Dated April 2023

$100,000,000

TERM LOAN FACILITY

MAJURO SHIPPING COMPANY INC.

TOKU SHIPPING COMPANY INC.

MEJATO SHIPPING COMPANY INC.

RAKARU SHIPPING COMPANY INC.

EBADON SHIPPING COMPANY INC.

PULAP SHIPPING COMPANY INC.

WENO SHIPPING COMPANY INC.

ERIKUB SHIPPING COMPANY INC.

WOTHO SHIPPING COMPANY INC.

as joint and several Borrowers

and

DIANA SHIPPING INC.

as Parent Guarantor

and

DANISH SHIP FINANCE A/S

as Original Lender

FACILITY AGREEMENT

relating to

(i) the refinancing of the Existing Indebtedness secured on m.vs. "ALCMENE", "SEATTLE", "PHAIDRA",

"ELECTRA", "ASTARTE", "P. S. PALIOS" and "G. P. ZAFIRAKIS",

(ii) the refinancing of the Borrowers' equity in respect of m.vs "CRYSTALIA " and "ATALANDI " 

and (iii) the provision to the Borrowers of working capital for their general corporate purposes

Index

Clause Page

Section 1 Interpretation ........................................................................................................................... 3

1 Definitions and Interpretation .................................................................................................... 3

Section 2 The Facility ..............................................................................................................................30

2 The Facility .................................................................................................................................30

3 Purpose......................................................................................................................................30

4 Conditions of Utilisation ............................................................................................................31

Section 3 Utilisation................................................................................................................................33

5 Utilisation ..................................................................................................................................33

Section 4 Repayment, Prepayment and Cancellation ............................................................................36

6 Repayment ................................................................................................................................36

7 Prepayment and Cancellation ...................................................................................................37

Section 5 Costs of Utilisation ..................................................................................................................41

8 Interest ......................................................................................................................................41

9 Interest Periods .........................................................................................................................42

10 Changes to the Calculation of Interest ......................................................................................42

11 Fees ...........................................................................................................................................47

Section 6 Additional Payment Obligations .............................................................................................49

12 Tax Gross Up and Indemnities ...................................................................................................49

13 Increased Costs .........................................................................................................................52

14 Other Indemnities .....................................................................................................................54

15 Mitigation by the Lender and force Majeure ............................................................................56

16 Costs and Expenses ...................................................................................................................57

Section 7 Guarantees and Joint and Several Liability of Borrowers .......................................................59

17 Guarantee and Indemnity – Parent Guarantor .........................................................................59

18 Joint and Several Liability of the Borrowers ..............................................................................62

Section 8 Representations, Undertakings and Events of Default ..........................................................64

19 Representations ........................................................................................................................64

20 Information Undertakings .........................................................................................................71

21 Financial Covenants ...................................................................................................................74

22 General Undertakings ...............................................................................................................76

23 Insurance Undertakings ............................................................................................................83

24 General Ship Undertakings ........................................................................................................89

25 Security Cover ...........................................................................................................................96

26 Earnings Accounts and Application of Earnings ........................................................................98

27 Events of Default .......................................................................................................................99

Section 9 The Lender and the Obligors ................................................................................................104

28 Changes to the Lender ............................................................................................................104

29 Changes to the Transaction Obligors ......................................................................................105

Section 10 Administration ....................................................................................................................107

30 Payment Mechanics ................................................................................................................107

31 Set-Off .....................................................................................................................................109

32 Conduct of Business by the Lender .........................................................................................109

33 Bail-In .......................................................................................................................................109

34 Notices .....................................................................................................................................109

35 Calculations and Certificates ...................................................................................................111

36 Partial Invalidity .......................................................................................................................112

37 Remedies and Waivers ............................................................................................................112

38 Entire Agreement ....................................................................................................................112

39 Settlement or Discharge Conditional ......................................................................................112

40 Irrevocable Payment ...............................................................................................................112

41 Amendments ...........................................................................................................................113

42 Confidential Information .........................................................................................................113

43 Confidentiality of Funding Rates .............................................................................................116

44 Counterparts ...........................................................................................................................117

Section 11 Governing Law and Enforcement .......................................................................................118

45 Governing Law .........................................................................................................................118

46 Enforcement ............................................................................................................................118

Schedules

Schedule 1 The Parties .........................................................................................................................119

Part A The Obligors ................................................................................................................. 119

Part B The Original Lender ...................................................................................................... 121

Schedule 2 Conditions Precedent ........................................................................................................122

Part A Conditions Precedent to Utilisation Request .............................................................. 122

Part B Conditions Precedent to Utilisation under each Tranche ............................................ 126

Schedule 3 Utilisation Request .............................................................................................................128

Schedule 4 Form of Compliance Certificate .........................................................................................130

Schedule 5 Details of the Ships ............................................................................................................131

Schedule 6 Timetables..........................................................................................................................133

Execution

Execution Pages ....................................................................................................................................134

THIS AGREEMENT

is made on April 2023

PARTIES

(1)

MAJURO SHIPPING CO MPANY INC.

, a corporation incorporated in the Republic of The Marshall

Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,

Majuro MH96960, The Marshall Islands as a borrower ("

Borrower A

")

(2)

TOKU

SHIPPING COMPANY INC.

, a corporation incorporated in the Republic of The Marshall

Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,

Majuro MH96960, The Marshall Islands as a borrower ("

Borrower B

")

(3)

MEJATO

SHIPPING COMPANY INC.

, a corporation incorporated in the Republic of The Marshall

Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,

Majuro MH96960, The Marshall Islands as a borrower ("

Borrower C

")

(4)

RAKARU

SHIPPING COMPANY INC.

, a corporation incorporated in the Republic of The Marshall

Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,

Majuro MH96960, The Marshall Islands as a borrower ("

Borrower D

")

(5)

EBADON

SHIPPING COMPANY INC.

, a corporation incorporated in the Republic of The Marshall

Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,

Majuro MH96960, The Marshall Islands as a borrower ("

Borrower E

")

(6)

PULAP

SHIPPING COMPANY INC.

, a corporation incorporated in the Republic of The Marshall

Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,

Majuro MH96960, The Marshall Islands as a borrower ("

Borrower F

")

(7)

WENO

SHIPPING COMPANY INC.

, a corporation incorporated in the Republic of The Marshall

Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,

Majuro MH96960, The Marshall Islands as a borrower ("

Borrower G

")

(8)

ERIKUB

SHIPPING COMPANY INC.

, a corporation incorporated in the Republic of The Marshall

Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,

Majuro MH96960, The Marshall Islands as a borrower ("

Borrower H

")

(9)

WOTHO

SHIPPING COMPANY INC.

, a corporation incorporated in the Republic of The Marshall

Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,

Majuro MH96960, The Marshall Islands as a borrower ("

Borrower I

")

(10)

DIANA SHIPPING INC.

, a corporation incorporated in the Republic of The Marshall Islands whose

registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960,

The Marshall Islands as guarantor (the "

Parent Guarantor

")

(11)

DANISH SHIP FINANCE A/S

 as lender (the "

Original Lender

")

BACKGROUND

The Lender has agreed to make available to the Borrowers a term loan facility of up to the lesser of (i)

$100,000,000 and (ii) 60 per cent. of the aggregate Initial Market Value of the Ships in nine Tranches for

the purposes of:

(a)

refinancing the Existing Indebtedness secured on Ship A, Ship B, Ship C, Ship D and Ship E

under Existing Loan Agreement A;

(b)

refinancing the Existing Indebtedness secured on Ship F and Ship G under Existing Loan

Agreement B;

(c)

refinancing the Borrowers' equity which has been applied against prepayment of the

indebtedness under Loan Agreement C; and

(d)

providing the Borrowers with working capital for their general corporate purposes.

OPERATIVE PROVISIONS

SECTION 1

INTERPRETATION

1

DEFINITIONS AND INTERPRETATION

1.1

Definitions

In this Agreement:

"

Account Bank

" means, in relation to the Earnings Account held in the name of:

(a)

Borrower B, Borrower F, Borrower G, Borrower H and Borrower I, ABN AMRO Bank N.V.

acting through its office at Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands,

and registered with the Dutch Commercial Register (

Handelsregister

) under number

34334259; and

(b)

Borrower A, Borrower C, Borrower D and Borrower E, Joh. Berenberg, Gossler & Co. KG,

acting through its office at Neuer Jungfernstieg 20, 20354 Hamburg, Germany,

or any replacement bank or other financial institution as may be approved by the

Lender.

"

Account Security

" means a document creating Security over any Earnings Account in agreed

form.

"

Advance

" means a borrowing of all or part of a Tranche under this Agreement.

"

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.

"

Annex VI

" means Annex VI of the Protocol of 1997 (as subsequently amended from time to time)

to amend the International Convention for the Prevention of Pollution from Ships 1973 (Marpol),

as modified by the Protocol of 1978 relating thereto.

"

Anti-Money Laundering Laws

" means all applicable anti-corruption laws, anti-bribery laws, anti-

money laundering laws and reporting requirements, regulations or rules in any applicable

jurisdiction.

"

Approved Brokers

" means any firm or firms of insurance brokers approved in writing by the

Lender.

"

Approved Classification

" means, in relation to a Ship:

(a)

as at the date of this Agreement, the classification in relation to that Ship specified in

Schedule 5 (

Details of the Ships

); 

(b)

the equivalent classification with another Approved Classification Society; or

(c)

another classification approved by the Lender as its classification, at the request of the

relevant Borrower.

"

Approved Classification Society

" means, in relation to a Ship:

(a)

 as at the date of this Agreement the classification society in relation to that Ship specified

in Schedule 5 (

Details of the Ships

) subject to Clause 4.5 (

Conditions subsequent

) and

paragraph (c) of Clause 24.3 (

Repair and classification

); and

(b)

American Bureau of Shipping, Bureau Veritas, Det Norske Veritas/Germanischer Lloyd,

Lloyd's Register, Nippon Kaiji, Polish Register of Shipping, Registro Italiano Navale (RINA)

or any other classification society which is a member of the International Association of

Classification Societies and is approved in writing by the Lender. 

"

Approved Commercial Manager

" means, in relation to a Ship:

(a)

as at the date of this Agreement, the manager specified as the approved commercial

manager in relation to that Ship in Schedule 5 (

Details of the Ships

); 

(b)

DWM or Diana Shipping; or

(c)

any other person approved in writing by the Lender, as the commercial manager of that

Ship.

"

Approved Flag

" means, in relation to a Ship, as at the date of this Agreement, the flag in relation

to that Ship specified in Schedule 5 (

Details of the Ships

) or such other flag and, if applicable port

of registry, approved in writing by the Lender and a reference to "the Approved Flag" in respect of

a Ship shall be a reference to the flag and, if applicable port of registry, under which that Ship is

then flagged with the agreement of the Lender.

"

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:

(a)

 as at the date of this Agreement, the manager specified as the approved technical

manager in relation to that Ship in Schedule 5 (

Details of the Ships

); 

(b)

DWM or Diana Shipping; or

(c)

any other person approved in writing by the Lender, as the technical manager of that Ship.

"

Approved Valuer

" means Arrow Valuations, Braemar ACM Valuations, Clarksons, Fearnleys,

Galbraith, Howe Robinson and SSY (or any Affiliate of such person through which valuations are

commonly issued) or any other firm or firms of independent sale and purchase shipbrokers

approved in writing by the Lender.

"

Article 55 BRRD

" means Article 55 of Directive 2014/59/EU establishing a framework for the

recovery and resolution of credit institutions and investment firms.

"

Assignable Charter

" means, in relation to a Ship:

(a)

any time or consecutive voyage Charter in respect of that Ship which exceeds or, by virtue

of any optional extensions, is capable of exceeding, a duration of 12 months, made on

terms and with a third party charterer approved in writing by the Lender; and

(b)

any intra-Group time or consecutive voyage Charter for any tenor in respect of that Ship.

"

Authorisation

" means an authorisation, consent, approval, resolution, licence, exemption, filing,

notarisation, legalisation or registration.

"

Availability Period

" means, in relation to each Tranche, the period from and including the date

of this Agreement to and including 1 May 2023.

