payment made by KEXIM from time to time and pay to KEXIM in accordance with the terms of this Agreement in an amount equal to any KEXIM Guarantee Payment plus interest calculated in accordance with clause 8.3 (Default Interest) (from and including the date of demand until and including the date of actual payment) upon demand by KEXIM from time to time.

		
	(b)
	For the avoidance of doubt, Clause 13 (Increased costs) will apply in respect of any reimbursement made pursuant to this Clause 33.15 (Reimbursement to KEXIM).

		
	33.16
	Obligations to KEXIM Unconditional

The obligations of the Borrower to reimburse KEXIM and to pay the amount of interest required pursuant to Clause 33.15 (Reimbursement to KEXIM) are irrevocable and unconditional without regard to any circumstance whatsoever and shall not require any notice to the Borrower or any other party.
		
	33.17
	Satisfaction of Obligations to KEXIM

The Parties acknowledge and agree that the KEXIM Guarantee Payments that are reimbursed by the Borrower to KEXIM pursuant to Clause 33.15 (Reimbursement to KEXIM) shall satisfy the obligation of the Borrower to make payments to the KEXIM Guaranteed Lenders under this Agreement of the corresponding amounts of principal and interest in respect of which the KEXIM Guarantee Payments were paid to the KEXIM Guaranteed Lenders by KEXIM.
		
	33.18
	Voting Rights of KEXIM

As between KEXIM, the Facility Agent, the ECA Agent and the KEXIM Guaranteed Lenders, KEXIM shall be entitled to exercise all of the voting rights held by the KEXIM Guaranteed Lenders under the Finance Documents with effect from any relevant Demand Date proportionately with respect to the principal amount claimed under the relevant demand for payment under the KEXIM Guarantee or, if greater, the principal amount actually paid by KEXIM under the KEXIM Guarantee.
		
	33.19
	Cooperation with K-Sure; Events of Default

		
	(a)
	Each of the ECA Agent, the Facility Agent and the Security Agent shall provide to K-Sure any information which it receives from the Borrower and any other Obligor pursuant to the Finance Documents.

		
	(b)
	Each of the ECA Agent, the Facility Agent and the Security Agent agrees that it shall consult with K-Sure wherever reasonably practical prior to issuing a notice pursuant to Clause 27 (Events of Default), provided that K-Sure's consent shall not be required in order for any such notice of default to be issued (other than by K-Sure to the extent required under any K-Sure Insurance Policy).

		
	(c)
	Notwithstanding anything to the contrary in any Finance Document, if an Event of Default has occurred and is continuing, the Facility Agent shall put to the vote of the Majority Lenders the question of whether the provisions of the Finance Documents as to the consequences of the occurrence of such Event of Default should apply and/or whether the remedies afforded under Clause 27 (Events of Default) of this Agreement should be invoked.  Should the Majority Lenders' vote be in favor of any of actions described in the preceding sentence, the Facility Agent and the Security Agent shall be entitled to take the necessary steps to enforce the Finance Documents and the Lenders shall agree and execute and otherwise perfect and do all such acts and things necessary for such purpose; and in the event the Majority Lenders' and K-Sure's respective positions are inconsistent with respect to the K-Sure Tranche, the Facility Agent shall discuss with the ECA Agent with a view to reaching a mutually agreeable position.

		
	(d)
	Failing agreement between the Facility Agent (acting on behalf of the Majority Lenders) and the ECA Agent (acting on behalf of K-Sure), the Facility Agent and the Security Agent shall be entitled to act in accordance with the instructions of the Majority Lenders, including in relation to any waiver of an Event of Default and enforcement of remedies related thereto, provided that this does not result in any K-Sure Insurance Policy being lost, cancelled, unenforceable or invalid.

		
	33.20
	Cooperation with KEXIM; Events of Default

		
	(a)
	Each of the ECA Agent, the Facility Agent and the Security Agent shall provide to KEXIM any information which it receives from the Borrower and any other Obligor pursuant to the Finance Documents with respect to the KEXIM Guaranteed Tranche.

		
	(b)
	Each of the ECA Agent, the Facility Agent and the Security Agent agrees that it shall consult with KEXIM wherever reasonably practical prior to issuing a notice pursuant to Clause 27 (Events of Default), provided that KEXIM's consent shall not be required in order for any such notice of default to be issued.

		
	(c)
	Notwithstanding anything to the contrary in any Finance Document, if an Event of Default has occurred and is continuing, the Facility Agent shall put to the vote of the Majority Lenders the question of whether the provisions of the Finance Documents as to the consequences of the occurrence of such Event of Default should apply and/or whether the remedies afforded under Clause 27 (Events of Default) of this Agreement should be invoked.  Should the Majority Lenders' vote be in favor of any of actions described in the preceding sentence, the Facility Agent and the Security Agent shall be entitled to take the necessary steps to enforce the Finance Documents and the Lenders shall agree and execute and otherwise perfect and do all such acts and things necessary for such purpose; and in the event the Majority Lenders' and KEXIM's respective positions are inconsistent with respect to the KEXIM Guaranteed Tranche, the Facility Agent shall discuss with the ECA Agent with a view to reaching a mutually agreeable position.

		
	(d)
	Failing agreement between the Facility Agent (acting on behalf of the Majority Lenders) and the ECA Agent (acting on behalf KEXIM), the Facility Agent and the Security Agent shall be entitled to act in accordance with the instructions of the Majority Lenders, including in relation to any waiver of an Event of Default and enforcement of remedies related thereto, provided that this does not result in the KEXIM Guarantee being lost, cancelled, unenforceable or invalid.

		
	33.21
	K-Sure Override

		
	(a)
	Notwithstanding anything to the contrary in this Agreement or any other Finance Document, nothing in this Agreement shall permit or oblige any K-Sure Lender to act (or omit to act) in a manner that is inconsistent with any requirement of K-Sure under or in connection with any K-Sure Insurance Policy and, in particular:

		
	(b)
	each of the K-Sure Lenders and if applicable, the ECA Agent shall be authorized to take all such actions as they may deem necessary to ensure that all requirements of K-Sure under or in connection with each of the K-Sure Insurance Policies are complied with;

		
	(c)
	no K-Sure Lender shall be obliged to do anything if, in its opinion (upon consultation with the ECA Agent), to do so could result in a breach of any requirements of K-Sure under or in connection with a K-Sure Insurance Policy or affect the validity of a K-Sure Insurance Policy;

		
	(d)
	each of the K-Sure Lenders will agree to accept the instructions as advised to them by the ECA Agent or K-Sure and to act in conformity therewith in connection with their obligations under this Agreement; and

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

		
	33.22
	KEXIM Override

		
	(a)
	Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement shall oblige any Finance Party to act (or omit to act) in a manner that is inconsistent with any requirement of KEXIM under or in connection with the KEXIM Guarantee and, in particular:

		
	(i)
	the Parties agree that the ECA Agent shall be authorised to take all such actions as it may deem necessary to ensure that all requirements of KEXIM under or in connection with the KEXIM Guarantee are complied with; and

		
	(ii)
	the ECA Agent shall not be obliged to do anything that, in its opinion, could result in a breach of any requirements of KEXIM under or in connection with the KEXIM Guarantee or affect the validity of the KEXIM Guarantee.

		
	(b)
	Nothing in this Clause 33.22 (KEXIM Override) shall affect the obligations of the Borrower under this Agreement.

		
	33.23
	KEXIM Premium and KEXIM

		
	(a)
	The Borrower acknowledges that the KEXIM Guaranteed Lenders benefit from the KEXIM Guarantee once issued and in effect.

		
	(b)
	The Borrower and each KEXIM Guaranteed Lender acknowledge and agree that:

		
	(i)
	the amounts of the KEXIM Premium will be as set forth in the relevant Fee Letter and will be payable on the dates as specified in that Fee Letter (but, for the avoidance of doubt, no KEXIM Premium or any part thereof is payable on the date of this Agreement); and

		
	(ii)
	no KEXIM Guaranteed Lender is in any way involved in the calculation or payment (otherwise than as financed in whole or in part pursuant to this Agreement) of any part of the KEXIM Premium.

		
	33.24
	K-Sure Premium and K-Sure

Without prejudice to Clause 7.12 (Refund of K-Sure Premium on voluntary prepayment), the Borrower:
		
	(a)
	agrees, and each K-Sure Lender acknowledges and agrees, that:

		
	(i)
	the amount of any K-Sure Premium will be calculated in accordance with the percentage included in the relevant defined term as of the date of this Agreement, but otherwise subject to the terms of the relevant K-Sure Insurance Policy and K-Sure's internal regulations; and

		
	(ii)
	no K-Sure Lender is in any way involved in the calculation or payment (otherwise than as financed in whole or in part pursuant to this Agreement) of any part of any K-Sure Premium;

		
	(b)
	agrees that their obligation to pay any K-Sure Premium or any part of any K-Sure Premium in accordance with the relevant K-Sure Insurance Policy shall be an absolute and unconditional obligation and, once paid, shall not be affected by any failure by the Borrower to draw down funds under this Agreement or the prepayment or acceleration of the whole or any part of the Loan;

		
	(c)
	acknowledges that it shall pay an amount equivalent to each K-Sure Premium (including default interest under the relevant K-Sure Insurance Policy) to K-Sure on the relevant due date, and no K-Sure Premium will be refundable in whole or in part in any circumstances, unless otherwise provided in the relevant K-sure Insurance Policy and Clause 7.12 (Refund of K-Sure Premium on voluntary prepayment);

		
	(d)
	agrees that if, for any reason whatsoever, any additional premium is or becomes payable to K-Sure in respect of any K-Sure Insurance Policy, the Borrower shall promptly pay such additional premium in full and the Borrower shall fully cooperate with the Facility Agent and the ECA Agent on their reasonable request to take all steps necessary on the part of the Borrower to ensure that each K-Sure Insurance Policy remains in full force and effect throughout the Facility Period; and

		
	(e)
	shall indemnify K-Sure in relation to any costs or expenses (including reasonable legal fees) suffered or incurred by K-Sure (other than as a result of K-Sure's gross negligence or wilful misconduct) in connection with any transfer to K-Sure undertaken pursuant to Clause 33.13 (Assignment to K-Sure) or in connection with any review by K-Sure of or in relation to any Event of Default and/or amendment or supplement to any of the Finance Documents and/or a request for a consent or approval from K-Sure.

		
	33.25
	Liability for K-Sure Premiums and KEXIM Premium

		
	(a)
	The Borrower shall be responsible and shall bear the cost of the K-Sure Premium of each K-Sure Insurance Policy and shall pay the relevant K-Sure Premium for each Advance on the Utilization Date relating to that Advance.

		
	(b)
	The Borrower shall be responsible and shall bear the cost of the KEXIM Premium of the KEXIM Guarantee and shall pay the KEXIM Premium for each Advance on the Utilization Date relating to that Advance.

		
	33.26
	K-Sure Insurance Policies and KEXIM Guarantee

		
	(a)
	The Borrower will not, without the ECA Agent's prior written consent, do or omit to do anything which may to its knowledge adversely prejudice the K-Sure Lenders' rights under any K-Sure Insurance Policy.

		
	(b)
	The ECA Agent and the K-Sure Lenders are responsible for complying with the terms of each K-Sure Insurance Policy from which each K-Sure Lender benefits.

		
	(c)
	The Borrower will not, without the ECA Agent's prior written consent, do or omit to do anything which may to its knowledge adversely prejudice the KEXIM Guaranteed Lenders' rights under the KEXIM Guarantee.

		
	(d)
	The ECA Agent and the KEXIM Guaranteed Lenders are responsible for complying with the terms of the KEXIM Guarantee from which each KEXIM Guaranteed Lender benefits.

		
	33.27
	K-Sure Requirements

		
	(a)
	Each Obligor must execute all such other documents and instruments and do all such other acts and things as the ECA Agent, acting on the instructions of K-Sure and/or any Finance Party may reasonably require:

		
	(b)
	in order to comply with, and carry out the transactions contemplated by, the Finance Documents and any documents required to be delivered under the Finance Documents; and

		
	(c)
	in order for the beneficiaries under each K-Sure Insurance Policy to comply with and continue to benefit from that K-Sure Insurance Policy or to maintain the effectiveness of that K-Sure Insurance Policy.

		
	33.28
	KEXIM Requirements

		
	(a)
	Each Obligor must execute all such other documents and instruments and do all such other acts and things as the ECA Agent, acting on the instructions of KEXIM and/or any Finance Party may reasonably require:

		
	(b)
	in order to comply with, and carry out the transactions contemplated by, the Finance Documents and any documents required to be delivered under the Finance Documents; and

		
	(c)
	in order for the beneficiaries under the KEXIM Guarantee to comply with and continue to benefit from the KEXIM Guarantee or to maintain the effectiveness of the KEXIM Guarantee.

		
	33.29
	Protection of each of the K-Sure Insurance Policies

		
	(a)
	If at any time in the reasonable opinion of the ECA Agent, any provision of a Finance Document contradicts or conflicts (as such conflict relates to the K-Sure Tranche) with any provision of a K-Sure Insurance Policy or K-Sure requires any further action to be taken or documents to be entered into for such K-Sure Insurance Policy to remain in full force and effect, the Borrower shall use commercially reasonable efforts to take such action as the ECA Agent or K-Sure shall reasonably require to remove any contradiction or conflict and to ensure such K-Sure Insurance Policy remains in full force and effect.

		
	(b)
	In addition, the Borrower shall comply with any instructions given by K-Sure to the ECA Agent in relation to such K-Sure Insurance Policy and the transactions contemplated in such K-Sure Insurance Policy provided that such instructions are in compliance with that K-Sure Insurance Policy.

		
	33.30
	Protection of the KEXIM Guarantee

		
	(a)
	If at any time in the reasonable opinion of the ECA Agent, any provision of a Finance Document contradicts or conflicts (as such conflict relates to the KEXIM Guaranteed Tranche) with any provision of the KEXIM Guarantee or KEXIM requires any further action to be taken or documents to be entered into for the KEXIM Guarantee to remain in full force and effect, the Borrower shall use commercially reasonable efforts to take such action as the ECA Agent or KEXIM shall reasonably require to remove any contradiction or conflict and to ensure the KEXIM Guarantee remains in full force and effect.

		
	(b)
	In addition, the Borrower shall comply with any instructions given by KEXIM to the ECA Agent in relation to the KEXIM Guarantee and the transactions contemplated in the KEXIM Guarantee provided that such instructions are in compliance with the KEXIM Guarantee.

		
	33.31
	Notification to K-Sure

		
	(a)
	The Borrower will deliver a notice to each of the Facility Agent and the ECA Agent promptly after it becomes aware of the occurrence of any political or commercial risk covered by a K-Sure Insurance Policy and will:

		
	(i)
	pay any additional premium payable to K-Sure in relation to the relevant K-Sure Insurance Policy; and

		
	(ii)
	cooperate with the ECA Agent on its reasonable request to take all steps necessary on the part of the Borrower to ensure that the relevant K-Sure Insurance Policy remains in full force and effect throughout the Facility Period which shall include providing the ECA Agent with any information, reasonably requested by the ECA Agent, relating to any material commercial facts which could result in a Material Adverse Effect.