"

Available Facility

" means the Commitment minus:

(a)

the amount of the outstanding Loan; and

(b)

in relation to any proposed Utilisation, the amount of any Advance that is due to be made

on or before the proposed Utilisation Date.

"

Bail-In Action

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

"

Bail-In Legislation

" means:

(a)

in relation to an EEA Member Country which has implemented, or which at any time

implements, Article 55 BRRD, the relevant implementing law or regulation as described in

the EU Bail-In Legislation Schedule from time to time; 

(b)

in relation to any state other than such an EEA Member Country and the United Kingdom,

any analogous law or regulation from time to time which requires contractual recognition

of any Write-down and Conversion Powers contained in that law or regulation; and

(c)

in relation to the United Kingdom, the UK Bail-In Legislation.

"

Borrower

" means Borrower A, Borrower B, Borrower C, Borrower D, Borrower E, Borrower F,

Borrower G, Borrower H or Borrower I.

"

Break Costs

" means all costs, liability or loss including a loss of prospective profit, premiums or

penalties incurred by the Lender in the circumstances contemplated by Clause 14.2 (

Other

indemnities

), or as a result of it receiving any prepayment of all or any part of the Loan (whether

pursuant to Clause 6 (

Repayment) and Clause 7 (Prepayment and Cancellation

) or otherwise), or

any other payment under or in relation to the Finance Documents on a day other than the due

date for payment of the sum in question, and includes (without limitation) any losses or costs

incurred in such circumstances in liquidating or re-employing any funding obtained from third

parties acquired to effect or maintain the Loan, and any liabilities, expenses or losses incurred by

the Lender in terminating or reversing, or otherwise in connection with, any interest rate and/or

currency swap, transaction or arrangement entered into by the Lender to hedge any exposure

arising under this Agreement, or in terminating or reversing, or otherwise in connection with, any

open position arising under this Agreement or a number of transactions of which this Agreement

is one.

"

Business Day

" means a day (other than a Saturday or Sunday) on which banks are open for

general business in Athens, Copenhagen and: 

(a)

New York; and

(b)

(in relation to the fixing of an interest rate) which is a US Government Securities Business

Day.

"

Change of Control

" means the occurrence of any of the following acts, events or circumstances

without the prior written consent of the Lender: 

(a)

the shares of the Parent Guarantor cease to be listed on the New York Stock Exchange or

any other stock exchange acceptable to the Lender; and/or

(b)

the Palios Family (either directly or indirectly through companies legally and beneficially

owned) ceases to own at least 12.5 per cent. of the common stock in the Parent

Guarantor; and/or

(c)

the Palios Family (either directly or indirectly through companies legally and beneficially

owned) ceases to control at least 25 per cent. of the maximum number of votes that might

be cast in respect of any matter submitted to the vote of the shareholders of the Parent

Guarantor; and/or

(d)

Semiramis Paliou ceases to hold the Chief Executive Officer position in the Parent

Guarantor and active role in the decision making in respect of the Parent Guarantor.

"

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.

"

Charter Guarantee

" means any guarantee, bond, letter of credit or other instrument (whether or

not already issued) supporting a Charter.

"

Charterparty Assignment

" means, in respect of any Assignable Charter, a first priority assignment

of the rights of the relevant Borrower in respect of that Assignable Charter in agreed form.

"

Code

" means the US Internal Revenue Code of 1986.

"

Commercial Management Agreement

" means the agreement entered into between a Borrower

and the Approved Commercial Manager regarding the commercial management of a Ship.

"

Commitment

" means $100,000,000, to the extent not cancelled or reduced under this

Agreement.

"

Compliance Certificate

" means a certificate in the form set out in Schedule 4 (

Form of Compliance

Certificate

) or in any other form agreed between the Parent Guarantor and the Lender. 

"

Confidential Information

" means all information relating to any Transaction Obligor, the Group,

the Finance Documents or the Facility of which the Lender becomes aware in its capacity as, or for

the purpose of becoming, the Lender or which is received by the Lender in relation to, or for the

purpose of becoming the Lender under, the Finance Documents or the Facility 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:

(a)

information that:

(i)

is or becomes public information other than as a direct or indirect result of any

breach by the Lender of Clause 42 (

Confidential Information

);

(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 the Lender before the date the information is disclosed to it by any

member of the Group or any of its advisers or is lawfully obtained by the Lender

after that date, from a source which is, as far as the Lender is aware, unconnected

with the Group and which, in either case, as far as the Lender is aware, has not

been obtained in breach of, and is not otherwise subject to, any obligation of

confidentiality; and

(b)

any Funding Rate.

"

Confidentiality Undertaking

" means a confidentiality undertaking in substantially the

appropriate form recommended by the LMA from time to time or in any other form agreed

between the Borrowers and the Lender.

"

Deed of Release

" means, in respect of each Existing Loan Agreement, a deed releasing the

relevant Existing Security in a form acceptable to the Lender.

"

Default

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

"

Delegate

" means any delegate, agent, attorney or co-trustee appointed by the Lender.

"

Diana Shipping

" means Diana Shipping Services S.A., a company incorporated and existing under

the laws of Panama having its registered office at Edificio Universal, Piso 12, Avenida Federico

Boyd, Panama, Republic of Panama and maintaining an office at 16 Pendelis Street, 175 64, Palaio

Faliro, Greece.

"

Disruption Event

" means either or both of:

(a)

a material disruption to those payment or communications systems or to those financial

markets which are, in each case, required to operate in order for payments to be made in

connection with the Facility (or otherwise in order for the transactions contemplated by

the Finance Documents to be carried out) which disruption is not caused by, and is beyond

the control of, any of the Parties or, if applicable, any Transaction Obligor; or

(b)

the occurrence of any other event which results in a disruption (of a technical or systems-

related nature) to the treasury or payments operations of a Party or, if applicable, any

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

Obligor:

(i)

from performing its payment obligations under the Finance Documents; or

(ii)

from communicating with other Parties or, if applicable, any Transaction Obligor

in accordance with the terms of the Finance Documents,

and which (in either such case) is not caused by, and is beyond the control of, the Party or, if

applicable, any Transaction Obligor whose operations are disrupted.

"

Document of Compliance

" has the meaning given to it in the ISM Code.

"

dollars

" and "

$

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

"

DWM

" means Diana Wilhelmsen Management Limited, a company incorporated and existing

under the laws of the Republic of Cyprus having its registered office at 21 Vasili Michailidi Street,

3026 Limassol, Cyprus and maintaining an office at 350 Syngrou Avenue, Kalithea, Greece.

"

Earnings

" means, in relation to a Ship, all moneys whatsoever which are now, or later become,

payable (actually or contingently) to a Borrower or the Lender and which arise out of or in

connection with or relate to the use or operation of that Ship, including (but not limited to):

(a)

the following, save to the extent that any of them is, with the prior written consent of the

Lender, pooled or shared with any other person:

(i)

all freight, hire and passage moneys including, without limitation, all moneys

payable under, arising out of or in connection with a Charter or a Charter

Guarantee;

(ii)

the proceeds of the exercise of any lien on sub-freights;

(iii)

compensation payable to a Borrower or the Lender in the event of requisition of

that Ship for hire or use;

(iv)

remuneration for salvage and towage services;

(v)

demurrage and detention moneys;

(vi)

without prejudice to the generality of sub-paragraph (i) above, damages for

breach (or payments for variation or termination) of any charterparty or other

contract for the employment of that Ship;

(vii)

all moneys which are at any time payable under any Insurances in relation to loss

of hire;

(viii)

all monies which are at any time payable to a Borrower 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 (viii) of paragraph (a) above are pooled or shared with any other person,

that proportion of the net receipts of the relevant pooling or sharing arrangement which

is attributable to that Ship.

"

Earnings Account

" means, in relation to a Borrower:

(a)

an account in the name of that Borrower with the Account Bank designated "Earnings

Account";

(b)

any other account in the name of that Borrower with the Account Bank which may, with

the prior written consent of the Lender, be opened in lieu of the account referred to in

paragraph (a) above, irrespective of the number or designation of such replacement

account; or

(c)

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

"

EEA Member Country

" means any member state of the European Union, Iceland, Liechtenstein

and Norway.

"

Environmental Approval

" means any present or future permit, ruling, variance or other

Authorisation required under Environmental Law.

"

Environmental Claim

" means any claim by any governmental, judicial or regulatory authority or

any other person which arises out of an Environmental Incident or an alleged Environmental

Incident or which relates to any Environmental Law and, for this purpose, "

claim

" includes a claim

for damages, compensation, contribution, injury, fines, losses and penalties or any other payment

of any kind, including in relation to clean-up and removal, whether or not similar to the foregoing;

an order or direction to take, or not to take, certain action or to desist from or suspend certain

action; and any form of enforcement or regulatory action, including the arrest or attachment of

any asset.

"

Environmental Incident

" means:

(a)

any release, emission, spill or discharge of Environmentally Sensitive Material whether

within a Ship or from a Ship into any other vessel or into or upon the air, water, land or

soils (including the seabed) or surface water; or

(b)

any incident in which Environmentally Sensitive Material is released, emitted, spilled or

discharged into or upon the air, water, land or soils (including the seabed) or surface water

from a vessel other than any Ship and which involves a collision between any 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 potentially liable to be arrested, attached,

detained or injuncted and/or a Ship and/or any Transaction Obligor and/or any operator

or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or

administrative action; or

(c)

any other incident in which Environmentally Sensitive Material is released, emitted, spilled

or discharged into or upon the air, water, land or soils (including the seabed) or surface

water otherwise than from a Ship and in connection with which a Ship is actually or

potentially liable to be arrested and/or where any Transaction Obligor and/or any

operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any

legal or administrative action.

"

Environmental Law

" means any present or future law relating to vessel disposal, energy

efficiency, carbon reduction, emissions, emissions trading, pollution or protection of human

health or the environment, to conditions in the workplace, to the carriage, generation, handling,

storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened

releases of Environmentally Sensitive Material.

"

Environmentally Sensitive Material

" means and includes all contaminants, oil, oil products, toxic

substances and any other substance (including any chemical, gas or other hazardous or noxious

substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.

"

EU Bail-In Legislation Schedule

" means the document described as such and published by the

LMA from time to time.

"

EU Ship Recycling Regulation

" means Regulation (EU) No 1257/2013 of the European Parliament

and of the Council of 20 November 2013 on ship recycling and amending Regulation (EC) No

1013/2006 and Directive 2009/16/EC.

"

Event of Default

" means any event or circumstance specified as such in Clause 27 (

Events of

Default

).

"

Existing Agent

" means, in respect of Existing Loan Agreement A and Existing Loan Agreement B,

BNP Paribas, acting through its office at 9 rue du débarcadère, 93500 Pantin, France.

"

Existing Indebtedness

" means, in respect of an Existing Loan Agreement, at any date, the

outstanding Financial Indebtedness of the Parent Guarantor or, as the case may be, the relevant

Borrowers on that date under that Existing Loan Agreement.

"

Existing Loan Agreement

" means Existing Loan Agreement A or Existing Loan Agreement B.

"

Existing Loan Agreement A

" means the loan agreement dated 13 July 2018 (as from time to time

amended and/or supplemented) and entered into between (i) the Parent Guarantor as borrower,

(ii) the banks and financial institutions listed in schedule 1 therein as lenders, (iii) BNP Paribas as

swap bank, bookrunner and security trustee and (iv) the Existing Agent as agent secured on Ship

A, Ship B, Ship C, Ship D and Ship E.

"

Existing Loan Agreement B

" means the loan agreement dated 18 December 2014 (as from time

to time amended and/or supplemented) and entered into between (i) Borrower F and Borrower E

as joint and several borrowers, (ii) the banks and financial institutions listed in schedule 1 therein

as lenders, (iii) BNP Paribas as swap bank and security trustee and (iv) the Existing Agent as agent

secured on Ship F and Ship G.

"

Existing Security

" means, in respect of an Existing Loan Agreement, any Security created to

secure the relevant Existing Indebtedness under Existing Loan Agreement A and Existing Loan

Agreement B.

"

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 through which the Lender will perform its obligations

under this Agreement.

"

FATCA

" means:

(a)

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

(b)

any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental

agreement between the US and any other jurisdiction, which (in either case) facilitates the

implementation of any law or regulation referred to in paragraph (a) above; or

(c)

any agreement pursuant to the implementation of any treaty, law or regulation referred

to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government

or any governmental or taxation authority in any other jurisdiction.

"

FATCA Deduction

" means a deduction or withholding from a payment under a Finance Document

required by FATCA.

"

FATCA Exempt Party

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

Deduction.

"

Finance Document

" means:

(a)

this Agreement;

(b)

the Utilisation Request;

(c)

any Security Document;

(d)

any Manager's Undertaking;

(e)

any Subordination 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 Lender and the Borrowers.

"

Financial Indebtedness

" means any indebtedness for or in relation to:

(a)

moneys borrowed;

(b)

any amount raised by acceptance under any acceptance credit facility or dematerialised

equivalent;

(c)

any amount raised pursuant to any note purchase facility or the issue of bonds, notes,

debentures, loan stock or any similar instrument;

(d)

the amount of any liability in relation to any lease or hire purchase contract which would,

in accordance with GAAP, be treated as a balance sheet liability;

(e)

receivables sold or discounted (other than any receivables to the extent they are sold on

a non-recourse basis);

(f)

any amount raised under any other transaction (including any forward sale or purchase

agreement) of a type not referred to in any other paragraph of this definition having the

commercial effect of a borrowing;

(g)

any derivative transaction entered into in connection with protection against or benefit

from fluctuation in any rate or price (and, when calculating the value of any derivative

transaction, only the marked to market value (or, if any actual amount is due as a result

of the termination or close-out of that derivative transaction, that amount) shall be taken

into account);

(h)

any counter-indemnity obligation in relation to a guarantee, indemnity, bond, standby or

documentary letter of credit or any other instrument issued by a bank or financial

institution; and

(i)

the amount of any liability in relation to any guarantee or indemnity for any of the items

referred to in paragraphs (a) to (h) above.

"

Financial Year

" means the 12-month period commencing on 1 January and ending on 31

December. 

"

Fleet Vessels

" means all of the vessels (including, but not limited to, the Ships) from time to time

wholly owned by members of the Group or bareboat chartered by members of the Group on long

term leases the duration of which is equal to or exceeds (or is capable of exceeding by virtue of

any optional extensions) 12 months (each a "

Fleet Vessel

").

"

Funding Rate

" means any individual rate notified by the Lender to an Obligor pursuant to any

Finance Document.

"

GAAP

" means generally accepted accounting principles in the United States of America.

"

General Assignment

" means, in relation to a Ship, the general assignment creating Security over:

(a)

that Ship's Earnings, its Insurances and any Requisition Compensation in relation to that

Ship; and

(b)

any Charter and any Charter Guarantee in relation to that Ship,

in agreed form.

"

Group

" means the Parent Guarantor and its Subsidiaries from time to time (including, for the

avoidance of doubt and without limitation, Diana Shipping).

"

Historic Term SOFR

" means, in relation to the Loan or any part of the Loan, the most recent

applicable Term SOFR for a period equal in length to the Interest Period of the Loan or that part

of the Loan and which is as of a day which is no more than three US Government Securities

Business Days before the Quotation Day.

"

Holding Company

" means, in relation to a person, any other person in relation to which it is a

Subsidiary.

"

Indemnified Person

" has the meaning given to it in Clause 14.2 (

Other indemnities

).

"

Initial Market Value

" means, in relation to a Ship, the Market Value of that Ship calculated in

accordance with the valuation relative thereto referred to in paragraph 6.1 of Part A of Schedule

2 (

Conditions Precedent

). 

"

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.

"

Interest Payment Date

" has the meaning given to it in paragraph (a) of Clause 8.1 (

Payment of

interest

).

"

Interest Period

" means, in relation to 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

).

"

Interpolated Historic Term SOFR

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

(rounded to the same number of decimal places as Term SOFR) which results from interpolating

on a linear basis between:

(a)

either: 

(i)

the most recent applicable Term SOFR (as of a day which is not more than three

US Government Securities Business Days before the Quotation Day) for the

longest period (for which Term SOFR is available) which is less than the Interest

Period of the Loan or that part of the Loan; or

(ii)

if no such Term SOFR is available for a period which is less than the Interest Period

of the Loan or that part of the Loan, the most recent SOFR for a day which is no

more than five US Government Securities Business Days (and no less than two US

Government Securities Business Days) before the Quotation Day; and

(b)

the most recent applicable Term SOFR (as of a day which is not more than three US

Government Securities Business Days before the Quotation Day) for the shortest period

(for which Term SOFR is available) which exceeds the Interest Period of the Loan or that

part of the Loan.

"

Interpolated Term SOFR

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

(rounded to the same number of decimal places as Term SOFR) which results from interpolating

on a linear basis between:

(a)

either: 

(i)

the applicable Term SOFR (at or after 5 am Chicago Time on the Quotation Day)

for the longest period (for which Term SOFR is available) which is less than the

Interest Period of the Loan or that part of the Loan; or

(ii)

if no such Term SOFR is available for a period which is less than the Interest Period

of the Loan or that part of the Loan, the SOFR for the day which is two US

Government Securities Business Days before the Quotation Day; and

(b)

the applicable Term SOFR (at or after 5 am Chicago Time on the Quotation Day) for the

shortest period (for which Term SOFR is available) which exceeds the Interest Period of

the Loan or that part of the Loan.

"

Inventory of Hazardous Materials

" means, in relation to a Ship, an inventory certificate or

statement of compliance (as applicable) supplemented by a list of any and all materials known to

be potentially hazardous utilised in the construction of, or otherwise installed on, that Ship, which

is certified in accordance with the EU Ship Recycling Regulation, 2013 (EU SRR) and/or the Hong

Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009

(HKC) as further described by the International Maritime Organisation and/or the Approved

Classification Society. 

"

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.

"

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)

the Original Lender; and

(b)

any bank, financial institution, trust, fund or other entity which has become the Lender in

accordance with Clause 28 (

Changes to the Lender

),

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

"

Limitation

Acts

" means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.

"

LMA

" means the Loan Market Association or any successor organisation from time to time.

"

Loan

" means the loan to be made available under the Facility or the aggregate principal amount

outstanding for the time being of the borrowings under the Facility and a "

part of the Loan

" means

an Advance, a Tranche, a part of a Tranche or any other part of the Loan as the context may

require.

"

Loan Agreement C

" means the loan agreement dated 5 March 2019 (as from time to time

amended and/or supplemented) and entered into between (i) Borrower H and Borrower I as joint

and several borrowers and (ii) the banks and financial institutions listed in schedule 1 therein as

lenders and (iii) DNB Bank ASA as arranger, agent, swap provider and security agent secured on

Ship H and Ship I.

"

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 $1,000,000 or the equivalent in any other currency.

"

Management Agreement

" means a Technical Management Agreement or a Commercial

Management Agreement.

"

Manager's

Undertaking

" means, in relation to a Ship, the letter of undertaking from its Approved

Technical Manager and the letter of undertaking from its Approved Commercial Manager

subordinating the rights of such Approved Technical Manager and such Approved Commercial

Manager respectively against that Ship and the relevant Borrower to the rights of the Lender and

assigning the rights and interests of such Approved Technical Manager and such Approved

Commercial Manager respectively in the Insurances to the Lender in agreed form.

"

Margin

" means 2.20 per cent. per annum.

"

Market Disruption Rate

" means the percentage rate per annum which is the aggregate of the

Reference Rate and 1.366 per cent. 

"

Market

Value

" means, in relation to a Ship or any other vessel (including any Fleet Vessel), at any

date, an amount determined in dollars by the Lender as being an amount equal to the market

value of that Ship or vessel shown by the arithmetic mean of two valuations (subject to paragraph

(b)(ii) of Clause 25.7 (

Provision of valuations

)), each addressed to the Lender and prepared:

(a)

as at a date not more than 30 days previously;

(b)

by an Approved Valuer selected by the Borrowers and appointed by the Lender;

(c)

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

(d)

on the basis of a sale for prompt delivery for cash on normal arm's length commercial

terms as between a willing seller and a willing buyer, and on an "as is where is" basis

without taking into account the benefit or detriment of any charter commitment/free of

any existing charter or other contract of employment,

Provided that

 if the difference between the two valuations is greater than 10 per cent. a third

valuation shall be carried out on the same basis by an Approved Valuer appointed by the Lender

at the cost of the Borrowers and the Market Value shall be the arithmetic mean of the three

valuations. For the avoidance of doubt, if a valuation is provided as a range between two figures,

the figure to be used shall be the arithmetic mean of those two figures.

"

Material

Adverse

Effect

" means a material adverse effect on:

(a)

the business, operations, property, condition (financial or otherwise) or prospects of any

member of the Group or the Group as a whole; or

(b)

the ability of any Transaction Obligor to perform its obligations under any Finance

Document; or

(c)

the validity or enforceability of, or the effectiveness or ranking of any Security granted or

intended to be granted pursuant to any of, the Finance Documents or the rights or

remedies of the Lender under any of the Finance Documents.

"

Month

" means a period starting on one day in a calendar month and ending on the numerically

corresponding day in the next calendar month, except that:

(a)

(subject to sub-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 priority or, as the case may be, first preferred ship

mortgage on that Ship in agreed form or any replacement first preferred or first priority ship

mortgage on that Ship under the laws of an Approved Flag, and if required by the laws of the

relevant Approved Flag a deed of covenant collateral thereto, each in agreed form.

"

Obligor

" means a Borrower or the Parent Guarantor.

"

Operational Carbon Intensity Rating

" means, in respect of each Ship, the A to E rating

determined based on that Ship's carbon intensity indicator calculation as set out in Annex VI.

"

Original

Financial

Statements

" means, in relation to the Parent Guarantor the audited

consolidated financial statements of the Group for the Financial Year ending on 31 December

2022.

"

Original Jurisdiction

" means, in relation to an Obligor, the jurisdiction under whose laws that

Obligor is incorporated as at the date of this Agreement.

"

Overseas

Regulations

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

"Palios Family

" means, together, each of the following:

(a)

Mr. Simeon Palios; 

(a)

all the lineal descendants in direct line of Mr. Simeon Palios;

(b)

a husband or wife or widower or widow of any of the above persons;

(c)

the estates, trusts or legal representatives of which any of the above persons are the

beneficiaries; and

(d)

each company legally and beneficially owned or (as the case may be) controlled by one or

more of the persons or entities which would fall within paragraphs (a) to (d) of this

definition,

and each one of the above shall be referred to as "

a member of the Palios Family

".

"

Participating Member State

" means any member state of the European Union that has the euro

as its lawful currency in accordance with legislation of the European Union relating to Economic

and Monetary Union.

"

Party

" means a party to this Agreement.

"

Permitted

Charter

" means, in relation to a Ship, a Charter:

(a)

which is a time, voyage or consecutive voyage charter (i) the duration of which does not

exceed and is not capable of exceeding, by virtue of any optional extensions, 12 months

plus a redelivery allowance of not more than 30 days or (ii) which is an intra-Group

consecutive voyage Charter for any tenor provided that the relevant Borrower has

complied with Clause 24.22 (

Charterparty Assignment

); 

(b)

which is entered into on

bona fide

 arm's length terms at the time at which that Ship is

fixed; and

(c)

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

and any other Charter which is approved in writing by the Lender.

"

Permitted

Financial

Indebtedness

" means:

(a)

any Financial Indebtedness incurred under the Finance Documents;

(b)

in relation to each Borrower, until the Utilisation Date of the Advance under the relevant

Tranche, the relevant Existing Indebtedness; 

(c)

any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred

under the Finance Documents pursuant to a Subordination Agreement or otherwise and

which is, in the case of any such Financial Indebtedness of a Borrower, the subject of

Subordinated Debt Security; and

(d)

incurred or created in respect of the Parent Guarantor in the normal course of its business

of holding the shares of single purpose shipowning Subsidiaries and assisting its

Subsidiaries with acquiring and financing vessels and with their arrangements in respect

of the operation of such vessels or for working capital purposes. 