		
	(b)
	In addition, the Borrower shall promptly supply to the ECA Agent copies of all financial or other information reasonably required by the ECA Agent to satisfy any request for information made by K-Sure pursuant to a K-Sure Insurance Policy.

		
	(c)
	The Borrower agrees that it shall be reasonable for the ECA Agent to make a request under this Clause 33.31 (Notification to K-Sure) if it is required to do so as a condition of maintaining a K-Sure Insurance Policy in full force and effect.

		
	33.32
	Prior consultation with K-Sure

		
	(a)
	The Borrower acknowledges that the ECA Agent may, under the terms of each K-Sure Insurance Policy be required:

		
	(i)
	to consult with K-Sure, prior to the exercise of certain decisions under the Finance Documents to which that Borrower is a party (including the exercise of such voting rights in relation to any substantial amendment to any Finance Document); and

		
	(ii)
	to follow certain instructions given by K-Sure.

		
	(b)
	Each K-Sure Lender will be deemed to have acted reasonably if it has acted on the instructions of the ECA Agent (given by K-Sure to the ECA Agent in accordance with the terms of a K-Sure Insurance Policy) in the making of any such decision or the taking or refraining to take any action under any Finance Document to which it is a party.

		
	33.33
	Prior consultation with KEXIM

		
	(a)
	The Borrower acknowledges that the ECA Agent may, under the terms of the KEXIM Guarantee, be required:

		
	(i)
	to consult with KEXIM, prior to the exercise of certain decisions under the Finance Documents to which that Borrower is a party (including the exercise of such voting rights in relation to any substantial amendment to any Finance Document); and

		
	(ii)
	to follow certain instructions given by KEXIM.

		
	(b)
	Each KEXIM Guaranteed Lender will be deemed to have acted reasonably if it has acted on the instructions of the ECA Agent (given by KEXIM to the ECA Agent in accordance with the terms of the KEXIM Guarantee) in the making of any such decision or the taking or refraining to take any action under any Finance Document to which it is a party.

		
	33.34
	Demand under K-Sure Insurance Policies

Notwithstanding any other terms as set forth herein and the other Finance Documents, the ECA Agent shall make a written demand to K-Sure under a K-Sure Insurance Policy only after the Facility Agent has first made a written demand for payment of the relevant amount of the Unpaid Sum to the Guarantors under the relevant Guaranties.
		
	33.35
	Replacement of the ECA Agent

		
	(a)
	After consultation with the Borrower, any of the KEXIM Guaranteed Lenders or K-Sure Lenders may, with the prior consent of the KEXIM Guaranteed Lenders and K-Sure Lenders (other than any KEXIM Guaranteed Lender or K-Sure Lender which is also the ECA Agent) constituting the Majority Lenders for the ECA Vessel Loans, KEXIM and K-Sure and by giving 30 days' notice to the ECA Agent, replace the ECA Agent by appointing a successor ECA Agent.

		
	(b)
	The retiring ECA Agent shall make available to the successor ECA Agent such documents and records and provide such assistance as the successor ECA Agent may reasonably request for the purposes of performing its functions as ECA Agent under the Finance Documents.

		
	(c)
	The appointment of the successor ECA Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring ECA Agent. As from this date, the retiring ECA Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) above) and any agency fees for the account of the retiring ECA Agent shall cease to accrue from (and shall be payable on) that date.

		
	(d)
	Any successor ECA Agent and each of the other Parties shall have the same rights and obligations among themselves as they would have had if such successor had been an original Party.

		
	34
	CONDUCT OF BUSINESS BY THE FINANCE PARTIES

No provision of this Agreement will:
		
	(a)
	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

		
	(b)
	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

		
	(c)
	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

		
	35
	SHARING AMONG THE FINANCE PARTIES

		
	35.1
	Payments to Finance Parties

If a Finance Party (a "Recovering Finance Party") receives or recovers any amount from an Obligor other than in accordance with Clause 36 (Payment Mechanics) (a "Recovered Amount") and applies that amount to a payment due to it under the Finance Documents then:
		
	(a)
	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Facility Agent;

		
	(b)
	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in accordance with Clause 36 (Payment Mechanics), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and

		
	(c)
	the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 36.5 (Application of receipts; partial payments).

		
	35.2
	Redistribution of payments

The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Transaction Obligor and distribute it among the Finance Parties (other than the Recovering Finance Party) (the "Sharing Finance Parties") in accordance with Clause 36.5 (Application of receipts; partial payments) towards the obligations of that Transaction Obligor to the Sharing Finance Parties.
		
	35.3
	Recovering Finance Party's rights

On a distribution by the Facility Agent under Clause 35.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.
		
	35.4
	Reversal of redistribution

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:
		
	(a)
	each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the "Redistributed Amount"); and

		
	(b)
	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor.

		
	35.5
	Exceptions

		
	(a)
	This Clause 35 (Sharing among the Finance Parties) shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Transaction Obligor.

		
	(b)
	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

		
	(i)
	it notified that other Finance Party of the legal or arbitration proceedings; and

		
	(ii)
	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

Section 11     
 
ADMINISTRATION

		
	36
	PAYMENT MECHANICS

		
	36.1
	Payments to the Facility Agent

		
	(a)
	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make an amount in dollars equal to such payment available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time specified by the Facility Agent as being customary for settlement of transactions in dollars in the place of payment.

		
	(b)
	Payment shall be made to such account and with such bank as the Facility Agent, in each case, specifies.

		
	36.2
	Distributions by the Facility Agent

Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 36.3 (Distributions to an Obligor) and Clause 36.4 (Clawback and pre-funding), be made available by the Facility Agent as soon as practicable after receipt by the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business Days' notice with a bank specified by that Party or, in the case of an Advance, to such account of such person as may be specified by the Borrower in a Utilization Request.
		
	36.3
	Distributions to an Obligor

The Facility Agent may (with the consent of the Obligor or in accordance with Clause 37 (Set-Off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.
		
	36.4
	Clawback and pre-funding

		
	(a)
	Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

		
	(b)
	Unless paragraph (c) below applies, if the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.

		
	(c)
	If the Facility Agent is willing to make available amounts for the account of the Borrower before receiving funds from the Lenders then if and to the extent that the Facility Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrower:

		
	(i)
	the Borrower shall on demand refund it to the Facility Agent; and

		
	(ii)
	the Lender by whom those funds should have been made available or, if the Lender fails to do so, the Borrower, shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

		
	36.5
	Application of receipts; partial payments

		
	(a)
	Subject to the paragraphs below and except as any Finance Document may otherwise provide, any payment (in an amount sufficient to fully repay or prepay the Loan and all amounts owing under the Finance Documents (other than the Hedging Agreements)) that is received or recovered by any Finance Party (other than any Hedge Counterparty) under, in connection with, or pursuant to any Finance Document shall be paid to the Facility Agent which shall apply the same in the following order:

		
	(i)
	to the extent such payment is received or recovered in respect of a Finance Document (other than the Hedging Agreements) relating to a Ship in respect of  an ECA Vessel Loan or in respect of a Ship which is financed under an ECA Vessel Loan:

		
	(A)
	first, in or towards payment of any amounts then due and payable under any of the Finance Documents (other than the Hedging Agreements) to the Lenders in respect of the ECA Vessel Loans;

		
	(B)
	secondly, in retention by the Security Agent of an amount equal to any amount not then payable under any Finance Document (other than the Hedging Agreements) to the Lenders in respect of the ECA Vessel Loans but which the Facility Agent, by notice to the Borrower and the other Finance Parties, states in its opinion will or may become payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them; and

		
	(C)
	thirdly, be applied to repay each Non-ECA Vessel Loan and any amounts payable under the Finance Documents (other than the Hedging Agreements) in respect of such Non-ECA Vessel Loans in accordance with paragraph (ii) below; and

		
	(D)
	fourthly, in or towards payment of:

		
	(1)
	any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements; and

		
	(2)
	thereafter, any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements;

		
	(E)
	fifthly, any surplus shall paid to the Borrower or to any other person who appears to be entitled to it;

		
	(ii)
	to the extent such payment is received or recovered in respect of a Finance Document (other than the Hedging Agreements) relating to a Ship in respect of  a Non-ECA Vessel Loan or in respect of a Ship which is financed under a Non-ECA Vessel Loan:

		
	(A)
	first, in or towards payment of any amounts then due and payable under any of the Finance Documents (other than the Hedging Agreements) to the Commercial Lenders in respect of the Non-ECA Vessel Loans;

		
	(B)
	secondly, in retention by the Security Agent of an amount equal to any amount not then payable under any Finance Document (other than the Hedging Agreements) to the Commercial Lenders in respect of the Non-ECA Vessel Loans but which the Facility Agent, by notice to the Borrower and the other Finance Parties, states in its opinion will or may become payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them; and

		
	(C)
	thirdly, be applied to repay the ECA Vessel Loans and any amounts payable under the Finance Documents (other than the Hedging Agreements) in respect of such ECA Vessel Loans in accordance with paragraph (i) above; and

		
	(D)
	fourthly, in or towards payment of:

		
	(1)
	any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements; and

		
	(2)
	thereafter, any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements;

		
	(E)
	fifthly, any surplus shall paid to the Borrower or to any other person who appears to be entitled to it;

		
	(iii)
	to the extent such payment is received or recovered in respect of the Account Security relating to the Debt Service Reserve Account and the Account Security relation to the Minimum Liquidity Account:

		
	(A)
	first, in or towards payment of any amounts then due and payable under any of the Finance Documents (other than the Hedging Agreements);

		
	(B)
	secondly, in retention by the Security Agent of an amount equal to any amount not then payable under any Finance Document (other than the Hedging Agreements); but which the Facility Agent, by notice to the Borrower and the other Finance Parties, states in its opinion will or may become payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them; and

		
	(C)
	thirdly, in or towards payment of:

		
	(1)
	any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements; and

		
	(2)
	thereafter, any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements;

		
	(D)
	fourthly, any surplus shall be paid to the Borrower or to any other person who appears to be entitled to it.

		
	(b)
	If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by the Obligors under the Finance Documents (other than the Hedging Agreements), the Facility Agent shall apply that payment towards the obligations of the Borrower  and the other Obligors under the Finance Documents (other than the Hedging Agreements) in the following order:

		
	(i)
	in relation to any payment which is received or recovered in respect of a Finance Document (other than the Hedging Agreements) relating to a Ship in respect of  an ECA Vessel Loan or in respect of a Ship which is financed under an ECA Vessel Loan or prepaid pursuant to Clause 7.6 (Mandatory prepayment on sale or Total Loss):

		
	(A)
	first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent, the Security Agent, any Receiver and any Delegate under the Finance Documents (other than the Hedging Agreements);

		
	(B)
	secondly, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Lenders under  the relevant ECA Vessel Loan under this Agreement;

		
	(C)
	thirdly, in or towards payment pro rata of any principal due but unpaid to the Lenders under this Agreement in respect of the  relevant ECA Vessel Loan;

		
	(D)
	fourthly, in or towards payment pro rata of any other sum due to any Finance Party (other than the Hedge Counterparties) in respect of the relevant ECA Vessel Loan, but unpaid under the Finance Documents (other than the Hedging Agreements);

		
	(E)
	fifthly, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Lenders under each of the remaining ECA Vessel Loans under this Agreement;

		
	(F)
	sixthly, in or towards payment pro rata of any principal due but unpaid to the Lenders under this Agreement in respect of each of the remaining ECA Vessel Loans;

		
	(G)
	seventhly, in or towards payment pro rata of any other sum due to any Finance Party (other than the Hedge Counterparties) in respect of each of the remaining ECA Vessel Loans, but unpaid under the Finance Documents (other than the Hedging Agreements);

		
	(H)
	eighthly, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Commercial Lenders under the Non-ECA Vessel Loans under this Agreement;

		
	(I)
	ninthly, in or towards payment pro rata of any principal due but unpaid to the Commercial Lenders under this Agreement in respect of the Non-ECA Vessel Loans;

		
	(J)
	tenthly, in or towards payment pro rata of any other sum due to any Finance Party (other than the Hedge Counterparties) in respect of the Non-ECA Vessel Loans, but unpaid under the Finance Documents (other than the Hedging Agreements);

		
	(K)
	finally, in or towards payment of:

		
	(1)
	any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements; and

		
	(2)
	thereafter, any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements;

		
	(ii)
	in relation to any payment which is received or recovered in respect of a Finance Document (other than the Hedging Agreements) relating to a Ship in respect of  a Non-ECA Vessel Loan or in respect of a Ship which is financed under a Non-ECA Vessel Loan  or prepaid pursuant to Clause 7.6 (Mandatory prepayment or cancellation on sale or Total Loss):

		
	(A)
	first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent, the Security Agent, any Receiver and any Delegate under the Finance Documents;

		
	(B)
	secondly, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Commercial Lenders under the relevant Non-ECA Vessel Loan under  this Agreement;

		
	(C)
	thirdly, in or towards payment pro rata of any principal due but unpaid to the Commercial Lenders under this Agreement in respect of the relevant Non-ECA Vessel Loan;

		
	(D)
	fourthly, in or towards payment pro rata of any other sum due to any Finance Party (other than the Hedge Counterparties) in respect of the relevant Non-ECA Vessel Loan, but unpaid under the Finance Documents (other than the Hedging Agreements);

		
	(E)
	fifthly, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Commercial Lenders under the other Non-ECA Vessel Loan;

		
	(F)
	sixthly, in or towards payment pro rata of any principal due but unpaid to the Commercial Lenders under this Agreement in respect of the other Non-ECA Vessel Loan;

		
	(G)
	seventhly, in or towards payment pro rata of any other sum due to any Finance Party (other than the Hedge Counterparties) in respect of the other Non-ECA Vessel Loan, but unpaid under the Finance Documents (other than the Hedging Agreements);

		
	(H)
	eighthly, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Lenders under the ECA Vessel Loans under this Agreement;

		
	(I)
	ninthly, in or towards payment pro rata of any principal due but unpaid to the Lenders under this Agreement in respect of each of the  ECA Vessel Loans;

		
	(J)
	tenthly, in or towards payment pro rata of any other sum due to any Finance Party (other than the Hedge Counterparties) in respect of each of the ECA Vessel Loans, but unpaid under the Finance Documents (other than the Hedging Agreements);

		
	(K)
	finally, in or towards payment of:

		
	(1)
	any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements; and

		
	(2)
	thereafter, any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements.

		
	(iii)
	to the extent such payment is received or recovered in respect of the Account Security relating to the Debt Service Reserve Account and the Account Security relation to the Minimum Liquidity Account:

		
	(A)
	first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent, the Security Agent, any Receiver and any Delegate under the Finance Documents (other than the Hedging Agreements);

		
	(B)
	secondly, in or towards payment pro rata of:

		
	(1)
	any accrued interest and fees due but unpaid to the Lenders under this Agreement; and

		
	(2)
	any principal due but unpaid to the Lenders under this Agreement; and

		
	(C)
	thirdly, in or towards payment pro rata of any other sum due to any Finance Party (other than the Hedge Counterparties) but unpaid under the Finance Documents (other than the Hedging Agreements);

		
	(D)
	fourthly, in or towards payment pro rata of:

		
	(1)
	any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements;

		
	(2)
	any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements; and

		
	(3)
	in or towards payment pro rata of any other sum due to the Hedge Counterparties but unpaid under the Hedging Agreements.

		
	(c)
	The Facility Agent shall, if so directed by all the Lenders and the Hedge Counterparties, vary the order set out in sub-paragraphs (i)(B) to (K), (ii)(B) to (K) and (iii)(B) to (D) of paragraph (b)  above.

		
	(d)
	Paragraphs (a) and (c) above will override any appropriation made by an Obligor.

		
	(e)
	Notwithstanding the foregoing, no amount received from a Guarantor in respect of its obligations under Clause 17 (Guarantee and Indemnity) shall be applied to any Excluded Hedging Obligations.

		
	36.6
	No set-off by Obligors

		
	(a)
	All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

		
	(b)
	Paragraph (a) above shall not affect the operation of any payment or close-out netting in respect of any amounts owing under any Hedging Agreement.

		
	36.7
	Business Days

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

		
	(b)
	During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

		
	36.8
	Currency of account

		
	(a)
	Subject to paragraphs (b) and (c) below, dollars are the currency of account and payment for any sum due from an Obligor under any Finance Document.

		
	(b)
	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.

		
	(c)
	Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.

		
	36.9
	Change of currency

		
	(a)
	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognized by the central bank of any country as the lawful currency of that country, then:

		
	(i)
	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Facility Agent (after consultation with the Borrower); and

		
	(ii)
	any translation from one currency or currency unit to another shall be at the official rate of exchange recognized by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Facility Agent (acting reasonably).

		
	(b)
	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency.

		
	36.10
	Currency Conversion

		
	(a)
	For the purpose of, or pending any payment to be made by any Servicing Party under any Finance Document, such Servicing Party may convert any moneys received or recovered by it from one currency to another, at a market rate of exchange.

		
	(b)
	The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.

		
	36.11
	Disruption to Payment Systems etc.

If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by the Borrower that a Disruption Event has occurred:
		
	(a)
	the Facility Agent may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to agreeing with the Borrower such changes to the operation or administration of the Facility as the Facility Agent may deem necessary in the circumstances;

		
	(b)
	the Facility Agent shall not be obliged to consult with the Borrower in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;

		
	(c)
	the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

		
	(d)
	any such changes agreed upon by the Facility Agent and the Borrower shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties  as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 45 (Amendments and Waivers);

		
	(e)
	the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 36.11 (Disruption to Payment Systems etc.); and

		
	(f)
	the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

		
	37
	SET-OFF

A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents other than a Hedging Agreement (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation.  If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

		
	38
	BAIL-IN

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:
		
	(a)
	any Bail-In Action in relation to any such liability, including (without limitation):

		
	(i)
	a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

		
	(ii)
	a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

		
	(iii)
	a cancellation of any such liability; and

		
	(b)
	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

		
	39
	NOTICES

		
	39.1
	Communications in writing

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter.
		
	39.2
	Addresses

The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents are:
		
	(a)
	in the case of the Borrower, the Owner Guarantors, the Ultimate Parent Guarantor and the Parent Guarantor, that specified in Schedule 1 (The Parties);

		
	(b)
	in the case of each Lender, each Obligor, that specified in Schedule 1 (The Parties) or, if it becomes a Party after the date of this Agreement, that notified in writing to the Facility Agent on or before the date on which it becomes a Party;

		
	(c)
	in the case of the Facility Agent, that specified in Schedule 1 (The Parties);

		
	(d)
	in the case of the Security Agent, that specified in Schedule 1 (The Parties); and

		
	(e)
	in the case of the ECA Agent, that specified in Schedule 1 (The Parties),

or any substitute address, fax number or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made by the Facility Agent) by not less than five Business Days' notice.
		
	39.3
	Delivery

		
	(a)
	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective:

		
	(i)
	if by way of fax, when received in legible form; or

		
	(ii)
	if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address,

and, if a particular department or officer is specified as part of its address details provided under Clause 39.2 (Addresses), if addressed to that department or officer.
		
	(b)
	Any communication or document to be made or delivered to a Servicing Party will be effective only when actually received by that Servicing Party and then only if it is expressly marked for the attention of the department or officer of that Servicing Party specified in Schedule 1 (The Parties) (or any substitute department or officer as that Servicing Party shall specify for this purpose).

		
	(c)
	All notices from or to an Obligor shall be sent through the Facility Agent unless otherwise specified in any Finance Document.

		
	(d)
	Any communication or document made or delivered to the Borrower in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.

		
	(e)
	Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

		
	39.4
	Notification of address and fax number

Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 39.2 (Addresses) or changing its own address or fax number, the Facility Agent shall notify the other Parties.
		
	39.5
	Electronic communication

		
	(a)
	Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if those two Parties:

		
	(i)
	notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and

		
	(ii)
	notify each other of any change to their address or any other such information supplied by them by not less than five Business Days' notice.

		
	(b)
	Any such electronic communication as specified in paragraph (a) above to be made between an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted from of communication.

		
	(c)
	Any such electronic communication as specified in paragraph (a) above made between any two Parties will be effective only when actually received (or made available) in readable form and in the case of any electronic communication made by a Party to the Facility Agent or the Security Agent only if it is addressed in such a manner as the Facility Agent or the Security Agent shall specify for this purpose.

		
	(d)
	Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5.00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day.

		
	(e)
	Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause 39.5 (Electronic communication).

		
	(f)
	Each Obligor may satisfy its obligation under the Finance Documents to which it is a party to deliver any information via telecopier, email or other electronic means (including by way of the Facility Agent's Debtdomain system).  All Lenders confirm that they have consented to the use of the Facility Agent's Debtdomain system as an accepted method of communication under or in connection with the Finance Documents and agree that Debtdomain system will be the primary method of communication between the Facility Agent, the ECA Agents and the Lenders.  The Lenders acknowledge that a communication made via Debtdomain will be effective once the communication is posted to Debtdomain by the Facility Agent or ECA Agent.

		
	39.6
	English language

		
	(a)
	Any notice given under or in connection with any Finance Document must be in English.

		
	(b)
	All other documents provided under or in connection with any Finance Document must be:

		
	(i)
	in English; or

		
	(ii)
	if not in English, and if so required by the Facility Agent, accompanied by a certified English translation prepared by a translator approved by the Facility Agent and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

		
	39.7
	Hedging Agreement

Notwithstanding anything in Clause 1.1 (Definitions), references to the Finance Documents or a Finance Document in this Clause do not include any Hedging Agreement entered into by any Obligor with any Hedge Counterparty in connection with the Facility.

		
	40
	CALCULATIONS AND CERTIFICATES

		
	40.1
	Accounts

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate.
		
	40.2
	Certificates and determinations

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.
		
	40.3
	Day count convention

Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.

		
	41
	PARTIAL INVALIDITY

If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

		
	42
	REMEDIES AND WAIVERS

No failure to exercise, nor any delay in exercising, on the part of any Secured Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document.  No election to affirm any Finance Document on the part of a Secured Party shall be effective unless it is in writing.  No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy.  The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law.

		
	43
	SETTLEMENT OR DISCHARGE CONDITIONAL

Any settlement or discharge under any Finance Document between any Finance Party and any Obligor shall be conditional upon no security or payment to any Finance Party by any Obligor or any other person being set aside, adjusted or ordered to be repaid, whether under any bankruptcy or insolvency law or otherwise.

		
	44
	IRREVOCABLE PAYMENT

If the Facility Agent considers that an amount paid or discharged by, or on behalf of, an Obligor or by any other person in purported payment or discharge of an obligation of that Obligor to a Finance Party under the Finance Documents is capable of being avoided or otherwise set aside on the bankruptcy, liquidation or administration of that Obligor or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Finance Documents.

		
	45
	AMENDMENTS AND WAIVERS

		
	45.1
	Required consents

Neither this Agreement nor any other Finance Documents nor any terms hereof or thereof may be changed, waived, discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the respective Obligors party thereto and the Majority Lenders, provided that no such change, waiver, discharge or termination shall, without the consent of each Lender (other than a Defaulting Lender) (with obligations incurred hereunder being directly affected in the case of following paragraphs (a) to (b)) and provided further that, in the case of the following paragraph (g), to the extent that any such Lender would be required to make an Advance in excess of its pro rata portion provided for in this Agreement or would receive a payment or prepayment of the Loan that (in any case) is less than its pro rata portion provided for in this Agreement, in each case, as a result of any such amendment, modification or waiver referred to in the following clause (g):
		
	(a)
	extend the final scheduled maturity of the Loan, extend the timing for or reduce the principal amount of any Repayment Date, or reduce the rate or extend the time of payment of fees or interest on the Loan, or reduce the principal amount thereof (except to the extent repaid in cash);

		
	(b)
	release any of the Security Assets (except as expressly provided otherwise in the Finance Documents) under the Security Documents;

		
	(c)
	amend, modify or waive any provision of this Clause 45 (Amendments and Waivers) or amend Clauses 2.2 (Finance Parties' rights and obligations), 3 (Purpose), 7.2 (Change of control), 7.7 (Termination etc. of KEXIM Guarantee and K-Sure Insurance Policies) or 18.10 (Use of proceeds; Margin regulations) or 18.17 (Sanctions) or 21.9 (Use of proceeds; Margin regulations) or 21.16 (Sanctions) or 28 (Changes to the Lenders);

		
	(d)
	an increase in any Commitment or the Total Commitments, an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the Commitments ratably under the Facility;

		
	(e)
	reduce the percentage specified in the definition of Majority Lenders or otherwise amend or modify the definition of Majority Lenders (it being understood that, with the consent of the Majority Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the Majority Lenders on substantially the same basis as the extensions of Loan are included on the date of this Agreement),

		
	(f)
	consent to the assignment or transfer by any Obligor of any of its respective rights and obligations under this Agreement,

		
	(g)
	amend, modify or waive any provision in this Agreement to the extent providing for payments or prepayments of Loan to be applied pro rata among the Lenders entitled to such payments or prepayments of the Loan, or

		
	(h)
	release any Guarantor from any guarantee to the extent same owns a Ship (other than as provided in this Agreement), provided, further, that no such change, waiver, discharge or termination shall (A) without the consent of the Facility Agent, amend, modify or waive any provision of Clause 30 (The Facility Agent, the Lead Arrangers and the Mandated Lead Arrangers) as same applies to the Facility Agent or any other provision as same relates to the rights or obligations of the Facility Agent, or (B) without the consent of the Security Agent, amend, modify or waive any provision relating to the rights or obligations of the Security Agent.

		
	45.2
	Non-Consenting Lender

If, in connection with any proposed change, waiver, discharge or termination to any of the provisions of this Agreement as contemplated by paragraphs (a) through (h), inclusive, of Clause 45.1 (Required Consents), the consent of the Majority Lenders is obtained but the consent of one or more of such other Lenders whose consent is required (any such Lender, a "Non-Consenting Lender") is not obtained, then the Borrower shall have the right, so long as all Non-Consenting Lenders whose individual consent is required are treated as described in either paragraphs (a) or (b) below, to:
		
	(a)
	replace each such Non-Consenting Lender with one or more replacement lenders pursuant to Clause 7.9 (Right of replacement and repayment and cancellation in relation to a single Lender) so long as at the time of such replacement, each such replacement lender consents to the proposed  change, waiver, discharge or termination; or

		
	(b)
	repay the outstanding Loan of such Non-Consenting Lender which gave rise to the need to obtain such Non-Consenting Lender's consent, in accordance with Clause 45.1 (Required consents)

		
	(c)
	provided that, unless the Vessel Loans that are repaid pursuant to preceding paragraph (b) are immediately replaced in full at such time through the addition of new Lenders or the increase of the outstanding Vessel Loans of existing Lenders (who in each case must specifically consent thereto), then in the case of any action pursuant to preceding paragraph (b), the Majority Lenders (determined before giving effect to the proposed action) shall specifically consent thereto, provided, further, that in any event the Borrower shall not have the right to replace a Lender or repay such Lender's Vessel Loan solely as a result of the exercise of such Lender's rights (and the withholding of any required consent by such Lender) pursuant to the second proviso in the opening paragraph of Clause 45.1 (Required consents).

		
	45.3
	Other exceptions

		
	(a)
	An amendment or waiver which relates to the rights or obligations of a Servicing Party or the a Mandated Lead Arranger or the Lead Arranger (each in their capacity as such) may not be effected without the consent of that Servicing Party or that Mandated Lead Arranger or that Lead Arranger, as the case may be.

		
	(b)
	The Borrower and the Facility Agent, the Mandated Lead Arrangers, the ECA Agent, KEXIM or the Security Agent, as applicable, may amend or waive a term of a Fee Letter to which they are party.

		
	(c)
	An amendment or waiver which relates to the rights or obligations of a Hedge Counterparty (in its capacity as such) may not be effected without the consent of that Hedge Counterparty.

		
	45.4
	Rights of a Defaulting Lender

Notwithstanding anything to the contrary herein, any Lender that is a Defaulting Lender shall not have any right to approve or disapprove of any amendment, waiver or consent hereunder; provided that, except as otherwise provided in Clause 15.3 (Defaulting Lender), (i) the Commitments of such Defaulting Lender may not be increased or extended without the consent of such Defaulting Lender, and (ii) no payment to such Defaulting Lender shall be decreased or postponed without the consent of such Defaulting Lender.

		
	46
	CONFIDENTIAL INFORMATION

		
	46.1
	Confidential Information

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 46.2 (Disclosure of Confidential Information) and Clause 46.3 (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.
		
	46.2
	Disclosure of Confidential Information

Any Finance Party may disclose:
		
	(a)
	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate  if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

		
	(b)
	to any person:

		
	(i)
	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Facility Agent or Security Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

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

		
	(iii)
	appointed by any Finance Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of Clause 30.15 (Relationship with the other Finance Parties));

		
	(iv)
	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in sub-paragraph (i) or (ii) of paragraph (b) above;

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

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

		
	(vii)
	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 28.8 (Security over Lenders' rights);

		
	(viii)
	who is a Party, a member of the Group or any related entity of a Transaction Obligor;

		
	(ix)
	as a result of the registration of any Finance Document as contemplated by any Finance Document or any legal opinion obtained in connection with any Finance Document; or

		
	(x)
	with the consent of the Ultimate Parent Guarantor;

in each case, such Confidential Information as that Finance Party shall consider appropriate if:
		
	(A)
	in relation to sub-paragraphs (i), (ii) and (iii) of paragraph (b) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

		
	(B)
	in relation to sub-paragraph (iv) of paragraph (b) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

		
	(C)
	in relation to sub-paragraphs (v), (vi) and (vii) of paragraph (b) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;

		
	(c)
	to any person appointed by that Finance Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement in such form as may be agreed between the Borrower and the relevant Finance Party;

		
	(d)
	to any Rating Agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such Rating Agency to carry out its normal rating activities in relation to the Finance Documents and/or the Transaction Obligors if the Rating Agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information; and

		
	(e)
	to K-Sure.