"

Permitted

Security

" means:

(a)

Security created by the Finance Documents;

(b)

in relation to each Borrower, until the Utilisation Date of the Advance under the relevant

Tranche, the relevant Existing Security;

(c)

liens for unpaid master's and crew's wages in accordance with first class ship ownership

and management practice provided that it is outstanding for no more than 30 days;

(d)

liens for salvage;

(e)

liens for master's disbursements incurred in the ordinary course of trading provided the

underlying payment obligation has not yet fallen due for payment or has been contested

in good faith by the Borrowers; and

(f)

any other lien arising by operation of law or otherwise in the ordinary course of the

operation, repair or maintenance of any Ship:

(i)

which is not yet overdue for payment according to its payment terms; or

(ii)

which is being contested in good faith by the relevant Borrower by appropriate

proceedings and for which adequate reserves or security are maintained or

provided; or

(iii)

subject, in the case of liens for repair or maintenance, to Clause 24.17 (

Restrictions

on chartering, appointment of managers etc.

).

"

Poseidon Principles

" means the financial industry framework for assessing and disclosing the

climate alignment of ship finance portfolios published in June 2019 as the same may be amended

or replaced from time to time.

"

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.

"

Prohibited Person

" means a person that is:

(a)

listed on, or directly or indirectly owned or otherwise controlled by a person listed on, or

acting on behalf of or for the benefit of any one or more persons listed on, any Sanctions

List;

(b)

resident, located or having a place of business in, incorporated or organised under the

laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person

resident, located or having a place of business in, incorporated or organised under the

laws of a country or territory that is, or whose government is, the target of country-wide,

region-wide or territory-wide Sanctions or comprehensive Sanctions (currently Crimea,

Donetsk oblast, Luhansk oblast, Zaporizjzja oblast and Kherson oblast, Cuba, Iran, North

Korea, Syria and Venezuela); or

(c)

otherwise a target of Sanctions (including a person with whom a US person or other

national under the jurisdiction of a Sanctions Authority would be prohibited or restricted

by law from engaging in trade, business or other activities).

"

Quotation Day

" means, in relation to any period for which an interest rate is to be determined,

two US Government Securities Business Days before the first day of that period unless market

practice differs in the relevant syndicated loan market in which case the Quotation Day will be

determined by the Lender in accordance with that market practice (and if quotations would

normally be given on more than one day, the Quotation Day will be the last of those days).

"

Receiver

" means a receiver or receiver and manager or administrative receiver of the whole or

any part of the Security Assets.

"

Reference Rate

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

(a)

the applicable Term SOFR at or after 5 am Chicago Time on the Quotation Day 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 10.1 (

Temporary unavailability of Term

SOFR

),

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

"

Related

Fund

" in relation to a fund (the "first fund"), means a fund which is managed or advised

by the same investment manager or investment adviser as the first fund or, if it is managed by a

different investment manager or investment adviser, a fund whose investment manager or

investment adviser is an Affiliate of the investment manager or investment adviser of the first

fund.

"

Relevant

Jurisdiction

" means, in relation to a Transaction Obligor:

(a)

Its Original Jurisdiction;

(b)

any jurisdiction where any asset subject to, or intended to be subject to, any of the

Transaction Security created, or intended to be created, by it is situated;

(c)

any jurisdiction where it conducts its business; and

(d)

the jurisdiction whose laws govern the perfection of any of the Security Documents

entered into by it.

"

Relevant Market

" means the market for overnight cash borrowing collateralised by US

Government Securities.

"

Repayment

Date

" means each date on which a Repayment Instalment is required to be paid

under Clause 6.1 (

Repayment of Loan

).

"

Repayment

Instalment

" has the meaning given to it in Clause 6.1 (

Repayment of Loan

).

"

Repeating

Representation

" means each of the representations set out in Clause 19

(

Representations

) except Clause 19.10 (

Insolvency

), Clause 19.11 (

No filing or stamp taxes

) and

Clause 19.12 (

Deduction of Tax

) and any representation of any Transaction Obligor made in any

other Finance Document that is expressed to be a "Repeating Representation" or is otherwise

expressed to be repeated.

"

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.

"

Resolution Authority

" means any body which has authority to exercise any Write-down and

Conversion Powers.

"

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.

"

Sanctioned Country

" means a country or territory that is, or whose government is, the target of

country-wide, region-wide or territory-wide Sanctions or comprehensive Sanctions (currently

Crimea, Donetsk oblast, Luhansk oblast, Zaporizjzja oblast and Kherson oblast, Cuba, Iran, North

Korea, Syria and Venezuela).

"

Sanctions

" means the economic or financial sanctions laws, orders and/or regulations, trade

embargoes prohibitions, decisive executive orders or other restrictive measures implemented,

adapted, improved, administered, enacted and/or enforced from time to time by any Sanctions

Authority (whether or not any Transaction Obligor, any Affiliate of any Transaction Obligor or the

Lender is legally bound to comply with such laws, regulations, embargoes or measures).

"

Sanctions Authority

" means any of:

(a)

the United States of America;

(b)

the United Nations; 

(c)

the European Union; 

(d)

any member state of the European Economic Area;

(e)

the United Kingdom; or

(f)

any country which any Transaction Obligor is registered or has material (financial or

otherwise) interests or operations,

and includes any government entity of any of the above, including, without limitation, the Office

of Foreign Assets Control of the US Department of Treasury (OFAC), the United States Department

of State, the United States Department of Commerce or any other agency of the United States

Government, the United Nations Security Council, the European Union or His Majesty's Treasury

of the United Kingdom and HM Treasury Office of Financial Sanctions Implementation of the

United Kingdom. 

"

Sanctions List

" means any of the lists of designated sanctions targets maintained by a Sanctions

Authority from time to time, including (without limitation) as at the date of this Agreement:

(a)

the "Specially Designated Nationals and Blocked Persons" list and the Consolidated

Sanctions List maintained by OFAC;

(b)

the Consolidated List of persons, groups and entities subject to the European Union

financial sanctions; and

(c)

in the case of His Majesty's Treasury of the United Kingdom, the Consolidated List of

Financial Sanctions Targets and the List of Persons Subject to Restrictive Measures in View

of Russia's Actions Destabilising the Situation in Ukraine.

"

Secured

Liabilities

" means all present and future obligations and liabilities, (whether actual or

contingent and whether owed jointly or severally or in any other capacity whatsoever) of each

Transaction Obligor to the Lender under or in connection with each Finance Document.

"

Security

" means a mortgage, pledge, lien, charge, assignment, hypothecation or security interest

or any other agreement or arrangement having the effect of conferring security.

"

Security Assets

" means all of the assets of the Transaction Obligors which from time to time are,

or are expressed to be, the subject of the Transaction Security.

"

Security Cover Ratio

" means:

(a)

the aggregate Market Value (or, if less in relation to an individual Ship, the maximum

amount capable of being secured by the Mortgage of such Ship) of all of the Ships which

are then subject to a Mortgage and have not then become a Total Loss; plus

(b)

the net realisable value of additional Security previously provided under Clause 25

(

Security Cover

),

expressed as a percentage of the Loan.

"

Security Document

" means:

(a)

any Shares Security;

(b)

any Mortgage;

(c)

any General Assignment;

(d)

any Charterparty Assignment;

(e)

any Account Security;

(f)

any Subordinated Debt Security;

(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 Lender and the Borrowers.

"

Security

Period

" means the period starting on the date of this Agreement and ending on the date

on which the Lender is satisfied that there is no outstanding Commitment in force and that the

Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.

"

Security

Property

" means:

(a)

the Transaction Security expressed to be granted in favour of the Lender and all proceeds

of that Transaction Security;

(b)

all obligations expressed to be undertaken by a Transaction Obligor to pay amounts in

relation to the Secured Liabilities to the Lender and secured by the Transaction Security

together with all representations and warranties expressed to be given by a Transaction

Obligor or any other person in favour of the Lender; and

(c)

the Lender's interest in any turnover trust created under the Finance Documents.

"

Shares

Security

" means, in relation to a Borrower, a document creating Security over the share

capital in that Borrower in agreed form.

"

Ship

" means Ship A, Ship B, Ship C, Ship D, Ship E, Ship F, Ship G, Ship H or Ship I.

"

Ship

A

" means m.v. ALCMENE, details of which are set out opposite its name in Schedule 5

(

Details of the Ships

).

"

Ship

B

" means m.v. SEATTLE, details of which are set out opposite its name in Schedule 5 (

Details

of the Ships

).

"

Ship

C

" means m.v. PHAIDRA, details of which are set out opposite its name in Schedule 5 (

Details

of the Ships

).

"

Ship

D

" means m.v. ELECTRA, details of which are set out opposite its name in Schedule 5 (

Details

of the Ships

).

"

Ship

E

" means m.v. ASTARTE , details of which are set out opposite its name in Schedule 5 (

Details

of the Ships

).

"

Ship

F

" means m.v. P. S. PALIOS , details of which are set out opposite its name in Schedule 5

(

Details of the Ships

).

"

Ship

G

" means m.v. G. P. ZAFIRAKIS, details of which are set out opposite its name in Schedule 5

(

Details of the Ships

).

"

Ship

H

" means m.v. CRYSTALIA , details of which are set out opposite its name in Schedule 5

(

Details of the Ships

).

"

Ship

I

" means m.v. ATALANDI , details of which are set out opposite its name in Schedule 5 (

Details

of the Ships

).

"

SOFR

" means the secured overnight financing rate administered by the Federal Reserve Bank of

New York (or any other person which takes over the administration of that rate) published by the

Federal Reserve Bank of New York (or any other person which takes over the publication of that

rate).

"

Specified

Time

" means a day or time determined in accordance with Schedule 6 (

Timetables

).

"

Statement of Compliance

" means a Statement of Compliance related to fuel oil consumption

pursuant to regulations 6.6 and 6.7 of Annex VI.

"

Subordinated

Creditor

" means:

(a)

a member of the Group; or

(b)

any other person who becomes a Subordinated Creditor in accordance with this

Agreement.

"

Subordinated Debt Security

" means a Security over Subordinated Liabilities entered into or to

be entered into by a Subordinated Creditor in favour of the Lender in an agreed form.

"

Subordinated Finance Document

" means:

(a)

a Subordinated Loan Agreement; and

(b)

any other document relating to or evidencing Subordinated Liabilities.

"

Subordinated Liabilities

" means all indebtedness owed or expressed to be owed by the

Borrowers to a Subordinated Creditor whether under the Subordinated Finance Documents or

otherwise.

"

Subordinated Loan Agreement

" means a loan agreement made between (a) a Borrower and (b)

a Subordinated Creditor.

"

Subordination Agreement

" means a subordination agreement entered into or to be entered into

by each Subordinated Creditor and the Lender in agreed form.

"

Subsidiary

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

"

Tax

" means any tax, levy, impost, duty or other charge or withholding of a similar nature

(including any penalty or interest payable in connection with any failure to pay or any delay in

paying any of the same).

"

Tax

Credit

" has the meaning given to it in Clause 12.1 (

Definitions

).

"

Tax

Deduction

" has the meaning given to it in Clause 12.1 (

Definitions

).

"

Tax

Payment

" has the meaning given to it in Clause 12.1 (

Definitions

).

"

Technical Management Agreement

" means the agreement entered into between a Borrower

and the Approved Technical Manager regarding the technical management of a Ship.

"

Term SOFR

" means the term SOFR reference rate administered by CME Group Benchmark

Administration Limited (or any other person which takes over the administration of that rate) for

the relevant period published (before any correction, recalculation or republication by the

administrator) by CME Group Benchmark Administration Limited (or any other person which takes

over the publication of that rate).

"

Termination

Date

" means, in relation to each Tranche, the earlier of (i) the fifth anniversary of

the first Utilisation Date and (ii) 1 May 2028. 

"

Third

Parties

Act

" has the meaning given to it in Clause 1.5 (

Third party rights

).

"

Total

Loss

" means, in relation to a Ship:

(a)

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

(b)

any Requisition of that Ship unless that Ship is returned to the full control of the relevant

Borrower within 30 days of such Requisition.

"

Total Loss Date

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

(a)

in the case of an actual loss of that Ship, the date on which it occurred or, if that is

unknown, the date when that Ship was last heard of;

(b)

in the case of a constructive, compromised, agreed or arranged total loss of that Ship, the

earlier of:

(i)

the date on which a notice of abandonment is given (or deemed or agreed to be

given) to the insurers; and

(ii)

the date of any compromise, arrangement or agreement made by or on behalf of

the relevant 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, the date (or the most likely date) on which it

appears to the Lender that the event constituting the total loss occurred.

"

Tranche

" means Tranche A, Tranche B, Tranche C, Tranche D, Tranche E, Tranche F, Tranche G,

Tranche H or Tranche I.

"

Tranche

A

" means that part of the Loan made or to be made available to Borrower A to (inter

alia) refinance the Existing Indebtedness secured on Ship A in a principal amount not exceeding

$8,513,342 or as the context may require, the amount outstanding thereunder from time to time.

"

Tranche

B

" means that part of the Loan made or to be made available to Borrower B to (inter

alia) refinance the Existing Indebtedness secured on Ship B in a principal amount not exceeding

$12,706,480 or as the context may require, the amount outstanding thereunder from time to time.

"

Tranche

C

" means that part of the Loan made or to be made available to Borrower C to (inter

alia) refinance the Existing Indebtedness secured on Ship C in a principal amount not exceeding

$9,656,925 or as the context may require, the amount outstanding thereunder from time to time.

"

Tranche

D

" means that part of the Loan made or to be made available to Borrower D to (inter

alia) refinance the Existing Indebtedness secured on Ship D in a principal amount not exceeding

$9,656,925 or as the context may require, the amount outstanding thereunder from time to time.

"

Tranche

E

" means that part of the Loan made or to be made available to Borrower E to (inter alia)

refinance the Existing Indebtedness secured on Ship E in a principal amount not exceeding

$11,944,091 or as the context may require, the amount outstanding thereunder from time to time.

"

Tranche

F

" means that part of the Loan made or to be made available to Borrower F to (inter alia)

refinance the Existing Indebtedness secured on Ship F in a principal amount not exceeding

$14,231,258 or as the context may require, the amount outstanding thereunder from time to time.

"

Tranche

G

" means that part of the Loan made or to be made available to Borrower G to (inter

alia) refinance the Existing Indebtedness secured on Ship G in a principal amount not exceeding

$12,452,351 or as the context may require, the amount outstanding thereunder from time to time.

"

Tranche

H

" means that part of the Loan made or to be made available to Borrower H to (inter

alia) refinance the Existing Indebtedness secured on Ship H in a principal amount not exceeding

$10,419,314 or as the context may require, the amount outstanding thereunder from time to time.

"

Tranche

I

" means that part of the Loan made or to be made available to Borrower I to (inter alia)

refinance the Existing Indebtedness secured on Ship I in a principal amount not exceeding

$10,419,314 or as the context may require, the amount outstanding thereunder from time to time.

"

Transaction Document

" means:

(a)

a Finance Document;

(b)

a Subordinated Finance Document;

(c)

any Charter; or

(d)

any other document designated as such by the Lender and a Borrower.

"

Transaction Obligor

" means an Obligor, any Approved Manager and any other person (other than

the Lender) who executes a Finance Document.

"

Transaction Security

" means the Security created or evidenced or expressed to be created or

evidenced under the Security Documents.

"

UK Bail-In Legislation

" means Part 1 of the United Kingdom Banking Act 2009 and any other law

or regulation applicable in the United Kingdom relating to the resolution of unsound or failing

banks, investment firms or other financial institutes or their affiliates (otherwise than through

liquidation, administration or other insolvency proceedings).

"

UK

Establishment

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

"

Unpaid

Sum

" means any sum due and payable but unpaid by a Transaction Obligor under the

Finance Documents.

"

US

" means the United States of America.

"

US Government Securities Business Day

" means any day other than:

(a)

a Saturday or a Sunday; and

(b)

a day on which the Securities Industry and Financial Markets Association (or any successor

organisation) recommends that the fixed income departments of its members be closed

for the entire day for purposes of trading in US Government securities.

"

US Tax Obligor

" means:

(a)

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

(b)

a person some or all of whose payments under the Finance Documents are from sources

within the US for US federal income tax purposes.

"

Utilisation

" means a utilisation of the Facility.

"

Utilisation

Date

" means the date of a Utilisation, being the date on which the relevant Advance

is to be made.

"

Utilisation

Request

" means a notice substantially in the form set out in Schedule 3 (Utilisation

Request

).

"

VAT

" means:

(a)

any value added tax imposed by the Value Added Tax Act 1994;

(b)

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

(c)

any other tax of a similar nature, whether imposed in the United Kingdom or a member

state of the European Union in substitution for, or levied in addition to, such tax referred

to in paragraph (a) or (b) above, or imposed elsewhere.

"

Write-down and Conversion Powers

" means:

(a)

in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from

time to time, the powers described as such in relation to that Bail-In Legislation in the EU

Bail-In Legislation Schedule;

(b)

in relation to any other applicable Bail-In Legislation other than the UK 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; and 

(c)

in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to

cancel, transfer or dilute shares issued by a person that is a bank or investment firm or

other financial institution or affiliate of a bank, investment firm or other financial

institution, to cancel, reduce, modify or change the form of a liability of such a person or

any contract or instrument under which that liability arises, to convert all or part of that

liability into shares, securities or obligations of that person or any other person, to provide

that any such contract or instrument is to have effect as if a right had been exercised under

it or to suspend any obligation in respect of that liability or any of the powers under that

UK Bail-In Legislation that are related to or ancillary to any of those powers.

1.2

Construction

(a)

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

(i)

the "

Account

Bank

", the "

Lender

", any "

Obligor

", any "

Party

", any "

Transaction

Obligor

"

or any other person shall be construed so as to include its successors in title and permitted

assigns;

(ii)

"

applicable Sanctions

" includes (but is not limited to): 

(A)

any Sanctions applicable to any of the Transaction Obligors or any other member

of the Group or any of their Affiliates, directors, officers or employees; and

(B)

any Sanctions which would otherwise apply either directly or indirectly to the

performance of any of the Parties ' (including the Lender's) rights and obligations

under this Agreement;

(iii)

"

assets

" includes present and future properties, revenues and rights of every description;

(iv)

a liability which is "

contingent

" means a liability which is not certain to arise and/or the

amount of which remains unascertained;

(v)

"

document

" includes a deed and also a letter, fax, email or telex;

(vi)

"

expense

" means any kind of cost, charge or expense (including all legal costs, charges and

expenses) and any applicable Tax including VAT;

(vii)

the Lender's "

cost of funds

" in relation to the Loan or any part of the Loan is a reference

to the average cost (determined either on an actual or a notional basis) which the Lender

would incur if it were to fund, from whatever source(s) it may reasonably select, an

amount equal to the amount of the Loan or that part of the Loan for a period equal in

length to the Interest Period of the Loan or that part of the Loan;

(viii)

a "

Finance Document

", a "

Security Document

" or "

Transaction Document

" or any other

agreement or instrument is a reference to that Finance Document, Security Document or

Transaction Document or other agreement or instrument as amended, replaced, novated,

supplemented, extended or restated;

(ix)

"

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;

(x)

"

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;

(xi)

"

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;

(xii)

a "

person

" includes any individual, firm, company, corporation, government, state or

agency of a state or any association, trust, joint venture, consortium, partnership or other

entity (whether or not having separate legal personality);

(xiii)

a "

regulation

" includes any regulation, rule, official directive, request or guideline

(whether or not having the force of law) of any governmental, intergovernmental or

supranational body, agency, department or regulatory, self-regulatory or other authority

or organisation;

(xiv)

a reference to a "

Ship

", its name, its flag and, if applicable, its port of registry shall include

any replacement name, flag and, if applicable, replacement port of registry, in each case,

as may be approved in writing from time to time by the Lender;

(xv)

a provision of law is a reference to that provision as amended or re-enacted from time to

time;

(xvi)

a time of day is a reference to Copenhagen time;

(xvii)

any English legal term for any action, remedy, method of judicial proceeding, legal

document, legal status, court, official or any legal concept or thing shall, in respect of a

jurisdiction other than England, be deemed to include that which most nearly

approximates in that jurisdiction to the English legal term;

(xviii)

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

(xix)

"

including

" and "

in

particular

" (and other similar expressions) shall be construed as not

limiting any general words or expressions in connection with which they are used.

(b)

The determination of the extent to which a rate is "

for a period equal in length

" to an Interest

Period shall disregard any inconsistency arising from the last day of that Interest Period being

determined pursuant to the terms of this Agreement.

(c)

Section, Clause and Schedule headings are for ease of reference only and are not to be used for

the purposes of construction or interpretation of the Finance Documents.

(d)

Unless a contrary indication appears, a term used in any other Finance Document or in any notice

given under, or in connection with, any Finance Document has the same meaning in that Finance

Document or notice as in this Agreement.

(e)

A reference in this Agreement to a page or screen of an information service displaying a rate shall

include:

(i)

any replacement page of that information service which displays that rate; and

(ii)

the appropriate page of such other information service which displays that rate from time

to time in place of that information service,

and, if such page or service ceases to be available, shall include any other page or service displaying

that rate specified by the Lender after consultation with the Borrowers.

(f)

A Potential Event of Default is "

continuing

" if it has not been remedied or waived and an Event of

Default is "

continuing

" if it has not been waived.

1.3

Construction of insurance terms

In this Agreement:

"

approved

" means, for the purposes of Clause 23 (

Insurance Undertakings

), approved in writing

by the Lender.

"

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 Borrower is obliged to effect,

under Clause 22.23 (

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 which is a member of the International Group of Protection and Indemnity

Associations, including pollution risks and the proportion (if any) of any sums payable to any other

person or persons in case of collision which are not recoverable under the hull and machinery

policies by reason of the incorporation in them of clause 6 of the International Hull Clauses

(1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the

Institute Amended Running Down Clause (1/10/71) or any equivalent provision.

"

war

risks

" includes the risk of mines and all risks excluded by clauses 29, 30 or 31 of the

International Hull Clauses (1/11/02), clauses 29 or 30 of the International Hull Clauses (1/11/03),

clauses 24, 25 or 26 of the Institute Time Clauses (Hulls) (1/11/95) or clauses 23, 24 or 25 of the

Institute Time Clauses (Hulls) (1/10/83) or any equivalent provision.

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 each

Borrower and the Lender); or

(b)

in any other form agreed in writing between each Borrower and the Lender.

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)

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 Affiliate, Receiver or Delegate or any other person described in paragraph (f) of Clause 14.2

(

Other indemnities

), may, subject to this Clause 1.5 (

Third party rights

) and the Third Parties Act,

rely on any Clause of this Agreement which expressly confers rights on it.

SECTION 2

THE FACILITY

2

THE FACILITY

2.1

The Facility

Subject to the terms of this Agreement, the Lender makes available to the Borrowers a dollar term

loan facility in nine Tranches in an aggregate amount not exceeding the Commitment.

2.2

Borrowers' Agent

(a)

Each Borrower by its execution of this Agreement irrevocably appoints the Parent Guarantor to

act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises:

(i)

the Parent Guarantor on its behalf to supply all information concerning itself

contemplated by this Agreement to the Lender and to give all notices and instructions

(including the Utilisation Request), to make such agreements and to effect the relevant

amendments, supplements and variations capable of being given, made or effected by any

Borrower notwithstanding that they may affect the Borrower, without further reference

to or the consent of that Borrower; and

(ii)

the Lender to give any notice, demand or other communication to that Borrower pursuant

to the Finance Documents to the Parent Guarantor,

and in each case each Borrower shall be bound as though each Borrower itself had given the

notices and instructions (including, without limitation, the Utilisation Request) 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 Parent Guarantor or given to the

Parent Guarantor under any Finance Document on behalf of a Borrower or in connection with any

Finance Document (whether or not known to any Borrower) shall be binding for all purposes on

that Borrower as if that Borrower had expressly made, given or concurred with it. In the event of

any conflict between any notices or other communications of the Parent Guarantor and any

Borrower, those of the Parent Guarantor shall prevail.