		
	46.3
	Disclosure to numbering service providers

		
	(a)
	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more Obligors the following information:

		
	(i)
	names of Obligors;

		
	(ii)
	country of domicile of Obligors;

		
	(iii)
	place of incorporation/formation of Obligors;

		
	(iv)
	date of this Agreement;

		
	(v)
	Clause 48 (Governing Law);

		
	(vi)
	the names of the Facility Agent, the Security Agent, the Lead Arrangers and the Mandated Lead Arrangers;

		
	(vii)
	date of each amendment and restatement of this Agreement;

		
	(viii)
	amount of Total Commitments;

		
	(ix)
	currency of the Facility;

		
	(x)
	type of Facility;

		
	(xi)
	ranking of Facility;

		
	(xii)
	a Termination Date;

		
	(xiii)
	changes to any of the information previously supplied pursuant to sub-paragraphs (i) to (xii) above; and

		
	(xiv)
	such other information agreed between such Finance Party and the Borrower,

to enable such numbering service provider to provide its usual syndicated loan numbering identification services.
		
	(b)
	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

		
	(c)
	Each Obligor represents that none of the information set out in sub-paragraphs (i) to (xiv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.

		
	46.4
	Entire agreement

This Clause 46 (Confidential Information) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.
		
	46.5
	Inside information

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.
		
	46.6
	Notification of disclosure

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrower:
		
	(a)
	of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (v) of paragraph (b) of Clause 46.2 (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 46 (Confidential Information).

		
	46.7
	[Intentionally left blank]

		
	47
	COUNTERPARTS

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

Section 12     
 
GOVERNING LAW AND ENFORCEMENT

		
	48
	GOVERNING LAW

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

		
	49
	ENFORCEMENT

		
	49.1
	Jurisdiction

		
	(a)
	Unless specifically provided in another Finance Document in relation to that Finance Document, the courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with any Finance Document (including a dispute regarding the existence, validity or termination of any Finance Document or any non-contractual obligation arising out of or in connection with any Finance Document) (a "Dispute").

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

		
	(c)
	This Clause 49.1 (Jurisdiction) is for the benefit of the Secured Parties only.  As a result, no Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.  To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.

		
	49.2
	Service of process

		
	(a)
	Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales):

		
	(i)
	irrevocably appoints Euronav (UK) Agencies Limited at its registered office for the time being, presently at 99 King's Road, London, SW3 4PA, England as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and

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

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

		
	50
	PATRIOT ACT NOTICE

		
	50.1
	PATRIOT Act notice

Each of the Secured Parties hereby notifies the Obligors that pursuant to the requirements of the PATRIOT Act and the policies and practices of the Secured Parties, each of the Secured Parties is required to obtain, verify and record certain information and documentation that identifies each Obligor, which information includes the name and address of each Obligor and such other information that will allow each of the Secured Parties to identify each Obligor in accordance with the PATRIOT Act.
This Agreement has been entered into on the date stated at the beginning of this Agreement.

EXECUTION PAGES

	
		
	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

Schedule 5     
 
THE PARTIES

Part A 
 
THE OBLIGORS
	
				
	Name of Original Borrower
	Place of Incorporation or Formation
	Registration number (or equivalent, if any)
	Address for Communication

	GENER8 MARITIME SUBSIDIARY VIII INC.
	REPUBLIC OF MARSHALL 
ISLANDS
	78647
	299 PARK AVENUE,  
2nd Floor 
NEW YORK, NY 10017 - 0002 
Attn: Chief Financial Officer 
Telephone: (212) 763-5600 
Facsimile: (212) 763-5608 
E-mail: finance@gener8maritime.com
With a copy to:
Euronav NV
de Gerlachekaai 20
B-2000 Antwerp
Belgium
Tel No: 32 3 247 4411
Fax No: 32 3 247 4409
Attn:  Chief Financial Officer

	Name of Additional Borrower
	Place of Incorporation or Formation
	Registration number (or equivalent, if any)
	Address for Communication

	EURONAV NV
	BELGIUM
	0860.402.767
	de Gerlachekaai 20
B-2000 Antwerp
Belgium
Tel No: 32 3 247 4411
Fax No: 32 3 247 4409
E-mail: financial@euronav.com
Attn:  Chief Financial Officer

	Name of Parent Guarantor
	Place of Incorporation or Formation
	Registration number (or equivalent, if any)
	Address for Communication

	GENER8 MARITIME INC.
	REPUBLIC OF MARSHALL 
ISLANDS
	31343
	299 PARK AVENUE,  
2nd Floor 
NEW YORK, NY 10017 - 0002 
Attn: Chief Financial Officer 
Telephone: (212) 763-5600 
Facsimile: (212) 763-5608 
E-mail: finance@gener8maritime.com

	 
	 
	 
	With a copy to:
Euronav NV
de Gerlachekaai 20
B-2000 Antwerp
Belgium
Tel No: 32 3 247 4411
Fax No: 32 3 247 4409
Attn:  Chief Financial Officer

	 
	 
	 
	 

	Name of Ultimate Parent Guarantor
	Place of Incorporation or Formation
	Registration number (or equivalent, if any)
	Address for Communication

	EURONAV NV
	BELGIUM
	0860.402.767
	de Gerlachekaai 20
B-2000 Antwerp
Belgium
Fax No: 32 3 247 4409
Attn:  Chief Financial Officer

	Name of Shareholder
	Place of Incorporation or Formation
	Registration number (or equivalent, if any)
	Address for Communication

	GENER8 MARITIME SUBSIDIARY V INC.
	REPUBLIC OF MARSHALL 
ISLANDS
	67634
	299 PARK AVENUE,  
2nd Floor 
NEW YORK, NY 10017 - 0002 
Attn: Chief Financial Officer 
Telephone: (212) 763-5600 
Facsimile: (212) 763-5608 
E-mail: finance@gener8maritime.com
With a copy to:
Euronav NV
de Gerlachekaai 20
B-2000 Antwerp
Belgium
Tel No: 32 3 247 4411
Fax No: 32 3 247 4409
Attn:  Chief Financial Officer

	
				
	Name of Owner Guarantor / Hedge 
Guarantor
	Place of Incorporation or Formation
	Registration number (or equivalent, if any)
	Address for Communication

	GENER8 NEPTUNE LLC 
GENER8 ATHENA LLC 
GENER8 APOLLO LLC 
GENER8 ARES LLC 
GENER8 HERA LLC 
GENER8 CONSTANTINE LLC 
GENER8 OCEANUS LLC 
GENER8 NAUTILUS LLC 
GENER8 MACEDON LLC 
GENER8 NOBLE LLC 
GENER8 ETHOS LLC 
GENER8 PERSEUS LLC 
GENER8 THESEUS LLC 
GENER8 HECTOR LLC 
GENER8 NESTOR LLC
	REPUBLIC OF MARSHALL 
ISLANDS
	963422 
963429 
963436 
963437 
963441 
963438 
963446 
963443 
963442 
963445 
963439 
963447 
963448 
963440 
963444
	299 PARK AVENUE,  
2nd Floor 
NEW YORK, NY 10017 - 0002 
Attn: Chief Financial Officer 
Telephone: (212) 763-5600 
Facsimile: (212) 763-5608 
E-mail: finance@gener8maritime.com
With a copy to:
Euronav NV
de Gerlachekaai 20
B-2000 Antwerp
Belgium
Tel No: 32 3 247 4411
Fax No: 32 3 247 4409
Attn:  Chief Financial Officer

Part B     
 
THE ORIGINAL LENDERS
	
		
	 
	 

	Name of Commercial Lender
	Address for Communication

	ABN AMRO CAPITAL USA LLC

	100 Park Avenue, 
New York, New York 10017 - 0002 
Attention: Rajbir Talwar, 
Director of Transportation Clients 
Telephone: 917 284 6850 
Facsimile: N/A 
E-mail: rajbir.talwar@abnamro.com
With a copy to:
Attention: Eden Rahman, 
Vice President 
Telephone: +1 212 931 9714 
Facsimile: N/A 
E-mail: Eden.Rahman@abnamro.com
And to:
Attention: Lilla Engelsbel-Sporysheva, 
Director Trade Finance Operations 
Telephone: 917 284 6962 
Facsimile: 917 284 6697 
E-mail: tradefinance@abnamro.com
And to:
Attention: Maria Pina, 
Vice President 
Telephone: 917 284 6917 
Facsimile: 917 284 6683 
E-mail: middleoffice@abnamro.com 

	CITIBANK, N.A., LONDON BRANCH
	Citibank N.A., London Branch, 
Citigroup Centre, Canada Square, 
London, E14 5LB 
c/o Citibank International Limited,  
Poland Branch 
7/9 Traugutta str., 1st Floor 
00-985 Warsaw, Poland 
Attention: Loan Operations Department 
(Kara Catt / Romina Coates – EAF Middle Office) 
Telephone: +44 207986 4881 
Facsimile:  +44 207 655 2380 
E-mail: cibuk.loans@citi.com
With a copy to:
388 Greenwich Street,  
New York, NY, 10013 
Attention: Meghan O'Connor 
Telephone: +1 212 816 8557 
Facsimile: N/A 
E-mail:  meghan.oconnor@citi.com

	DNB CAPITAL LLC
	200 Park Avenue, 
31st Floor New York, 
NY 10166 
Attention: Cathleen Buckley 
Telephone: 212 681 3861 
Facsimile: 212 681 3900 
E-mail: Cathleen.buckley@dnb.no
With a copy to:
Attention: Sybille Andaur 
Telephone: 212 681 3878 
Facsimile: 212 681 3900 
E-mail: Sybille.Andaur@dnb.no

	DVB BANK SE
	DVB Bank SE
Platz der Republik 6
60325  Frankfurt
Germany
For admin matters:
TLS - Transaction Management 
DVB Bank SE | WTC Schiphol Tower F 6th Floor, Schiphol Boulevard 255 | 1118 BH Schiphol | The Netherlands 
tls.tm.amsterdam@dvbbank.com 
For commercial matters:
Wijnand Botman 
Shipping Finance Europe 
DVB Bank SE | WTC Schiphol Tower F 6th Floor, Schiphol Boulevard 255 | 1118 BH Schiphol | The Netherlands 
Wijnand.Botman@dvbbank.com

With a copy to:
609 Fifth Avenue; 5th Floor; 
New York, NY 10017 - 0002 
Attention: DVB Transport (US) LLC 
(Jurek Bochner) 
Telephone: +1 212 858 2609 
Facsimile: +1 212 858 2673 
E-mail: Jurek.Bochner@dvbbank.com
Attention: Christiane Lombardi 
Telephone: +1 212 858 2608 
Facsimile: +1 212 858 2693 
E-mail: Christiane.Lombardi@dvbbank.com

	NORDEA BANK AB (PUBL), NEW YORK BRANCH
	1211 Avenue of the Americas  
23rd  Floor 
New York, NY  10036 
Attention: Shipping Offshore and Oil Services 
Telephone:  +1 212 318 9636
Facsimile:   +1 212 421 4420 
E-mail: dlny-ny-cadloan@nordea.com
With a copy to: 
 
Essendropsgate 7
0368 Oslo
Norway
Facsimile: +47 22 48 66 78 
E-mail: agency.soosid@nordea.com

	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
	Skandinaviska Enskilda Banken AB (publ) 
Filipstad Brygge 1, Pb 18473 Vika, 0123 Oslo 
Attention: Egil Aarrestad (Client Executive) / Cecilie Landberg (Account Manager) 
Telephone: +22827021 / +22827105 
Facsimile: N/A 
E-mail: egil.aarrestad@seb.no /cecilie.landberg@seb.no 
 

With a copy to:
Attention: Structured Credit Operations 
Telephone: +370 521 90485 
Facsimile: N/A 
E-mail: sco@seb.se 

	Name of KEXIM Guaranteed Lender
	Address for Communication

	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.,  
HONG KONG BRANCH
	Unit 9507, Level 95, International Commerce Centre, 
One Austin Road West, 
Kowloon, Hong Kong 
Attention: Grace Li / Weilei Song / Winnie Chung 
Telephone: +852 2582 3278 / +852 2582 3110 / +852 2582 3145 /+8210 4665 1079
Facsimile: +852 2587 3199 
E-mail: gracel@bbva.com.hk / weilei.song@bbva.com.hk / winniec@bbva.com.hk
With a copy to:
Attention: Shirin Arabsolghar / Lucie Court / Maggie Siu 
 
Telephone: +34 91 537 0006 / +852 2582 3216 
 
Facsimile: + 34 91 537 0040 / +852 2582 3199
 
E-mail: 
hub.stf.administration@bbva.com / hub.stf.monitoring@bbva.com / lucie.court@bbva.com / shirin.arabsolghar@bbva.com /maggie.siu@bbva.com.hk / sally.chan@bbva.com.hk 

	 
	 

	CITIBANK, N.A., LONDON BRANCH
	Citibank N.A., London Branch, 
Citigroup Centre, Canada Square, 
London, E14 5LB 
c/o Citibank International Limited,  
Poland Branch 
7/9 Traugutta str., 1st Floor 
00-985 Warsaw, Poland 
Attention: Loan Operations Department 
(Kara Catt / Romina Coates – EAF Middle Office) 
Telephone: +44 207986 4881 
Facsimile:  +44 207 655 2380 
E-mail: cibuk.loans@citi.com
With a copy to:
388 Greenwich Street,  
New York, NY, 10013 
Attention: Meghan O'Connor 
Telephone: +1 212 816 8557 
Facsimile: N/A 
E-mail:  meghan.oconnor@citi.com

	INDUSTRIAL AND COMMERCIAL BANK OF CHINA, BUSAN BRANCH
	1205-10, Choryang 1-dong, 
Dong-gu, Busan, Korea, 601-839 
Attention: Byung-joo, Seo 
Telephone: 82-51-463-8707 
Facsimile: 82-51-463-6880 
E-mail:  seobj@kr.icbc.com.cn
With a copy to:
18th Floor, Taepyeongno Bldg., #73 Sejongdaero, Jung-gu, 
Seoul, Korea 100-767 
Attention: Hyun-il, Sohn 
Telephone: 82-2-3788-6692 
Facsimile: 82-2-3783-6735 
E-mail: sohnhi@kr.icbc.com.cn

	KOMMUNAL LANDSPENSJONSKASSE GJENSIDIG FORSIKRINGSSELSKAP
	Dronning Eufemias gate 10, 
Pb.400 Sentrum, 0103 OSLO 
Attention: Anne Kristine Skappel 
Telephone: +47 900 65 243 
Facsimile: +47 22 03 36 00 
E-mail: anne.kristine.skappel@klp.no

	 
	With a copy to:
Attention: Christian Dahl 
Telephone:+47 411 022 86 
Facsimile:+47 22 03 36 00 
E-mail: Christian.dahl@klp.no

	 
	And to:
Trondheim 
Attention: Linda Bruneel / Birgitte Elvrum 
Telephone: +4798623977 / +4790774226 
Facsimile: +4773533839 
E-mail: okontrd@klp.no

	 
	And to:
Trondheim 
Attention: Oddvar Engelsastro / Anette Christensen 
Telephone: +4748186935 
Facsimile: +4773533839 
E-mail: Oddvar.Engelsaastro@klp.no / Anette.Christensen@klp.no

	MITSUBISHI UFJ TRUST AND BANKING CORPORATION
	4-5, Marunouchi 1-Chome, 
Chiyoda-ku, Tokyo 100-8212, Japan 
Attention: Corporate Business Planning Division 
(Takashi Tomioka / Yoshitake Tanaka) 
Telephone: +81-3-6256-1460 
Facsimile: +81-3-6214-8199 
E-mail: takashi_tomioka@tr.mufg.jp / 
yoshitake_tanaka@tr.mufg.jp 
 
With a copy to: 
Attention: Takeshi Sugiyama 
Telephone: +81-3-6250-3967 
Facsimile: +81-3-6214-8199 
E-mail: mutbsf2_post@tr.mufg.jp

	NONGHYUP BANK
	120 Tongil-Ro, Jung-Gu,
Seoul, Korea 04517
Attention: Young Jin Choi
Telephone: +822 2080-8116
Facsimile : +822 2080-8130
E-mail: jinchoi@nonghyup.com
 
With a copy to:
 
Attention : Young Ho Jung
Telephone : +822 2080-8119
Facsimile : +822 2080-8130
E-mail : sailor05@nonghyup.com

	SAMBA FINANCIAL GROUP, LONDON BRANCH
	Nightingale House, 65 Curzon Street, 
London, W1 8PF, UK 
Attention: Sherif Atef 
Telephone:  +44 207 659 8235 
Facsimile: +44 207 355 4416 
E-mail:  sherif.atef@samba.com
With a copy to:
Attention: Keith Clay 
Telephone: +44 207 659 8237 
Facsimile: +44 207 355 4416 
E-mail: keith.clay@samba.com

	Name of K-Sure Lender
	Address for Communication

	ABN AMRO CAPITAL USA LLC
	100 Park Avenue, 
New York, New York 10017 - 0002 
Attention: Rajbir Talwar, 
Director of Transportation Clients 
Telephone: 917 284 6850 
Facsimile: N/A 
E-mail: rajbir.talwar@abnamro.com

	 
	With a copy to:
Attention: Eden Rahman, 
Vice President 
Telephone: +1 212 931 9714 
Facsimile: N/A 
E-mail: Eden.Rahman@abnamro.com

	 
	And to:
Attention: Lilla Engelsbel-Sporysheva, 
Director Trade Finance Operations 
Telephone: 917 284 6962 
Facsimile: 917 284 6697 
E-mail: tradefinance@abnamro.com 

	 
	And to:
Attention: Maria Pina, 
Vice President 
Telephone: 917 284 6917 
Facsimile: 917 284 6683 
E-mail: middleoffice@abnamro.com

	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.,  
HONG KONG BRANCH
	Unit 9507, Level 95, International Commerce Centre, 
One Austin Road West, 
Kowloon, Hong Kong 
Attention: Grace Li / Weilei Song / Winnie Chung 
Telephone: +852 2582 3278 / +852 2582 3110 / +852 2582 3145 /+8210 4665 1079
Facsimile: +852 2587 3199 
E-mail: gracel@bbva.com.hk / weilei.song@bbva.com.hk / winniec@bbva.com.hk
With a copy to:
Attention: Shirin Arabsolghar / Lucie Court / Maggie Siu 
 
Telephone: +34 91 537 0006 / +852 2582 3216 
 
Facsimile: + 34 91 537 0040 / +852 2582 3199
 
E-mail: 
hub.stf.administration@bbva.com / hub.stf.monitoring@bbva.com / lucie.court@bbva.com / shirin.arabsolghar@bbva.com /maggie.siu@bbva.com.hk / sally.chan@bbva.com.hk 

	CAIXABANK, S.A.
	Av. Diagonal 615, planta 5, 08028 Barcelona; Spain 
Attention: Isabel Marquez Buey 
Telephone: +34 628 22 43 46 
Facsimile: +34 93 404 67 94 
E-mail: imarquez@caixabank.com

	 
	With a copy to:
Attention: Eduard Sin / Susanna Farnós 
Telephone: + 34 93 404 41 39 / +34 93 297 46 63 
Facsimile: +34 93 404 64 66 
E-mail:  creditos.sindicados@lacaixa.es

	 
	And to:
Attention: Maria Carmen Utrilla 
Telephone: +34 93 404 44 32 
Facsimile: N/A 
E-mail: Carmen.utrilla@caixabank.com

	CITIBANK, N.A., LONDON BRANCH
	Citibank N.A., London Branch, 
Citigroup Centre, Canada Square, 
London, E14 5LB 
c/o Citibank International Limited,  
Poland Branch 
7/9 Traugutta str., 1st Floor 
00-985 Warsaw, Poland 
Attention: Loan Operations Department 
(Kara Catt / Romina Coates – EAF Middle Office) 
Telephone: +44 207986 4881
Facsimile:  +44 207 655 2380
E-mail: cibuk.loans@citi.com

	 
	With a copy to:
388 Greenwich Street,  
New York, NY, 10013 
Attention: Meghan O'Connor 
Telephone: +1 212 816 8557 
Facsimile: N/A 
E-mail:  meghan.oconnor@citi.com

	LANDESBANK HESSEN-THUERINGEN GIROZENTRALE
	Landesbank Hessen-Thueringen Girozentrale, 
MT-259300, Neue Mainzer Strasse 
52-58, 60311 Frankfurt am Main 
Attention: Navina Lucke 
Telephone: +49 69 9132-4830 
Facsimile: +49 69 9132- 84830 
E-mail: Navina.Lucke@helaba.de

	 
	With a copy to:
Attention: Stefan Kroth 
Telephone: +49 69 9132-2165 
Facsimile: +49 69 9132-82165 
E-mail: Stefan.Kroth@helaba.de

	MITSUBISHI UFJ TRUST AND BANKING CORPORATION
	4-5, Marunouchi 1-Chome, 
Chiyoda-ku, Tokyo 100-8212, Japan 
Attention: Corporate Business Planning Division 
(Takashi Tomioka / Yoshitake Tanaka) 
Telephone: +81-3-6256-1460 
Facsimile: +81-3-6214-8199 
E-mail: :takashi_tomioka@tr.mufg.jp / 
yoshitake_tanaka@tr.mufg.jp 
 
With a copy to: 
Attention: Takeshi Sugiyama 
Telephone: +81-3-6250-3967 
Facsimile : +81-3-6214-8199 
E-mail: mutbsf2_post@tr.mufg.jp

	 
	 

	THE EXPORT-IMPORT BANK OF KOREA
	BIFC 20th floor, 
Munhyeongeumyung-ro 40, Namgu, 
Busan 608-828, Korea 
Attention: Hanie(Okju) Jang 
Telephone: +82 51 922 8830 
Facsimile: +82 51 922 8849 
E-mail: okju@koreaexim.go.kr

	 
	With a copy to:
Attention: Eva(Hae Jeong) Cho 
Telephone: +82 51 922 8828 
Facsimile: +82 51 922 8849 
E-mail: hj.cho@koreaexim.go.kr

Part C     
 
THE HEDGE COUNTERPARTIES
	
		
	ABN AMRO BANK N.V.
	100 Park Avenue 17th Floor 
New York, NY 
10017 - 0002 
United States of America 
Attention: MacGregor Stockdale, 
Derivative Sales 
Telephone: +917 284 6738 
Facsimile: N/A 
E-mail: MacGregor.Stockdale@abnamro.com

	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.,  
HONG KONG BRANCH
	Unit 9507, Level 95, International Commerce Centre, 
One Austin Road West, 
Kowloon, Hong Kong 
Attention: Grace Li / Weilei Song / Winnie Chung 
Telephone: +852 2582 3278 / +852 2582 3110 / +852 2582 3145 /+8210 4665 1079
Facsimile: +852 2587 3199 
E-mail: gracel@bbva.com.hk / weilei.song@bbva.com.hk / winniec@bbva.com.hk
With a copy to:
Attention: Shirin Arabsolghar / Lucie Court / Maggie Siu 
 
Telephone: +34 91 537 0006 / +852 2582 3216 
 
Facsimile: + 34 91 537 0040 / +852 2582 3199
 
E-mail: 
hub.stf.administration@bbva.com / hub.stf.monitoring@bbva.com / lucie.court@bbva.com / shirin.arabsolghar@bbva.com /maggie.siu@bbva.com.hk / sally.chan@bbva.com.hk 

	CITIBANK, N.A.
	390 Greenwich Street 
New York NY – New York USA 10013 
Attention: Sarver, Kevin 
Vice President 
Telephone: +1 212 723 6566 
E-mail: kevin.sarver@citi.com

	 
	With a copy to:
Attention: Shidler, Kenneth B 
Managing Director 
Telephone: +1 12 723 6468 
E-mail:  kenneth.b.shidler@citi.com

	 
	And to:
Attention: Meghan O'Connor 
Telephone: +1 (212) 816 8557 
E-mail: meghan.oconnor@citi.com

	NONGHYUP BANK
	120 Tongil-Ro, Jung-Gu,
Seoul, Korea 04517
Attention : Young Jin Choi
Telephone : +822 2080-8116
Facsimile : +822 2080-8130
E-mail : jinchoi@nonghyup.com
 
With a copy to:
 
Attention : Young Ho Jung
Telephone : +822 2080-8119
Facsimile : +822 2080-8130
E-mail : sailor05@nonghyup.com

	NORDEA BANK AB (PUBL), NEW YORK BRANCH
	1211 Avenue of the Americas,  
23rd Floor 
New York, NY  10036 
Attention: Shipping Offshore and Oil Services 
Telephone:  +1 212 318 9636
Facsimile:   +1 212 421 4420 
E-mail: dlny-ny-cadloan@nordea.com

	 
	With a copy to: 
 
Essendropsgate 7
0368 Oslo
Norway
Facsimile: +47 22 48 66 78 
E-mail: agency.soosid@nordea.com

	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

	Skandinaviska Enskilda Banken AB (publ) 
Filipstad Brygge 1, Pb 18473 Vika, 0123 Oslo 
Attention: Egil Aarrestad (Client Executive) / Cecilie Landberg (Account Manager) 
Telephone: +22827021 / +22827105 
Facsimile: N/A 
E-mail: egil.aarrestad@seb.no /cecilie.landberg@seb.no 
 

With a copy to:
Attention: Structured Credit Operations 
Telephone: +370 521 90485 
Facsimile: N/A 
E-mail: sco@seb.se 

	 
	 

Part D     
 
THE SERVICING PARTIES
	
		
	Name of Facility Agent
	Address for Communication

	NORDEA BANK AB (PUBL), 
NEW YORK BRANCH
	1211 Avenue of the Americas  
23rd  Floor 
New York, NY  10036 
Attn:  Shipping Offshore and Oil Services 
 
Telephone:  +1 212 318 9636 
Facsimile:   +1 212 421 4420 
E-mail: dlny-ny-cadloan@nordea.com

	 
	with a copy to: 
 
Essendropsgate 7
0368 Oslo
Norway
 
Facsimile: +47 22 48 66 78 
E-mail: agency.soosid@nordea.com

	Name of Security Agent
	Address for Communication

	NORDEA BANK AB (PUBL), 
NEW YORK BRANCH
	1211 Avenue of the Americas  
23rd  Floor 
New York, NY  10036 
Attn:  Shipping Offshore and Oil Services 
 
Telephone:  +1 212 318 9636 
Facsimile:   +1 212 421 4420 
E-mail: dlny-ny-cadloan@nordea.com

	 
	with a copy to: 
 
Essendropsgate 7
0368 Oslo
Norway
 
Facsimile: +47 22 48 66 78 
E-mail: agency.soosid@nordea.com

	Name of ECA Agent
	Address for Communication

	CITIBANK, N.A., 
LONDON BRANCH
	Citibank N.A., London Branch 
c/o Citibank International Limited,  
Poland Branch 
7/9 Traugutta str., 1st Floor
00-985 Warsaw, Poland 
Attention: Loan Operations Department 
(Kara Catt/ Romina Coates – EAF Middle Office) 
Facsimile:  +44 207 655 2380 
Telephone: +44 207986 4881 
E-mail: cibuk.loans@citi.com

Schedule 6     
 
CONDITIONS PRECEDENT

Part A     
 
CONDITIONS PRECEDENT TO INITIAL UTILIZATION REQUEST
		
	1
	Obligors

		
	1.1
	A copy of the Constitutional Documents of each Obligor.

		
	1.2
	A copy of a resolution of the board of directors (or equivalent) of each Obligor:

		
	(a)
	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;

		
	(b)
	authorizing a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and

		
	(c)
	authorizing a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices (including, if relevant, a Utilization Request) to be signed and/or dispatched by it under, or in connection with, the Finance Documents to which it is a party.

		
	1.3
	A specimen of the signature of each person authorized by the resolution referred to in paragraph 1.2 above.

		
	1.4
	A copy of a resolution signed by the holder of the issued shares in each of the Owner Guarantors, approving the terms of, and the transactions contemplated by, the Finance Documents to which that Owner Guarantor is a party.

		
	1.5
	A certificate of an authorized signatory of the relevant Obligor certifying that each copy (but not an original) document relating to it specified in paragraphs 1 and 2 this Part A of Schedule 2 (Conditions Precedent) and every other copy document (but not an original) delivered by it under this Schedule, is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

		
	2
	Shipbuilding Contracts and other Documents

		
	2.1
	Copies of the Shipbuilding Contracts (which shall for the avoidance of doubt, include the Master Agreement and the Intercompany Ship Delivery Agreements) and the Merger Agreement and of all documents signed or issued by an Obligor or its Affiliate or the Builders (or any of them) under or in connection with it.

		
	3
	Finance Documents

		
	3.1
	A duly executed copy of any Finance Document not otherwise referred to in this Schedule 2 (Conditions Precedent).

		
	3.2
	A duly executed copy of any other document required to be delivered by each Finance Document if not otherwise referred to this Schedule 2 (Conditions Precedent).

		
	4
	Security

		
	4.1
	A duly executed copy of the Account Security in relation to each Account and of the Shares Security in respect of the Shareholder, the Borrower and each Owner Guarantor (and of each document to be delivered under each of them).

		
	4.2
	If applicable, a duly executed copy of each Assignment of Hedging Agreement in respect of the Borrower or the Parent Guarantor (as the case may be) (and of each document to be delivered under each of them).

		
	4.3
	Documentary evidence that the Security intended to be created on or prior to the date of the first Utilization Request by each of the Finance Documents has been duly perfected under applicable law.

		
	5
	Legal opinions

		
	5.1
	A legal opinion of Kramer Levin Naftalis & Frankel as counsel to the Borrower which shall be addressed to Facility Agent, the Security Agent, the Lenders and K-Sure on such matters concerning the laws of New York.

		
	5.2
	A legal opinion of Watson Farley & Williams LLP which shall be addressed to the Facility Agent, the Security Agent, the Lenders and K-Sure on such matters concerning the laws of the Marshall Islands and the Republic of Liberia.

		
	5.3
	A legal opinion of Lee&Ko which shall be addressed to the Facility Agent from lawyers (either issued or in a form acceptable to the Facility Agent) on such matters concerning the laws of Republic of South Korea in respect of the K-Sure Notice and/or the K-Sure Insurance Policies.

		
	5.4
	A legal opinion of Watson Farley & Williams LLP which shall be addressed to the Facility Agent  on such matters concerning the laws of New York in respect of the KEXIM Guarantee.