3

PURPOSE

3.1

Purpose

Each Borrower shall apply all amounts borrowed by it under the Facility only for the purposes of:

(a)

refinancing the Existing Indebtedness secured on Ship A, Ship B, Ship C, Ship D and Ship E

respectively under Existing Loan Agreement A; or

(b)

refinancing the Existing Indebtedness secured on Ship F and Ship G respectively under Existing

Loan Agreement B; or

(c)

refinancing the Borrowers' equity which has been applied against prepayment of the indebtedness

under Loan Agreement C; or 

(d)

providing the Borrowers with working capital for their general corporate purposes.

3.2

Monitoring

The Lender is not bound to monitor or verify the application of any amount borrowed pursuant to

this Agreement.

4

CONDITIONS OF UTILISATION

4.1

Initial conditions precedent

The Borrowers may not deliver the Utilisation Request unless the Lender has received all of the

documents and other evidence listed in Part A of Schedule 2 (

Conditions Precedent

) in form and

substance satisfactory to the Lender.

4.2

Further conditions precedent

The Lender will only be obliged to comply with Clause 5.4 (

Advances

) if:

(a)

on the date of the Utilisation Request and on the proposed Utilisation Date and before the

Advance is made available:

(i)

no Default is continuing or would result from the proposed Advance;

(ii)

the Repeating Representations to be made by each Obligor are true;

(iii)

no Change of Control has occurred; 

(iv)

in the case of an Advance under any Tranche, the Ship in respect of which such Advance is

to be made has neither been sold nor become a Total Loss; 

(v)

nothing has occurred which the Lender shall determine has had or could reasonably be

expected to have a Material Adverse Effect; 

(vi)

no other prepayment or cancellation event under Clause 7 (

Prepayment and Cancellation

)

has occurred; and

(vii)

if the minimum Security Cover Ratio required under Clause 25.1 (

Minimum required

security cover

) were applied immediately following the making of the Loan, the Borrowers

would not be obliged to provide additional security or prepay part of the Loan under that

Clause; and

(b)

in the case of the Advance under each Tranche, the Lender has received on or before the relevant

Utilisation Date, or is satisfied 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 satisfactory to the Lender.

4.3

Notification of satisfaction of conditions precedent

The Lender shall notify the Borrowers 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

).

4.4

Waiver of conditions precedent

If the Lender, at its discretion, permits 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 Borrowers shall ensure that that condition is satisfied within five

Business Days after the relevant Utilisation Date or such later date as the Lender may agree in

writing with the Borrowers.

4.5

Conditions subsequent

Each of Borrower D and Borrower G shall ensure that the Lender receives, no later than 1 October

2023, evidence that the Ship owned by it has changed China Classification Society to another

Approved Classification Society.

SECTION 3

UTILISATION

5

UTILISATION

5.1

Delivery of Utilisation Request

The Borrowers may utilise the Facility by delivery to the Lender of a duly completed Utilisation

Request not later than the Specified Time.

5.2

Completion of Utilisation Request

(a)

The Utilisation Request is irrevocable and will not be regarded as having been duly completed

unless:

(i)

the proposed Utilisation Date is a Business Day within the relevant Availability Period;

(ii)

the currency and amount of the Utilisation comply with Clause 5.3 (

Currency and amount

);

(iii)

all applicable deductible items have been completed; and

(iv)

the proposed Interest Period complies with Clause 9 (

Interest Periods

).

(b)

Only one Advance may be requested under each Tranche.

(c)

The Utilisation Date in respect of Tranche H and Tranche I shall coincide with the day that any

funds under Tranche A, Tranche B, Tranche C, Tranche D, Tranche E, Tranche F and Tranche G

which have been prepositioned pursuant to Clause 5.8 (

Prepositioning of funds

) are released. 

5.3

Currency and amount

(a)

The currency specified in the Utilisation Request must be dollars.

(b)

The amount of each Tranche shall be not more than in respect of:

(i)

Tranche A, $8,513,342; 

(ii)

Tranche B, $12,706,480; 

(iii)

Tranche C, $9,656,925; 

(iv)

Tranche D, $9,656,925; 

(v)

Tranche E, $11,944,091; 

(vi)

Tranche F, $14,231,258; 

(vii)

Tranche G, $12,452,351; 

(viii)

Tranche H, $10,419,314; and

(ix)

Tranche I, $10,419,314.

(c)

The aggregate amount of all Tranches shall not exceed 60 per cent. of the aggregate Initial Market

Values of the Ships. 

5.4

Advances

If the conditions set out in this Agreement have been met, the Lender shall make each Advance

available by the relevant Utilisation Date through its Facility Office.

5.5

Cancellation of Commitment

The Commitment in respect of any Tranche which is unutilised at the end of the Availability Period

for such Tranche shall then be cancelled.

5.6

Retentions and payment to third parties

The Borrowers irrevocably authorise the Lender:

(a)

to deduct from the proceeds of any Advance any fees then payable to the Lender in accordance

with Clause 11 (

Fees

), any solicitors fees and disbursements together with any applicable VAT and

any other items listed as deductible items in the Utilisation Request and to apply them in payment

of the items to which they relate; and

(b)

on each Utilisation Date, to pay to, or for the account of, the relevant Borrower which is to utilise

the relevant Advance, the balance (after any deduction made in accordance with paragraph (a)

above) of the amount such Advance. That payment shall be made:

(i)

in the case of Tranche A, Tranche B, Tranche C, Tranche D, Tranche E, Tranche F and

Tranche G to the account of the Existing Agent under the Existing Loan Agreement A and

the Existing Loan Agreement B, which the Borrowers specify in the Utilisation Request;

and

(ii)

in the case of Tranche H and Tranche I, to the account which the Borrowers specify in the

Utilisation Request.

5.7

Disbursement of Advance to third party

Payment by the Lender under Clause 5.6 (

Retentions and payment to third parties

) to a person

other than a Borrower shall constitute the making of the relevant Advance and the Borrowers shall

at that time become indebted, as principal and direct obligor, to the Lender in an amount equal to

that Advance.

5.8

Prepositioning of funds

(a)

Notwithstanding the foregoing provisions of this Clause 5 (

Utilisation

), in the event that any

proposed Advance under Tranche A, Tranche B, Tranche C, Tranche D, Tranche E, Tranche F or

Tranche G, is required to be utilised prior to the satisfaction of the requirements of paragraphs 2,

3.1

 and 3.2(b) of Part B of Schedule 2 (

Conditions precedent

) and remitted to the Existing Agent or

any other bank (the "

Relevant Bank

"), the Lender may in its absolute discretion agree to remit

such amount to the Relevant Bank prior to satisfaction of the requirements of paragraphs 2, 3.1

and 3.2(b) of Part B of Schedule 2 (

Conditions precedent

)

Provided that

:

(i)

the amount remitted shall be held in an account with the Relevant Bank in the name and

to the order of the Lender;

(ii)

such amount will only be released to the Existing Agent upon receipt by the Relevant Bank

of a release letter in such form as may be agreed between the Lender and the Existing

Agent, duly signed on behalf of the Lender by a person named in the Lender's remittance

instructions;

(iii)

such amount so released may be used only for payment in satisfaction of the Existing

Indebtedness (or any part thereof);

(iv)

in the event that the said amount so remitted (or any part thereof) is not released in

accordance with the Lender's instructions, the money held by the Relevant Bank shall be

returned to the account specified in the Lender's remittance instructions within 5 Business

Days after receipt by the Relevant Bank (or such other period as the Lender may specify in

its remittance instructions) and shall be applied towards prepayment of the Loan and

payment of any other amounts due under the Finance Documents; and

(v)

the requirements of paragraphs 2, 3.1 and 3.2(b) of Part B of Schedule 2 (

Conditions

precedent

) shall be satisfied simultaneously with any release to the Existing Agent

pursuant to paragraph (ii) above.

(b)

The prepositioning of an Advance pursuant to paragraph (a) above shall constitute the making of

that Advance and the Obligors shall at that time become indebted, as principal and direct obligors

on a joint and several basis, to the Lender in an amount equal to that Lender's participation in that

Advance.

(c)

The value date on which an Advance is remitted pursuant to paragraph (a) above shall constitute

the Utilisation Date in respect of that Advance.

(d)

The Obligors shall, without duplication, indemnify the Lender against any costs, loss or liability it

may incur in connection with the arrangements described in paragraph (a) above.

SECTION 4

REPAYMENT, PREPAYMENT AND CANCELLATION

6

REPAYMENT

6.1

Repayment of Loan

(a)

The Borrowers shall repay the Loan as follows:

(i)

Tranche A shall be repaid by 20 consecutive quarterly instalments, the first such instalment

in an amount of $425,669 followed by nineteen instalments each in an amount of

$425,667 (together, the "

Tranche A Repayment Instalments

" and each a "

Tranche A

Repayment Instalment

");

(ii)

Tranche B shall be repaid by 20 consecutive quarterly instalments, each in an amount of

$529,437 together, (the "

Tranche B Repayment Instalments

" and each a "

Tranche B

Repayment Instalment

") plus a balloon instalment in an amount of $2,117,740 (the

"

Tranche B Balloon Instalment

");

(iii)

Tranche C shall be repaid by 20 consecutive quarterly instalments each in an amount of

$301,779 (together, the "

Tranche C Repayment Instalments

" and each a "

Tranche C

Repayment Instalment

") plus a balloon instalment in an amount of $3,621,345 (the

"

Tranche C Balloon Instalment

");

(iv)

Tranche D shall be repaid by 20 consecutive quarterly instalments each in an amount of

$301,779 (together, the "

Tranche D Repayment Instalments

" and each a "

Tranche D

Repayment Instalment

") plus a balloon instalment in an amount of $3,621,345 (the

"

Tranche D Balloon Instalment

");

(v)

Tranche E shall be repaid by 20 consecutive quarterly instalments each in an amount of

$373,253 (together, the "

Tranche E Repayment Instalments

" and each a "

Tranche E

Repayment Instalment

") plus a balloon instalment in an amount of $4,479,031 (the

"

Tranche E Balloon Instalment

");

(vi)

Tranche F shall be repaid by 20 consecutive quarterly instalments each in an amount of

$444,727 (together, the "

Tranche F Repayment Instalments

" and each a "

Tranche F

Repayment Instalment

") plus a balloon instalment in an amount of $5,336,718 (the

"

Tranche F Balloon Instalment

"); 

(vii)

Tranche G shall be repaid by 20 consecutive quarterly instalments each in an amount of

$345,899 (together, the "

Tranche G Repayment Instalments

" and each a "

Tranche G

Repayment Instalment

") plus a balloon instalment in an amount of $5,534,371 (the

"

Tranche G Balloon Instalment

"); 

(viii)

Tranche H shall be repaid by 20 consecutive quarterly instalments each in an amount of

$289,425 (together, the "

Tranche H Repayment Instalments

" and each a "

Tranche H

Repayment Instalment

") plus a balloon instalment in an amount of $4,630,814 (the

"

Tranche H Balloon Instalment

"); and 

(ix)

Tranche I shall be repaid by 20 consecutive quarterly instalments each in an amount of

$289,425 (together, the "

Tranche I Repayment Instalments

" and each a "

Tranche I

Repayment Instalment

" and together with the Tranche A Repayment Instalments, the

Tranche B Repayment Instalments, the Tranche C Repayment Instalments, the Tranche D

Repayment Instalments, the Tranche E Repayment Instalments, the Tranche F Repayment

Instalments, the Tranche G Repayment Instalments and the Tranche H Repayment

Instalments, the "

Repayment Instalments

" and each a "

Repayment Instalment

") plus a

balloon instalment in an amount of $4,630,814 (the "

Tranche I Balloon Instalment

" and

together with the Tranche B Balloon Instalment, the Tranche C Balloon Instalment, the

Tranche D Balloon Instalment, the Tranche E Balloon Instalment, the Tranche F Balloon

Instalment, the Tranche G Balloon Instalment and the Tranche H Balloon Instalment, the

"

Balloon Instalments

" and each a "

Balloon Instalment

").