		
	5.5
	A legal opinion of Lee&Ko which shall be addressed to the Facility Agent from lawyers on such matters concerning the laws of Republic of South Korea in respect of KEXIM.

		
	5.6
	Favorable legal opinions by lawyers appointed by the Facility Agent on such matters concerning the laws of such relevant jurisdictions as the Facility Agent may require, substantially in the form distributed to the Original Lenders before signing this Agreement.

		
	6
	Other documents and evidence

		
	6.1
	The Original Financial Statements of the Parent Guarantor.

		
	6.2
	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 11 (Fees, KEXIM Premium and K-Sure Premium) and Clause 16 (Costs and Expenses) have been paid or will be paid by the first Utilization Date.

		
	6.3
	Such evidence as the Facility Agent and KEXIM may require for the Finance Parties to be able to satisfy each of their "know your customer" or similar identification procedures in relation to the transactions contemplated by the Finance Documents.

		
	6.4
	A copy of K-Sure's written approval notice in respect of the transactions contemplated by the Finance Documents, in form and substance satisfactory to the Lenders and KEXIM.

		
	6.5
	The English translation of the K-Sure Notice prepared by a translator approved by the Facility Agent, and a certified English translation in respect of any other the documents referred to above as may be required by the Facility Agent and/or KEXIM.

Part B     
 
CONDITIONS PRECEDENT TO UTILIZATION –  ADVANCE
In this Part:
"Relevant Advance" means the Advance for which a drawing has been requested under the relevant Utilization Request.
"Relevant Ship" means the Ship to which the proposed Advance relates.
"Relevant Owner Guarantor" means the Owner Guarantor owning the Relevant Ship.
		
	7
	Borrower and Relevant Owner Guarantor

A certificate of an authorized signatory of the Borrower and the Relevant Owner Guarantor certifying that each copy document which it is required to provide under this Part B of Schedule 2 (Conditions Precedent) is correct, complete and in full force and effect as at the Utilization Date for the Relevant Advance (and in particular, that there are no further amendments and/or supplements to the Shipbuilding Contract other than those previously provided to the Facility Agent pursuant to Part A of this Schedule 2 (Conditions Precedent) or pursuant to Part B of this Schedule 2 (Conditions Precedent)).
		
	8
	Finance Documents

		
	8.1
	A duly executed copy of each Security Document (other than the Mortgage and the relevant Manager's Undertakings) if not previously provided pursuant to Part A of this Schedule 2 (Conditions Precedent).

		
	8.2
	A duly executed copy of any other document required to be delivered by each Finance Document if not previously provided pursuant to Part A of this Schedule 2 (Conditions Precedent).

		
	9
	Ship and other security

		
	9.1
	Such documentary evidence as the Facility Agent and its legal advisers may require in relation to the due authorization and execution of the relevant Shipbuilding Contracts by each of the parties thereto.

		
	9.2
	Such documentary evidence as the Facility Agent and its legal advisers may require in relation to evidencing that the relevant Owner Guarantor is the buyer (and shall be the legal and beneficial owner) of the Relevant Ship.

		
	9.3
	A duly executed original of the Mortgage in respect of the relevant Ship and of each document to be delivered under or pursuant thereto together with documentary evidence that the Mortgage in respect of the Relevant Ship has been duly registered as a valid first preferred or first priority ship mortgage in accordance with the laws of the jurisdiction of its Approved Flag.

		
	9.4
	Documentary evidence that the Relevant Ship:

		
	(a)
	has been unconditionally delivered by the relevant Builder to, and accepted by, the Relevant Owner Guarantor under the Shipbuilding Contract relating to the Relevant Ship and that the full purchase price payable and all other sums due to such Builder under the said Shipbuilding Contract, other than the sums to be financed pursuant to the Utilization of the Delivery Advance, have been, or upon the Utilization of the Delivery Advance, will be, paid to such Builder;

		
	(b)
	is definitively and if applicable, permanently registered in the name of the Relevant Owner Guarantor  under the Approved Flag;

		
	(c)
	is in the absolute and unencumbered ownership of the Relevant Owner Guarantor save as contemplated by the Finance Documents;

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

		
	(e)
	is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with.

		
	9.5
	Documents establishing that the Relevant Ship will, as from the Utilization Date of the Relevant Advance, be managed commercially by its Approved Commercial Manager and managed technically by its Approved Technical Manager on terms acceptable to the Facility Agent acting with the authorization of all of the Lenders together with:

		
	(a)
	to the extent commercially practicable, a Manager's Undertaking for each of the Approved Managers for the Relevant Ship; and

		
	(b)
	copies of the relevant Pool Agreement (if applicable and including all relevant novations, amendments, supplements thereto), the relevant Approved Technical Manager's Document of Compliance and of the Relevant Ship's Safety Management Certificate (together with any other details of the applicable Safety Management System which the Facility Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to the Relevant Ship including without limitation an ISSC.

		
	9.6
	An opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the Insurances as the Facility Agent may reasonably require.

		
	9.7
	Two Appraisals of the Relevant Ship stated to be for the purposes of this Agreement and dated not earlier than 14 Business Days before the Utilization Date, evidencing the Fair Market Value of the Relevant Ship.

		
	9.8
	Copy of any Charter to which the Relevant Ship is subject (including without limitation, any charter pursuant to the relevant Pool Agreement (if any)).

		
	9.9
	The Relevant Ship's INMARSAT number (or equivalent).

		
	10
	Legal opinions

Legal opinions of the legal advisers to the Facility Agent in the jurisdiction of the Approved Flag of the Relevant Ship, the Republic of the Marshall Islands, the Republic of South Korea and such other relevant jurisdictions as the Facility Agent may require.
		
	11
	Other documents and evidence

		
	11.1
	Evidence that the fees, costs and expenses then due from Borrower pursuant to Clause 11 (Fees) and Clause 16 (Costs and Expenses) have been paid or will be paid by the Utilization Date for the Delivery Advance.

		
	11.2
	Evidence satisfactory to the Facility Agent that the Parent Guarantor and/or one or more of its Subsidiaries has made payment, or has procured the payment:

		
	(a)
	to the Builder, of the difference between (i) the Contract Price payable under the Shipbuilding Contract relating to the Relevant Ship and (ii) the sums to be financed pursuant to the Utilization of the relevant Advance, to the Builder; and

		
	(b)
	to the Debt Service Reserve Account, of an amount equal to the aggregate of:

		
	(i)
	the amount required to repay the first Repayment Instalment of the Relevant Advance and interest thereon, and

		
	(ii)
	the next Repayment Instalment of all previous Advances utilised under this Agreement and interest thereon,

		
	(iii)
	provided that it is agreed that payment of the amounts referred to under this paragraph (b) may be made from the proceeds of the Relevant Advance in accordance with and upon fulfilment of the conditions set out in Clause 3.1(c) (Purpose).

		
	11.3
	Evidence satisfactory to the ECA Agent that the relevant KEXIM Premium and the K-Sure Premium payable by the Borrower for the Relevant Advance, have been paid or will be paid by the Utilization Date of the Relevant Advance.

		
	11.4
	Evidence satisfactory to the Facility Agent that the Relevant Owner Guarantor is or will be the legal and beneficial owner of the Relevant Ship pursuant to its Shipbuilding Contract by the Utilization Date of the Relevant Advance.

		
	11.5
	A copy of the duly executed K-Sure Insurance Policy relating to the Relevant Ship in form and substance acceptable to all the Lenders and the ECA Agent.

		
	11.6
	A copy of the duly executed KEXIM Guarantee in form and substance acceptable to all the Lenders and the ECA Agent.

		
	11.7
	Confirmation from the ECA Agent that it has not been notified by K-Sure of cancellation of any existing K-SURE Insurance Policy in relation to any Ship.

		
	11.8
	In the case of the first Advance:

		
	(a)
	a certified English translation of the relevant K-SURE Insurance Policy prepared by a translator approved by the Agent, and

		
	(b)
	[Intentionally deleted.]

		
	11.9
	A certified English translation in respect of any other documents referred to above as may be required by the Facility Agent.

Schedule 7     
 
UTILIZATION REQUESTS
From:    GENER8 MARITIME SUBSIDIARY VIII INC.
To:    NORDEA BANK AB (PUBL), NEW YORK BRANCH as Facility Agent
Dated:     [l]
Dear Sirs
GENER8 MARITIME SUBSIDIARY VIII INC.  – $963,743,455 Facility Agreement originally dated 31 August 2015 as amended and restated on [l] 2018 (the "Agreement")
		
	1
	We refer to the Agreement.  This is a Utilization Request.  Terms defined in the Agreement have the same meaning in this Utilization Request unless given a different meaning in this Utilization Request.

		
	2
	We wish to borrow the Advance under Vessel Loan relating to Ship [l] on the following terms:

Proposed Utilization Date:    [l] (or, if that is not a Business Day, the next Business Day)
		
	Amount:
	[l] or, if less, the Available Commitment of all Lenders in relation to such Vessel Loan

Interest Period:    [l]
		
	3
	We confirm that each condition specified in Clause 4.1 (Initial conditions precedent) and Clause 4.2 (Further conditions precedent) of this Agreement as they relate to the Advance to which this Utilization Request refers is satisfied on the date of this Utilization Request.

		
	4
	The proceeds of this Advance should be credited to: [account].

		
	5
	This Utilization Request is irrevocable.

Yours faithfully
______________________
[l] 
authorized signatory for 
GENER8 MARITIME SUBSIDIARY VIII INC.

Schedule 8     
 
TRANCHES AND COMMITMENTS
	
										
	 
	COMMERCIAL TRANCHE
	KEXIM GUARANTEED TRANCHE
	KEXIM FUNDED TRANCHE
	K-SURE TRANCHE
	ALL TRANCHES

	(COMMERCIAL LENDERS)
	(KEXIM LENDERS)
	(KEXIM- FUNDED LENDERS)
	(K-SURE LENDERS)
	$

	LENDER
	$
	LENDER
	$
	LENDER
	$
	LENDER
	$
	 

	Ship A
	Citibank, N.A., London Branch ("Citibank")
	1,752,826
	Citibank
	112,989
	The Export-Import Bank of Korea ("KEXIM")
	15,099,218
	Citibank
	4,589,148

	ABN AMRO Capital USA LLC ("ABN")
	3,175,145
	Banco Bilbao Vizcaya Argentaria, S.A., Hong Kong Branch ("BBVA")
	2,156,773
	ABN
	3,824,290

	DVB Bank SE ("DVB")
	1,752,826
	Industrial and Commercial Bank of China, Busan Branch ("ICBC")
	1,147,287
	BBVA
	4,561,509

	DNB Capital LLC ("DNB")
	1,752,826
	Kommunal  Landspensjonskasse Gjensidig Forsikringsselskap ("KLP")
	3,824,290
	Landesbank Hessen-Thueringen Girozentrale ("Helaba")
	5,736,435

	Nordea Bank AB (publ), New York Branch ("Nordea")
	1,752,826
	Mitsubishi UFJ Trust and Banking Corporation ("MUTB")
	1,147,287
	Caixabank, S.A.  
("La Caixa")
	5,736,435

	Skandinaviska Enskilda Banken AB (publ) ("SEB")
	1,752,826
	Nonghyup Bank ("NH Bank")
	1,147,287
	 
	 
	MUTB
	1,912,145

	 
	 
	Samba Financial Group, London Branch ("Samba")
	1,147,287
	 
	 

	TOTAL COMMITMENT FOR SHIP A ($)
	11,939,273
	10,683,200
	15,099,218
	26,359,963
	64,081,655

	Ship B
	Citibank
	1,752,826
	Citibank
	112,989
	KEXIM
	15,099,218
	Citibank
	4,589,148
	 

	ABN
	3,175,145
	BBVA
	2,156,773
	ABN
	3,824,290

	DVB
	1,752,826
	ICBC
	1,147,287
	BBVA
	4,561,509

	DNB
	1,752,826
	KLP
	3,824,290
	Helaba
	5,736,435

	Nordea
	1,752,826
	MUTB
	1,147,287
	La Caixa
	5,736,435

	SEB
	1,752,826
	NH Bank
	1,147,287
	MUTB
	1,912,145

	 
	 
	Samba
	1,147,287
	 
	 

	TOTAL COMMITMENT FOR SHIP B ($)
	11,939,273
	10,683,200
	15,099,218
	26,359,963
	64,081,655

	Ship C
	Citibank
	1,752,826
	Citibank
	112,989
	KEXIM
	15,099,218
	Citibank
	4,589,148
	 

	ABN
	3,175,145
	BBVA
	2,156,773
	ABN
	3,824,290

	DVB
	1,752,826
	ICBC
	1,147,287
	BBVA
	4,561,509

	DNB
	1,752,826
	KLP
	3,824,290
	Helaba
	5,736,435

	Nordea
	1,752,826
	MUTB
	1,147,287
	La Caixa
	5,736,435

	SEB
	1,752,826
	NH Bank
	1,147,287
	MUTB
	1,912,145

	 
	 
	Samba
	1,147,287
	 
	 

	TOTAL COMMITMENT FOR SHIP C ($)
	11,939,273
	10,683,200
	15,099,218
	26,359,963
	64,081,655

	Ship D
	Citibank
	1,752,826
	Citibank
	112,989
	KEXIM
	15,099,218
	Citibank
	4,589,148
	 

	ABN
	3,175,145
	BBVA
	2,156,773
	ABN
	3,824,290

	DVB
	1,752,826
	ICBC
	1,147,287
	BBVA
	4,561,509

	DNB
	1,752,826
	KLP
	3,824,290
	Helaba
	5,736,435

	Nordea
	1,752,826
	MUTB
	1,147,287
	La Caixa
	5,736,435

	SEB
	1,752,826
	NH Bank
	1,147,287
	MUTB
	1,912,145

	 
	 
	Samba
	1,147,287
	 
	 

	TOTAL COMMITMENT FOR SHIP D ($)
	11,939,273
	10,683,200
	15,099,218
	26,359,963
	64,081,655

	Ship E
	Citibank
	1,862,789
	Citibank
	120,077
	KEXIM
	16,046,466
	Citibank
	4,877,048
	 

	ABN
	3,374,337
	BBVA
	2,292,078
	ABN
	4,064,207

	DVB
	1,862,789
	ICBC
	1,219,262
	BBVA
	4,847,675

	DNB
	1,862,789
	KLP
	4,064,207
	Helaba
	6,096,310

	Nordea
	1,862,789
	MUTB
	1,219,262
	La Caixa
	6,096,310

	SEB
	1,862,789
	NH Bank
	1,219,262
	MUTB
	2,032,103

	 
	 
	Samba
	1,219,262
	 
	 

	TOTAL COMMITMENT FOR SHIP E ($)
	12,688,281
	11,353,4090
	16,046,466
	28,013,652
	68,101,808

	Ship F
	Citibank
	1,862,789
	Citibank
	120,077
	KEXIM
	16,046,466
	Citibank
	4,877,048
	 

	ABN
	3,374,337
	BBVA
	2,292,078
	ABN
	4,064,207

	DVB
	1,862,789
	ICBC
	1,219,262
	BBVA
	4,847,675

	DNB
	1,862,789
	KLP
	4,064,207
	Helaba
	6,096,310

	Nordea
	1,862,789
	MUTB
	1,219,262
	La Caixa
	6,096,310

	SEB
	1,862,789
	NH Bank
	1,219,262
	MUTB
	2,032,103

	 
	 