(b)

The first Repayment Instalment under each Tranche shall be repaid on the date falling three

months after the first Utilisation Date, each subsequent Repayment Instalment under such

Tranche shall be repaid at three monthly intervals thereafter and the last Repayment Instalment

under such Tranche , together with the relevant Balloon Instalment (if applicable), shall be repaid

on the Termination Date.

6.2

Reduction of Repayment Instalments

If any part of a Tranche is cancelled, the Repayment Instalments in respect of that Tranche falling

after that cancellation shall be reduced

pro rata

 by the amount cancelled.

6.3

Termination Date

On the Termination Date, the Borrowers shall additionally pay to the Lender all other sums then

accrued and owing under the Finance Documents.

6.4

Reborrowing

No Borrower may reborrow any part of the Facility which is repaid.

7

PREPAYMENT AND CANCELLATION

7.1

Illegality 

If it becomes unlawful or contrary to Sanctions in any applicable jurisdiction for the Lender to

perform any of its obligations as contemplated by this Agreement or to fund or maintain all or any

part of the Loan or to determine or charge interest rates based upon Term SOFR or it becomes

unlawful for any Affiliate of the Lender for the Lender to do so:

(a)

the Lender shall promptly notify the Borrowers upon becoming aware of that event and the

Available Facility will be immediately cancelled; and

(b)

the Borrowers shall prepay the Loan on the last day of the Interest Period for the Loan occurring

after the Lender has notified the Borrowers or, if earlier, the date specified by the Lender in the

notice delivered to the Borrowers (being no earlier than the last day of any applicable grace period

permitted by law) and the Commitment shall be cancelled; and

(c)

accrued interest and all other amounts accrued for the Lender under the Finance Documents shall

be immediately due and payable.

7.2

Change of control

If a Change of Control occurs:

(a)

the Borrowers and/or the Parent Guarantor shall promptly notify the Lender upon becoming

aware of that event; and

(b)

the Lender may, by not less than 5 days' notice to the Borrowers, cancel the Facility and declare

the Loan, together with accrued interest, and all other amounts accrued under the Finance

Documents due and payable within 30 days of the occurrence of the Change of Control,

whereupon the Facility will be cancelled and Borrowers shall prepay to the Lender the Loan and

all outstanding interest and other amounts due and payable under the Finance Documents within

30 days of the occurrence of the Change of Control.

7.3

Voluntary and automatic cancellation

(a)

The Borrowers may, if they give the Lender not less than 10 Business Days' (or such shorter period

as the Lender may agree) prior notice, cancel the whole or any part (being a minimum amount of

$1,000,000) of the Available Facility. Any cancellation under this Clause 7.3 (

Voluntary and

automatic cancellation

) shall reduce the amount of each Tranche then unutilised rateably.

(b)

The unutilised Commitment (if any) shall be automatically cancelled at close of business on the

date on which the Facility is made available.

7.4

Voluntary prepayment of Loan

(a)

Subject to paragraph (b) and (d) below, the Borrowers may, if they give the Lender not less than

10 US Government Securities Business Days (or such shorter period as the Lender may agree) prior

notice, prepay the whole or any part of a Tranche (but, if in part, being an amount that reduces

the amount of that Tranche by a minimum amount equal to one Repayment Instalment in respect

of that Tranche (other than the first Repayment Instalment) or a multiple of that amount).

(b)

The Loan may only be prepaid after the last day of the Availability Period (or, if earlier, the day on

which the Available Facility is zero).

(c)

Any partial prepayment under this Clause 7.4 (

Voluntary prepayment of Loan

) shall reduce

pro rata

the amount of each Repayment Instalment under the relevant Tranche and, if applicable, the

Balloon Instalment under that Tranche falling after that prepayment by the amount prepaid.

(d)

Subject to the fee provided for in Clause 11.2 (

Prepayment fee)

, there may be no more than three

voluntary prepayments in part of a Tranche made in each 12-month period beginning on the first

Utilisation Date. 

7.5

Mandatory prepayment on sale or Total Loss

(a)

If a Ship is sold (without prejudice to paragraph (a) of Clause 22.12 (

Disposals

)) or becomes a Total

Loss, the Borrowers shall on the Relevant Date prepay the Tranche applicable to that Ship.

(b)

On the Relevant Date, the Borrowers shall also prepay:

(i)

such part of the Loan as shall eliminate any shortfall arising if the ratio set out in Clause 25

(

Security Cover

) were applied immediately following the payment referred to in paragraph

(a) above; and

(ii)

if applicable, such amount as may be required to maintain the Security Cover Ratio which

applied immediately before the sale or Total Loss.

(c)

In this Clause 7.5 (

Mandatory prepayment on sale or Total Loss

):

"

Relevant Date

" means:

(i)

in the case of a sale of a Ship, on the date of transfer of title of such Ship; and

(ii)

in the case of a Total Loss of a Ship:

(A)

if and to the extent that such prepayment is not, in the reasonable opinion of the

Lender, covered by the proceeds of the relevant Insurances, within 30 days after

the Total Loss Date; and

(B)

if and to the extent that such prepayment is, in the reasonable opinion of the

Lender, covered by the proceeds of the Insurance relating to such Total Loss, on

the earlier of (1) the date falling 180 days after the Total Loss Date (or, if the Lender

has received the relevant insurers' written confirmation that the full insurance

claim relating to such Total Loss will be covered in such form as the Lender may

reasonably require, such period shall be extended to 360 days after the Total Loss

Date) and (2) the date of receipt by the Lender of the proceeds of insurance

relating to such Total Loss.

(d)

Any partial prepayment of the Loan under this Clause 7.5 (

Mandatory prepayment on sale or Total

Loss

) shall be applied towards full prepayment of the Tranche applicable to the Ship which is sold

or has become a Total Loss. Any excess amount prepaid pursuant to paragraph (b) of this Clause

7.5 (

Mandatory prepayment on sale or Total Loss

) shall be applied pro rata towards prepayment

of the other Tranches and shall reduce

pro rata

 the amount of each Repayment Instalment falling

after that prepayment and, if applicable, the Balloon Instalment of each such Tranche.

7.6

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, subject to the fee provided for in Clause 11.2 (

Prepayment fee)

and any Break

Costs, without premium or penalty.

(c)

No Borrower may reborrow any part of the Facility which is prepaid.

(d)

No Borrower shall repay or prepay all or any part of the Loan or cancel all or any part of the

Commitment except at the times and in the manner expressly provided for in this Agreement.

(e)

No amount of the Commitment cancelled under this Agreement may be subsequently reinstated.

SECTION 5

COSTS OF UTILISATION

8

INTEREST

8.1

Calculation of interest

The rate of interest on the Loan or any part of the Loan for each Interest Period is the percentage

rate per annum which is the aggregate of the applicable:

(a)

Margin; and

(b)

Reference Rate. 

8.2

Payment of interest

(a)

The Borrowers shall pay accrued interest on the Loan or any part of the Loan on the last day of

each Interest Period (each an "

Interest

Payment

Date

").

(b)

If an Interest Period is longer than three Months, the Borrowers shall also pay interest then

accrued on the Loan or the relevant part of the Loan on the dates falling at three Monthly intervals

after the first day of the Interest Period.

8.3

Default interest

(a)

If a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due

date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment

(both before and after judgment) at a rate which, subject to paragraph (b) below, is two per cent.

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 Lender. Any interest accruing under

this Clause 8.3 (

Default interest

) shall be immediately payable by the Obligor on demand by the

Lender.

(b)

If an Unpaid Sum consists of all or part of the Loan which became due on a day which was not the

last day of an Interest Period relating to the Loan or that part of the Loan:

(i)

the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired

portion of the current Interest Period relating to the Loan or that part of the Loan; and

(ii)

the rate of interest applying to that Unpaid Sum during that first Interest Period shall be

two per cent. 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

Notifications

The Lender shall promptly notify the Borrowers of the determination of a rate of interest under

this Agreement.

The Lender shall promptly notify the Borrowers of each Funding Rate relating to the Loan or any

part of the Loan.

9

INTEREST PERIODS

9.1

Length of Interest Periods

(a)

The Interest Period for each Tranche will, subject to Clause 9.2 (

Changes to Interest Periods

), be

three Months or any other period agreed between the Borrowers and the Lender.

(b)

An Interest Period in respect of a Tranche or any part of a Tranche shall not extend beyond the

Termination Date.

(c)

The first Interest Period for each Tranche shall start on the Utilisation Date relating to such Tranche

and end on the first Repayment Date upon which all Tranches shall be consolidated for the

purposes of interest and be treated as the Loan. Each subsequent Interest Period shall start on the

last day of its preceding Interest Period.

(d)

Except for the purposes of Clause 9.2 (

Changes to Interest Periods

), each Tranche shall have one

Interest Period only at any time.

9.2

Changes to Interest Periods

(a)

In respect of a Repayment Instalment, prior to determining the interest rate for the relevant

Tranche, the Lender may establish an Interest Period for a part of the relevant Tranche equal to

such Repayment Instalment to end on the Repayment Date relating to it and the remaining part

of that Tranche shall have an Interest Period of three Months.

(b)

If the Lender makes any change to an Interest Period referred to in this Clause 9.2 (

Changes to

Interest Periods

), it shall promptly notify the Borrowers.

9.3

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

Temporary unavailability of Term SOFR

Subject to Clause 10.4 (

Permanent cessation of Published Rate

):

Interpolated Term SOFR

: If no Term SOFR is available for the Interest Period of the Loan or any

part of the Loan, the applicable Reference Rate shall be the Interpolated Term SOFR for a period

equal in length to the Interest Period of the Loan or that part of the Loan.

Historic Term SOFR

: If no Term SOFR is available for the Interest Period of the Loan or that part of

the Loan and it is not possible to calculate the Interpolated Term SOFR, the applicable Reference

Rate shall be the Historic Term SOFR for the Loan or that part of the Loan.

Interpolated Historic Term SOFR:

If paragraph (b) above applies but no Historic Term SOFR is

available for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate

shall be the Interpolated Historic Term SOFR for a period equal in length to the Interest Period of

the Loan or that part of the Loan.

Cost of funds

: If paragraph (c) above applies but it is not possible to calculate the Interpolated

Historic Term SOFR, there shall be no Reference Rate for the Loan or that part of the Loan (as

applicable) and Clause 10.3 (

Cost of funds

) shall apply to the Loan or that part of the Loan for that

Interest Period, unless otherwise determined pursuant to Clause 10.4 (

Permanent cessation of

Published Rate

). 

10.2

Market disruption

If before close of business in Copenhagen on the Quotation Day for the relevant Interest Period

the Lender notifies the Borrowers that its cost of funds relating to the Loan or the relevant part of

the Loan would be in excess of the Market Disruption Rate then Clause 10.3 (

Cost of funds

) shall

apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.

10.3

Cost of funds

(a)

If this Clause 10.3 (

Cost of funds

) applies to the Loan or part of the Loan for an Interest Period,

Clause 8.1 (

Calculation of interest

) shall not apply to the Loan or that part of the Loan for that

Interest Period and the rate of interest on the Loan or that 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

(ii)

the rate notified by the Lender to the Borrowers as soon as practicable and in any event

no later than on the date falling 2 Business Days before the date on which interest is due

to be paid in respect of that Interest Period for that Loan, to be that which expresses as a

percentage rate per annum its cost of funds relating to the Loan or that part of the Loan.

(b)

If any rate notified by the Lender pursuant to paragraph (a) above is less than zero, the relevant

rate shall be deemed to be zero.

(c)

If this Clause 10.3 (

Cost of funds

) applies pursuant to Clause 10.2 (

Market disruption

) and the

Lender's Funding Rate is less than the Market Disruption Rate, the Lender's cost of funds in relation

to the Loan or any part of the Loan for that Interest Period shall be deemed to be the Market

Disruption Rate. 

(d)

If this Clause 10.3 (

Cost of funds

) applies and the Lender or the Borrowers so requires, the Lender

and the Borrowers 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.