	Samba
	1,219,262
	 
	 

	TOTAL COMMITMENT FOR SHIP F ($)
	12,688,281
	11,353,409
	16,046,466
	28,013,652
	68,101,808

	Ship G
	Citibank
	9,243,217
	Not applicable
	Not applicable
	Not applicable
	 

	ABN
	16,743,567

	DVB
	9,243,217

	DNB
	9,243,217

	Nordea
	9,243,217

	SEB
	9,243,217

	 
	 

	TOTAL COMMITMENT FOR SHIP G ($)
	62,959,650
	0
	0
	0
	62,959,650

	Ship H
	Citibank
	9,243,217
	Not applicable
	Not applicable
	Not applicable
	 

	ABN
	16,743,567

	DVB
	9,243,217

	DNB
	9,243,217

	Nordea
	9,243,217

	SEB
	9,243,217

	 
	 

	TOTAL COMMITMENT FOR SHIP H ($)
	62,959,650
	0
	0
	0
	62,959,650

	Ship I
	Citibank
	1,729,955
	Citibank
	111,514
	KEXIM
	14,902,203
	Citibank
	4,529,269
	 

	ABN
	3,133,716
	BBVA
	2,128,631
	ABN
	3,774,391

	DVB
	1,729,955
	ICBC
	1,132,317
	BBVA
	4,501,991

	DNB
	1,729,955
	KLP
	3,774,391
	Helaba
	5,661,586

	Nordea
	1,729,955
	MUTB
	1,132,317
	La Caixa
	5,661,586

	SEB
	1,729,955
	NH Bank
	1,132,317
	MUTB
	1,887,195

	 
	 
	Samba
	1,132,317
	 
	 

	TOTAL COMMITMENT FOR SHIP I ($)
	11,783,489
	10,543,806
	14,902,203
	26,016,018
	63,245,516

	Ship J
	Citibank
	1,729,955
	Citibank
	111,514
	KEXIM
	14,902,203
	Citibank
	4,529,269
	 

	ABN
	3,133,716
	BBVA
	2,128,631
	ABN
	3,774,391

	DVB
	1,729,955
	ICBC
	1,132,317
	BBVA
	4,501,991

	DNB
	1,729,955
	KLP
	3,774,391
	Helaba
	5,661,586

	Nordea
	1,729,955
	MUTB
	1,132,317
	La Caixa
	5,661,586

	SEB
	1,729,955
	NH Bank
	1,132,317
	MUTB
	1,887,195

	 
	 
	Samba
	1,132,317
	 
	 

	TOTAL COMMITMENT FOR SHIP J ($)
	11,783,489
	10,543,806
	14,902,203
	26,016,018
	63,245,516

	Ship K
	Citibank
	1,729,955
	Citibank
	111,514
	KEXIM
	14,902,203
	Citibank
	4,529,269
	 

	ABN
	3,133,716
	BBVA
	2,128,631
	ABN
	3,774,391

	DVB
	1,729,955
	ICBC
	1,132,317
	BBVA
	4,501,991

	DNB
	1,729,955
	KLP
	3,774,391
	Helaba
	5,661,586

	Nordea
	1,729,955
	MUTB
	1,132,317
	La Caixa
	5,661,586

	SEB
	1,729,955
	NH Bank
	1,132,317
	MUTB
	1,887,195

	 
	 
	Samba
	1,132,317
	 
	 

	TOTAL COMMITMENT FOR SHIP K ($)
	11,783,489
	10,543,806
	14,902,203
	26,016,018
	63,245,516

	Ship L
	Citibank
	1,729,955
	Citibank
	111,514
	KEXIM
	14,902,203
	Citibank
	4,529,269
	 

	ABN
	3,133,716
	BBVA
	2,128,631
	ABN
	3,774,391

	DVB
	1,729,955
	ICBC
	1,132,317
	BBVA
	4,501,991

	DNB
	1,729,955
	KLP
	3,774,391
	Helaba
	5,661,586

	Nordea
	1,729,955
	MUTB
	1,132,317
	La Caixa
	5,661,586

	SEB
	1,729,955
	NH Bank
	1,132,317
	MUTB
	1,887,195

	 
	 
	Samba
	1,132,317
	 
	 

	TOTAL COMMITMENT FOR SHIP L ($)
	11,783,489
	10,543,806
	14,902,203
	26,016,018
	63,245,516

	Ship M
	Citibank
	1,784,845
	Citibank
	115,053
	KEXIM
	15,375,039
	Citibank
	4,672,979
	 

	ABN
	3,233,146
	BBVA
	2,196,171
	ABN
	3,894,149

	DVB
	1,784,845
	ICBC
	1,168,245
	BBVA
	4,644,835

	DNB
	1,784,845
	KLP
	3,894,149
	Helaba
	5,841,224

	Nordea
	1,784,845
	MUTB
	1,168,245
	La Caixa
	5,841,224

	SEB
	1,784,845
	NH Bank
	1,168,245
	MUTB
	1,947,075

	 
	 
	Samba
	1,168,245
	 
	 

	TOTAL COMMITMENT FOR SHIP M ($)
	12,157,370
	10,878,353
	15,375,039
	26,841,487
	65,252,248

	Ship N
	Citibank
	1,737,731
	Citibank
	112,016
	KEXIM
	14,969,188
	Citibank
	4,549,628
	 

	ABN
	3,147,802
	BBVA
	2,138,200
	ABN
	3,791,357

	DVB
	1,737,731
	ICBC
	1,137,407
	BBVA
	4,522,227

	DNB
	1,737,731
	KLP
	3,791,357
	Helaba
	5,687,035

	Nordea
	1,737,731
	MUTB
	1,137,407
	La Caixa
	5,687,035

	SEB
	1,737,731
	NH Bank
	1,137,407
	MUTB
	1,895,678

	 
	 
	Samba
	1,137,407
	 
	 

	TOTAL COMMITMENT FOR SHIP N ($)
	11,836,455
	10,591,200
	14,969,188
	26,132,960
	63,529,803

	Ship O
	Citibank
	1,737,731
	Citibank
	112,016
	KEXIM
	14,969,188
	Citibank
	4,549,628
	 

	ABN
	3,147,802
	BBVA
	2,138,200
	ABN
	3,791,357

	DVB
	1,737,731
	ICBC
	1,137,407
	BBVA
	4,522,227

	DNB
	1,737,731
	KLP
	3,791,357
	Helaba
	5,687,035

	Nordea
	1,737,731
	MUTB
	1,137,407
	La Caixa
	5,687,035

	SEB
	1,737,731
	NH Bank
	1,137,407
	MUTB
	1,895,678

	 
	 
	Samba
	1,137,407
	 
	 

	TOTAL COMMITMENT FOR SHIP O ($)
	11,836,455
	10,591,200
	14,969,188
	26,132,960
	63,529,803

	 
	TOTAL COMMITMENTS IN RESPECT OF THE COMMERCIAL TRANCHES
	TOTAL COMMITMENTS IN RESPECT OF THE KEXIM GUARANTEED TRANCHES
	TOTAL COMMITMENTS IN RESPECT OF THE KEXIM FUNDED TRANCHES
	TOTAL COMMITMENTS IN RESPECT OF THE K-SURE TRANCHES
	TOTAL COMMITMENTS OF ALL TRANCHES

	

	282,017,190
	139,675,594
	197,412,033
	344,638,638
	963,743,455

Schedule 9     
 
FORM OF TRANSFER CERTIFICATE
To:    [l] as Facility Agent
From:    [The Existing Lender] (the "Existing Lender") and [The New Lender] (the "New Lender")
Dated:     [l]
Dear Sirs
Euronav NV - [l] Facility Agreement originally dated 31 August 2015 (as amended and restated on [l] 2018) (the "Agreement")
		
	1
	We refer to the Agreement.  This is a Transfer Certificate.  Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

		
	2
	We refer to Clause 28.5 (Procedure for transfer) of the Agreement:

		
	(a)
	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all of the Existing Lender's rights and obligations under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment and participation in the Loan under the Agreement as specified in the Schedule in accordance with Clause 28.5 (Procedure for transfer) of the Agreement.

		
	(b)
	The proposed Transfer Date is [l].

		
	(c)
	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 39.2 (Addresses) of the Agreement are set out in the Schedule.

		
	3
	The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of Clause 28.4 (Limitation of responsibility of Existing Lenders) of the Agreement.

		
	4
	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate.

		
	5
	This Transfer Certificate and any non-contractual obligations arising out of or in connection with it, are governed by New York law.

		
	6
	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.

		
	7
	The New Lender confirms that, immediately following the effective date of this Transfer Certificate, it will be a FATCA Exempt Party.

Note: The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender's interest in the Transaction Security in all jurisdictions.  It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender's Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.

THE SCHEDULE 
 
Commitment/rights and obligations to be transferred
[insert relevant details]
[Facility Office address, fax number and attention details
for notices and account details for payments.]

	
		
	[Existing Lender]
	[New Lender]

	 
	 

	 
	 

	By: __________________________________
	By: _________________________________

	Name:
	Name:

	Title:
	Title:

This Transfer Certificate is accepted by the Facility Agent and the Transfer Date is confirmed as [l].
[Facility Agent]
By: _______________________ 
Name: 
Title:

Schedule 10     
 
FORM OF ASSIGNMENT AGREEMENT
To:    [l] as Facility Agent and [l] as Borrower, for and on behalf of each Obligor
From:    [the Existing Lender] (the "Existing Lender") and [the New Lender] (the "New Lender")
Dated:    [l]
Dear Sirs
Euronav NV - [l] Facility Agreement originally dated 31 August 2015 as amended and restated on [l] 2018 (the "Agreement")
		
	1
	We refer to the Agreement.  This is an Assignment Agreement.  Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.

		
	2
	We refer to Clause 28.6 (Procedure for assignment):

		
	(a)
	The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to that portion of the Existing Lender's Commitment and participations in the Loan under the Agreement as specified in the Schedule.

		
	(b)
	The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender's Commitments and participations in the Loan under the Agreement specified in the Schedule.

		
	(c)
	The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above.

		
	(d)
	All rights and interests (present, future or contingent) which the Existing Lender has under or by virtue of the Finance Documents are assigned to the New Lender absolutely, free of any defects in the Existing Lender's title and of any rights or equities which the Borrower or any other [Transaction] Obligor had against the Existing Lender.

		
	3
	The proposed Transfer Date is [l].

		
	4
	On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.

		
	5
	The Facility Office and address, fax, number and attention details for notices of the New Lender for the purposes of Clause 39.2 (Addresses) are set out in the Schedule.

		
	6
	The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of Clause 28.4 (Limitation of responsibility of Existing Lenders).

		
	7
	This Assignment Agreement acts as notice to the Facility Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 28.7 (Copy of Transfer Certificate or Assignment Agreement to Borrower), to the Borrower (on behalf of each [Transaction] Obligor) of the assignment referred to in this Assignment Agreement.

		
	8
	This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Assignment Agreement.

		
	9
	This Assignment Agreement and any non-contractual obligations arising out of or in connection with it are governed by New York law.

		
	10
	This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement.

Note: The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender's interest in the Transaction Security in all jurisdictions.  It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender's Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.

THE SCHEDULE
Commitment rights and obligations to be transferred by assignment, release and accession
[insert relevant details]
[Facility office address, fax number and attention details for notices 
and account details for payments]
	
		
	[Existing Lender]
	[New Lender]

	 
	 

	By: __________________________________
	By: _________________________________

	Name:
	Name:

	Title:
	Title:

This Assignment Agreement is accepted by the Facility Agent and the Transfer Date is confirmed as [l].
Signature of this Assignment Agreement by the Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the assignment referred to herein, which notice the Facility Agent receives on behalf of each Finance Party.
[Facility Agent]
By: _______________________ 
Name: 
Title:

Schedule 11     
 
FORM OF COMPLIANCE CERTIFICATE
To:    NORDEA BANK AB (PUBL), NEW YORK BRANCH as Facility Agent
From:    EURONAV NV
Dated:     [l]
Dear Sirs
EURONAV NV – $963,743,455 Facility Agreement originally dated 31 August 2015 as amended and restated on [l] 2018 (the "Facility Agreement")
		
	1
	We refer to the Facility Agreement.  This is a Compliance Certificate.  Terms defined in the Facility Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

I, the Chief Financial Officer of the Ultimate Parent Guarantor, hereby certify that:
		
	2
	Attached to this Certificate [are][is] the latest [audited consolidated accounts of the Group and audited individual accounts of the Ultimate Parent Guarantor for the financial year ending on [l]] [unaudited consolidated balance sheet of the Group and the unaudited individual balance sheet of the Ultimate Parent Guarantor in relation to the [first] [second] six months of the financial year ending on [l]] (the "Accounts").

		
	3
	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 [l]:

	
		
	 
	US Dollars

	Cash
	[l]

	Consolidated Current Assets
	[l]

	Consolidated Current Liabilities
	[l]

	Free Liquid Assets
	[l]

	Stockholders' Equity
	[l]

	Total Assets
	[l]

	Total Indebtedness
	[l]

		
	4
	Accordingly, as at the date of this Certificate the financial covenants set out in clause 20 (Financial Covenants) of the Facility Agreement [are] [are not] complied with, in that as at [l]:

		
	(a)
	Consolidated Working Capital is US$[l];

		
	(b)
	Free Liquid Assets are US$[l]; 

		
	(c)
	Cash is US$[l]; and

		
	(d)
	the ratio of Stockholders' Equity to Total Assets is [l] per cent.;

[or, as the case may be, specify in what respect any of the financial covenants are not complied with.]
		
	1
	As at [l] no Event of Default has occurred and is continuing.

[or, specify/identify any Event of Default]
The Ultimate Parent Guarantor is in compliance with clause 25.1 (Minimum required security cover) of the Facility Agreement.
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

	[l]
	[l]
	[l]
	[l]

................................................
Chief Financial Officer
EURONAV NV
Note:  Supporting Schedules to be attached.

Schedule 12     
 
DETAILS OF SHIPS

	
									
	Ship
	Hull Number
	Owner Guarantor
	Builder
	Shipbuilding Contract
	Ship Name
	Approved Classification / Approved Flag
	Scheduled Delivery Date
	Maximum Contract Price (USD)

	Ship A
	S768
	Gener8 Nautilus LLC 
("Owner Guarantor A")
	HSHI
	Shipbuilding Contract dated  December 12, 2013 signed by Navig8 Crude Tankers Inc.
	Gener8 Nautilus
	KS / Liberia
	Mar 15, 2016
	$95,800,000

	Ship B
	S769
	Gener8 Macedon LLC 
("Owner Guarantor B")
	HSHI
	Shipbuilding Contract  dated December 12, 2013 signed by Navig8 Crude Tankers Inc.
	Gener8 Macedon
	KS / Liberia
	July 25, 2016
	$95,800,000

	Ship C
	S770
	Gener8 Noble LLC 
("Owner Guarantor C")
	HSHI
	Shipbuilding Contract dated December 12, 2013 signed by Navig8 Crude Tankers Inc.
	Gener8 Noble
	KS / Liberia
	Oct. 20, 2016
	$95,800,000

	Ship D
	S771
	Gener8 Ethos LLC 
("Owner Guarantor D")
	HSHI
	Shipbuilding Contract dated December 12, 2013 signed by Navig8 Crude Tankers Inc.
	Gener8 Ethos
	KS / Liberia
	Feb. 20, 2017
	$95,800,000

	Ship E
	H2794
	Gener8 Perseus LLC 
("Owner Guarantor E")
	HHIC
	Shipbuilding Contract dated March 25, 2014 (Amendment No. 1 dated 24 March 2014) signed by Navig8 Crude Tankers Inc.
	Gener8 Perseus
	KS / Liberia
	Sept. 9, 2016
	$101,810,294

	Ship F
	H2795
	Gener8 Theseus LLC 
("Owner Guarantor F")
	HHIC
	Shipbuilding Contract dated  March 25, 2014 (Amendment No. 1 dated 24 March 2014) signed by Navig8 Crude Tankers Inc.
	Gener8 Theseus
	KS / Liberia
	Nov. 15, 2016
	$101,810,294

	Ship G
	H0137
	Gener8 Hector LLC 
("Owner Guarantor G")
	HHIC-PHIL
	Shipbuilding Contract dated March 25, 2014 signed by Navig8 Crude Tankers Inc. or its nominees
	Gener8 Hector
	DNV / Liberia
	July 29, 2016
	$96,860,500

	Ship H
	H0138
	Gener8 Nestor LLC
("Owner Guarantor H")
	HHIC-
PHIL
	Shipbuilding Contract dated March 25, 2014 signed by Navig8 Crude Tankers Inc. or its nominees
	Gener8 Nestor
	DNV / Liberia
	Dec. 31, 2016
	$96,860,500

	Ship I
	H5404
	Gener8 Neptune LLC
("Owner Guarantor I")
	DAEWOO
	Shipbuilding Contract dated 
December 13, 2013  (Amendment No.1 dated 10 March 2014) signed by STI Glasgow Shipping Company Limited
	Gener8 Neptune
	DNV / Marshall Islands
	Sept.  11, 2015
	$94,550,000

	Ship J
	H5405
	Gener8 Athena LLC
("Owner Guarantor J")
	DAEWOO
	Shipbuilding Contract dated December 13, 2013 (Amendment No.1 dated 10 March 2014) signed by STI Edinburgh  Shipping Company Limited
	Gener8 Athena
	DNV / Marshall Islands
	Oct. 28, 2015
	$94,550,000

	Ship K
	H5406
	Gener8 Apollo LLC
("Owner Guarantor K")
	DAEWOO
	Shipbuilding Contract dated  December 13, 2013 (Amendment No.1 dated 10 March 2014) signed by STI
Perth Shipping Company Limited
	Gener8 Apollo
	DNV / Marshall Islands
	Jan. 5, 2015
	$94,550,000

	Ship L
	H5407
	Gener8 Ares LLC
("Owner Guarantor L")
	DAEWOO
	Shipbuilding Contract dated  December 13, 2013 (Amendment No.1 
dated 10 March 2014) signed by STI  Dundee Shipping Company 
Limited
	Gener8 Ares
	DNV / Marshall Islands
	Jan. 15, 2016
	$94,550,000

	Ship M
	H5408
	Gener8 Hera LLC
("Owner Guarantor M")
	DAEWOO
	Shipbuilding Contract dated December 13, 2013 (Amendment No.1) signed by STI Newcastle Shipping Company Limited
	Gener8 Hera
	DNV / Marshall Islands
	Feb. 12, 2016
	$97,550,000

	Ship N
	HS777
	Gener8 Constantine LLC
("Owner Guarantor N")
	HSHI
	Shipbuilding Contract dated December 20, 2013 signed by STI Cavaliere 
Shipping Company Limited
	Gener8 Constantine
	ABS / Liberia
	May 30, 2016
	$94,975,000

	Ship O
	HS778
	Gener8 Oceanus LLC
("Owner Guarantor O")
	HSHI
	Shipbuilding Contract dated December 20, 2013 signed by STI Esles Shipping Company Limited
	Gener8 Oceanus
	ABS / Liberia
	Aug. 8, 2016
	$94,975,000

Schedule 13     

[Intentionally left blank]

Schedule 14     
 
SUBSIDIARIES
	
				
	Name of Subsidiary
	Direct Owner(s)
	Percent (%) Ownership
	Jurisdiction of 
Organization

	GMR Zeus LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Atlas LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Hercules LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Ulysses LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Poseidon LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	Victory Ltd.
	Gener8 Maritime Subsidiary II Inc.
	100%
	Bermuda

	Vision Ltd.
	Gener8 Maritime Subsidiary II Inc.
	100%
	Bermuda

	GMR Spartiate LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Maniate LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR St Nikolas LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR George T LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Kara G LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of Liberia

	GMR Harriet G LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of Liberia

	GMR Orion LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Argus LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Spyridon LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Horn LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Phoenix LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Strength LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of Liberia

	GMR Daphne LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	GMR Defiance LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of Liberia

	GMR Elektra LLC
	Gener8 Maritime Subsidiary II Inc.
	100%
	Republic of the Marshall Islands

	Companion Ltd.
	Gener8 Maritime Subsidiary II Inc.
	100%
	Bermuda

	Compatriot Ltd.
	Gener8 Maritime Subsidiary II Inc.
	100%
	Bermuda

	Consul Ltd.
	Gener8 Maritime Subsidiary II Inc.
	100%
	Bermuda

	Gener8 Maritime Subsidiary III Ltd.
	Gener8 Maritime, Inc.
	100%
	Bermuda

	Gener8 Maritime Subsidiary NEW IV Inc.
	Gener8 Maritime, Inc.
	100%
	Republic of the Marshall Islands

	GMR Minotaur LLC
	Gener8 Maritime Subsidiary NEW IV Inc.
	100%
	Republic of Liberia

	GMR Agamemnon LLC
	Gener8 Maritime Subsidiary NEW IV Inc.
	100%
	Republic of Liberia

	GMR Hope LLC
	Gener8 Maritime Subsidiary NEW IV Inc.
	100%
	Republic of the Marshall Islands

	GMR Chartering LLC
	Gener8 Maritime Subsidiary NEW IV Inc.
	100%
	New York

	Gener8 Maritime Management LLC
	Gener8 Maritime Subsidiary NEW IV Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Maritime Management (Portugal) LLC
	Gener8 Maritime Management LLC
	100%
	Republic of the Marshall Islands

	Unique Tankers LLC
	Gener8 Maritime Management LLC
	100%
	Republic of the Marshall Islands

	General Maritime Management (Portugal) Limitada
	Gener8 Maritime Management (Portugal) LLC
	100%
	Portugal

	Gener8 Maritime Crewing Pte. Limited
	Gener8 Maritime Management (Portugal) LLC
	100%
	Singapore

	General Maritime Crewing Pte. Limited (India Division Office; not a separate entity)
	Gener8 Maritime Crewing Pte. Limited
	100%
	India

	Gener8 Maritime Crewing Pte. Limited
	Gener8 Maritime Crewing Pte. Limited
	100%
	Russia

	Gener8 Maritime Subsidiary V Inc.
	Gener8 Maritime, Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Maritime Subsidiary VIII Inc.
	Gener8 Maritime Subsidiary V Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Neptune LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Athena LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Apollo LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Ares LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Hera LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Constantine LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Oceanus LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Nautilus LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Macedon LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Noble LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Ethos LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Perseus LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Theseus LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Hector LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Nestor LLC
	Gener8 Maritime Subsidiary VIII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Maritime Subsidiary VII Inc.
	Gener8 Maritime, Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Strength LLC
	Gener8 Maritime Subsidiary VII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Supreme LLC
	Gener8 Maritime Subsidiary VII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Andriotis LLC
	Gener8 Maritime Subsidiary VII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Miltiades LLC
	Gener8 Maritime Subsidiary VII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Success LLC
	Gener8 Maritime Subsidiary VII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Chiotis LLC
	Gener8 Maritime Subsidiary VII Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Maritime Subsidiary VI Inc.
	Gener8 Maritime, Inc.
	100%
	Republic of the Marshall Islands

	Concord Ltd.
	Gener8 Maritime Subsidiary VI Inc.
	100%
	Bermuda

	Contest Ltd.
	Gener8 Maritime Subsidiary VI Inc.
	100%
	Bermuda

	Concept Ltd.
	Gener8 Maritime Subsidiary VI Inc.
	100%
	Bermuda

	Gener8 Maritime Subsidiary Inc.
	Gener8 Maritime, Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Strength Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Supreme Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Andriotis Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Miltiades Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Success Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Chiotis Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Tankers 1 Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Tankers 2 Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Tankers 3 Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Tankers 4 Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Tankers 5 Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Tankers 6 Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Tankers 7 Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	Gener8 Tankers 8 Inc.
	Gener8 Maritime Subsidiary Inc.
	100%
	Republic of the Marshall Islands

	STI Cavaliere Shipping Company Limited
	Gener8 Maritime Subsidiary V Inc.
	100%
	Republic of the Marshall Islands

	STI Dundee Shipping Company Limited
	Gener8 Maritime Subsidiary V Inc.
	100%
	Republic of the Marshall Islands

	STI Edinburgh Shipping Company Limited
	Gener8 Maritime Subsidiary V Inc.
	100%
	Republic of the Marshall Islands

	STI Esles Shipping Company Limited
	Gener8 Maritime Subsidiary V Inc.
	100%
	Republic of the Marshall Islands

	STI Glasgow Shipping Company Limited
	Gener8 Maritime Subsidiary V Inc.
	100%
	Republic of the Marshall Islands

	STI Newcastle Shipping Company Limited
	Gener8 Maritime Subsidiary V Inc.
	100%
	Republic of the Marshall Islands

	STI Perth Shipping Company Limited
	Gener8 Maritime Subsidiary V Inc.
	100%
	Republic of the Marshall Islands

Schedule 15     
 
FINANCIAL INDEBTEDNESS
		
	1
	Approximately $1,379,294,532 remaining instalment payments as of August 27, 2015 due under the shipbuilding contracts for 21 VLCCs.

		
	2
	Letter of Credit of $658,344 within Article 42 of the Agreement of Lease, dated as of November 30, 2012, by and among Fisher-Park Lane Owner LLC, as Landlord, and General Maritime Corporation, as Tenant.

		
	3
	Letter of credit of $1,385,378 dated as of June 30, 2015.

[WFW: Euronav to update.]

Schedule 16     
 

[Intentionally deleted]

Schedule 17     
 
EXISTING TRANSACTIONS
NONE.

Schedule 18     
 
NON-CASH CHARGES 

		
	1
	noncash interest expense and amortization of debt discount and commissions and other fees and charges, amortization or write off of deferred financing fees, debt issuance costs, commissions, fees and expenses and to the extent not reflected in consolidated interest, any losses on any interest rate hedging agreements (including, without limitation, any Hedging Agreements) and Other Hedging Agreements, associated with Indebtedness for such period (whether amortized or immediately expensed) less any gains on any interest rate hedging agreements (including, without limitation, any Hedging Agreements) and Other Hedging Agreements;

		
	2
	all amounts attributable to impairment charges on intangible assets, including, without limitation, amortization of intangible assets (including goodwill) for such period;

		
	3
	any non-cash management retention or incentive program payments for such period, including any accelerated charges relating to option plans;

		
	4
	non-cash restricted stock compensation, including, without limitation, any restricted stock units; and

		
	5
	losses on minority interests owned by any person, all losses from investments recorded using the equity method and the noncash impact of accounting changes or restatements less any gains on such minority interests or investments for such period.

Schedule 19     
 
TIMETABLES
	
		
	Delivery of a duly completed Utilization Request (Clause 5.1 (Delivery of a Utilization Request))
	For the first Utilization, three (3) Business Days before the intended Utilization Date (Clause 5.1 (Delivery of a Utilization Request)), and in all other cases, five (5) Business Days before the intended Utilization Date (Clause 5.1 (Delivery of a Utilization Request)) or the expiry of the preceding Interest Period (Clause 9.1 (Interest Periods))

	Facility Agent notifies the Lenders of the Advance in accordance with Clause 5.4 (Lenders' participation)
	For the first Utilization, two (2) Business Days before the intended Utilization Date, and in all other cases, four (4) Business Days before the intended Utilization Date.

	LIBOR is fixed
	Quotation Day as of 11:00 am New York time

Schedule 20     
 
FORM OF MT 199
Swift message to accompany MT103 payment for US$ [●] sent under swift reference number [●].
TO THE ATTENTION OF [Bank Name] ([Swift Address]), ADDRESS: [Street Address], ATTENTION: [Name, Telephone, Email]
Re: The Shipbuilding Contract dated [●] (as AMENDED, NOVATED and/or supplemented from time to time, the "Shipbuilding Contract") made between [Original Buyer Name] WITH ADDRESS AT [●] (THE "ORIGINAL BUYER") AND [Shipyard Name] WITH ADDRESS AT [●] (the "Builder") TO BE NOVATED TO [New Buyer Name] AS NEW BUYER (THE "BUYER") FOR THE CONSTRUCTION OF [Shipyard Name] HULL [●] TO BE NAMED [●] (THE "VESSEL").
We confirm having irrevocably remitted to you for value [DATE] an amount of US$ [●] (United States Dollars [●] only) being PART OF the delivery instalment in respect of the purchase of the Vessel by the Buyer from the Builder pursuant to the Shipbuilding Contract.
This amount is to be held to the sole order of [NORDEA BANK AB (PUBL), NEW YORK BRANCH] under reference – [Shipyard Name] HULL [Hull Number] (to be named [Vessel Name]) delivery instalment.
You are hereby instructed to hold these funds and release them to the Builder only upon presentation to you by the Builder of a fax copy of the protocol of delivery and acceptance for the Vessel duly signed by the authorised representatives of the Builder and the Buyer and countersigned by any one of the following:
[Name, Nationality, Passport Number] 
[Name, Nationality, Passport Number] 
[Name, Nationality, Passport Number]
EACH OF [Law firm's name], ACTING SINGLY ON BEHALF OF [NORDEA BANK AB (PUBL), NEW YORK BRANCH].
These monies, when released, may only be used for payment to the account of the Builder with [Builder Bank Name, Address] in or towards satisfaction of the balance of the purchase price for the Vessel, payment instructions:
1.    BANK: [●] 
2.    ACCOUNT NO.: [●] 
3.    CORRESPONDENT BANK: [●] 
4.    BENEFICIARY: [●] 
5.    reference: [●]
In the event that all or any part of the amount so remitted has not been released in accordance with the foregoing instructions by close of business on [date, to be not later than 5 business days after the scheduled delivery date], then all of the money held by you must be immediately returned by remitting the same to [NORDEA BANK AB (PUBL), NEW YORK BRANCH (swift code NDEAUS3NXXX)], for THE account of [Borrower] Account number [●] under reference: attn CREDIT ADMINISTRATION DEPARTMENT RE: [Borrower Name] – return of purchase price of the vessel [●].
If you have any questions please contact [●] telephone no. [●] AT [NORDEA BANK AB (PUBL), NEW YORK BRANCH.]

EUROPE/61614181v9

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