(e)

If this Clause 10.3 (

Cost of funds

) applies, the Lender shall, as soon as practicable, notify the Parent

Guarantor on behalf of the Borrowers.

10.4

Permanent cessation of Published Rate

If a Published Rate Replacement Event occurs, the Lender and the Borrowers shall enter into

negotiations (for a period of not more than 30 days (the "

Negotiation Period

")) with a view to

agreeing an appropriate Replacement Reference Rate.

After the occurrence of Published Rate Replacement Event and as long as the Parties have not

agreed on a Replacement Reference Rate (including during the Negotiation Period) or if an agreed

Replacement Reference Rate has not become effective, the interest under this Agreement shall

accrue and be calculated, at the Lender's option, on the basis of:

(i)

Clause 10.3 (

Cost of funds

); or

(ii)

A Compounded Reference Rate calculated in accordance with the methodology set out in

the LMA's template for Single Currency Term and Revolving Facilities Agreement

incorporating backward looking compounded rates (Lookback without Observation Shift)

(LMA. STR. Compounded Rate LB.02) of 28 May 2021 (the "

Template

") with the following

amendments and selections:

(A)

Cost of funds: to apply as fallback and to be determined in accordance with this

Agreement;

(B)

Central Bank Rate: to include the full wording of the Template;

(C)

Central Bank Rate Adjustment: to be defined as "In relation to the Central Bank

Rate prevailing at close of business on any US Government Securities Business Day,

the 20 per cent trimmed arithmetic mean (calculated by the Lender) of the Central

Bank Rate Spreads for the five most immediately preceding US Government

Securities Business Days for which the SOFR is available."

(D)

Central Bank Rate Spread: to be defined as "In relation to any US Government

Securities Business Day, the difference (expressed as a percentage rate per

annum) calculated by the Lender of (a) the SOFR for that US Government

Securities Business Day; and (b) the Central Bank Rate prevailing at close of

business on that US Government Securities Business Day."

(E)

Daily Rate: to include full wording from the Template and "5 US Government

Securities Business Days" to be inserted under item (c)(i);

(F)

Lookback Period: to be 5 US Government Securities Business Days;

(G)

Market Disruption Rate: to be defined as "the Cumulative Compounded RFR Rate

for the Interest Period of the Loan or the relevant part of the Loan.";

(H)

Margin: equivalent to "Margin" (as defined in this Agreement);

(I)

RFR Contingency Period: to be 15 days;

(J)

Interest Periods: to apply unchanged as set out in this Agreement;

(K)

Reporting Day: to be the Business Day which follows the day which is the Lookback

Period prior to the last day of the Interest Period;

Reporting Times: to be, in respect of (aa) the Market Disruption Rate, close of

business in Copenhagen on the Reporting Day for the Loan or the relevant part of

the Loan and (bb) the Lender's cost of funds, close of business on the date falling

three (3) Business Days after the Reporting Day for the Loan or the relevant part

of the Loan (or, if earlier, on the date falling two (2) Business Days before the date

on which interest is due to be paid in respect of the Interest Period for the Loan or

the relevant part of the Loan); or

(iii)

any other Replacement Reference Rate;

(in each case with the addition of the applicable Margin) and any such interest rate, interest

methodology and/or calculation shall apply forthwith at such time without the need for any

amendment to any Finance Documents other than any amendment required by the Lender in

accordance with paragraph (c) below.

If the Lender and the Borrowers agree on a Replacement Reference Rate pursuant to paragraph

(a) above or if an interest rate is determined pursuant to paragraph (b) above, the Obligors shall

and shall procure that each other Transaction Obligor shall as soon as possible following the

Lender's request:

(i)

execute such documents as the Lender may specify (including any agreement

supplemental to this Agreement and any new or amended Security Documents) to

document such new interest rate and to implement any Replacement Reference Rate

Conforming Changes; and

(ii)

deliver to the Lender such documents and evidence of the type referred to in Schedule 2

(

Conditions precedent

) in relation to the documents referred to in paragraph (i) above as

the Lender may deem necessary or desirable.

In this Clause 10.4 (

Permanent cessation of Published Rate

):

"

Published Rate

" means:

(a)

the SOFR; 

(b)

Term SOFR for any Quoted Tenor; or

(c)

any Replacement Reference Rate to the extent it has replaced the SOFR or Term SOFR

pursuant to this Clause 10.4 (

Permanent cessation of Published Rate

).

"

Published Rate Replacement Event

" means, in relation to a Published Rate:

(a)

the methodology, formula or other means of determining that Published Rate has, in the

opinion of the Lender and the Borrowers materially changed;

(b)

(i)

(A)

the administrator of that Published Rate or its supervisor publicly

announces that such administrator is insolvent; or

(B)

information is published in any order, decree, notice, petition or filing,

however described, of or filed with a court, tribunal, exchange, regulatory

authority or similar administrative, regulatory or judicial body which

reasonably confirms that the administrator of that Published Rate is

insolvent,

provided that

, in each case, at that time, there is no successor administrator to

continue to provide that Published Rate;

(ii)

the administrator of that Published Rate publicly announces that it has ceased or

will cease, to provide that Published Rate permanently or indefinitely and, at that

time, there is no successor administrator to continue to provide that Published

Rate;

(iii)

the supervisor of the administrator of that Published Rate publicly announces that

such Published Rate has been or will be permanently or indefinitely discontinued;

or

(iv)

the administrator of that Published Rate or its supervisor announces that that

Published Rate may no longer be used; or

(c)

the administrator of that Published Rate (or the administrator of an interest rate which is

a constituent element of that Published Rate) determines that that Published Rate should

be calculated in accordance with its reduced submissions or other contingency or fallback

policies or arrangements and either:

(i)

the circumstance(s) or event(s) leading to such determination are not (in the

opinion of the Lender and the Borrowers) temporary; or

(ii)

that Published Rate is calculated in accordance with any such policy or

arrangement for a period which is no less than the period specified as the "RFR

Contingency Period" in the Reference Rate Terms ; or 

(d)

in the opinion of the Lender and the Borrowers, that Published Rate is otherwise no longer

appropriate for the purposes of calculating interest under this Agreement.

"

Quoted Tenor"

 means 3 Months.

"

Relevant Nominating Body

" means any applicable central bank, regulator or other supervisory

authority or a group of them, or any working group or committee sponsored or chaired by, or

constituted at the request of, any of them or the Financial Stability Board.

"

Replacement Reference Rate

" means a reference rate which is:

(a)

formally designated, nominated or recommended as the replacement for a Published Rate

by:

(i)

the administrator of that Published Rate (provided that the market or economic

reality that such reference rate measures is the same as that measured by that

Published Rate); or

(ii)

any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or

recommended under both paragraphs, the "Replacement Reference Rate" will be the

replacement under sub-paragraph (ii) above;

(b)

in the opinion of the Lender and the Borrowers, generally accepted in the international or

any relevant domestic syndicated loan markets as the appropriate successor to a

Published Rate; or

(c)

in the opinion of the Lender and the Borrowers, an appropriate successor to a Published

Rate.

"

Replacement Reference Rate Conforming Changes

" means, with respect to any Replacement

Reference Rate, any technical, administrative or operational changes (including changes to the

definition of "Term SOFR", "Reference Rate", "Interest Period" or "Business Day", timing and

frequency of determining rates and making payments of interest and other technical,

administrative or operational matters) that the Lender decides may be appropriate to reflect the

adoption and implementation of such Replacement Reference Rate or to permit the use and

administration thereof by the Lender in a manner substantially consistent with market practice

(or, if the Lender decides that adoption of any portion of such market practice is not

administratively feasible or if the Lender determines that no market practice for the

administration of the Replacement Reference Rate exists, in such other manner of administration

as the Lender decides is reasonably necessary in connection with the administration of this

Agreement and the other Finance Documents).

10.5

Break Costs

The Borrowers shall, within three Business Days of demand by the Lender, pay to the Lender its

Break Costs (if any) attributable to all or any part of the Loan or an Unpaid Sum being paid by a

Borrower on a day prior to the last day of an Interest Period for the Loan, the relevant part of the

Loan or that Unpaid Sum.

11

FEES

11.1

Upfront fee

The Borrowers shall pay (and in the case of paragraph (a) below have paid) to the Lender a non-

refundable upfront fee of $750,000 (representing 0.75 per cent. of the maximum amount of the

Commitment) payable in two instalments as follows:

(a)

the first instalment of $375,000 has been paid on 21 March 2023 (being the date the Borrowers

accepted the Lender's offer letter) and the Lender acknowledges receipt of such instalment; and 

(b)

the second instalment in the amount of $375,000 shall be payable on the first Utilisation Date.

11.2

Prepayment fee

If more than three voluntary prepayments are made in accordance with Clause 7.4 (

Voluntary

prepayment of Loan

) in each 12-month period beginning on the first Utilisation Date, the

Borrowers shall, on demand, pay to the Lender, a prepayment fee of $5,000 for any additional

voluntary prepayment on the date of such prepayment of all or any part of a Tranche.

11.3

Reflagging fee

The Borrowers shall pay to the Lender a non-refundable reflagging fee of $2,500 for every change

of flag in respect of a Ship on or prior to the occurrence of such change.

SECTION 6

ADDITIONAL PAYMENT OBLIGATIONS

12

TAX GROSS UP AND INDEMNITIES

12.1

Definitions

(a)

In this Agreement:

"

Tax Credit

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

"

Tax Deduction

" means a deduction or withholding for or on account of Tax from a payment under

a Finance Document, other than a FATCA Deduction.

"

Tax Payment

" means either the increase in a payment made by an Obligor to the Lender under

Clause 12.2 (

Tax gross-up

) or a payment under Clause 12.3 (

Tax indemnity

).

(b)

Unless a contrary indication appears, in this Clause 12 (

Tax Gross Up and Indemnities

) reference

to "

determines

" or "

determined

" means a determination made in the absolute discretion of the

person making the determination.

12.2

Tax gross-up

(a)

Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax

Deduction is required by law.

(b)

The Borrowers shall promptly upon becoming aware that an Obligor must make a Tax Deduction

(or that there is any change in the rate or the basis of a Tax Deduction) notify the Lender

accordingly. Similarly, the Lender shall notify the Borrowers and that Obligor on becoming so

aware in respect of a payment payable to the Lender.

(c)

If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due

from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves

an amount equal to the payment which would have been due if no Tax Deduction had been

required.

(d)

If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and

any payment required in connection with that Tax Deduction within the time allowed and in the

minimum amount required by law.

(e)

Within 30 days of making either a Tax Deduction or any payment required in connection with that

Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Lender evidence

reasonably satisfactory to the Lender that the Tax Deduction has been made or (as applicable) any

appropriate payment paid to the relevant taxing authority.

12.3

Tax indemnity

(a)

The Obligors shall (within three Business Days of demand by the Lender) pay to the Lender an

amount equal to the loss, liability or cost which the Lender determines will be or has been (directly

or indirectly) suffered for or on account of Tax by the Lender in respect of a Finance Document.

(b)

Paragraph (a) above shall not apply:

(i)

with respect to any Tax assessed on the Lender:

(A)

under the law of the jurisdiction in which the Lender is incorporated or, if different,

the jurisdiction (or jurisdictions) in which the Lender is treated as resident for tax

purposes; or

(B)

under the law of the jurisdiction in which the Lender's Facility Office is located in

respect of amounts received or receivable in that jurisdiction,

if that Tax is imposed on or calculated by reference to the net income received or

receivable (but not any sum deemed to be received or receivable) by the Lender; or

(ii)

to the extent a loss, liability or cost:

(A)

is compensated for by an increased payment under Clause 12.2 (

Tax gross-up

); or

(B)

relates to a FATCA Deduction required to be made by a Party.

(c)

The Lender shall, if making, or intending to make, a claim under paragraph (a) above, promptly

notify the Obligors of the event which will give, or has given, rise to the claim.

12.4

Tax Credit

If an Obligor makes a Tax Payment and the Lender determines that:

(a)

a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that

Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was received; and

(b)

the Lender has obtained and utilised that Tax Credit,

the Lender shall pay an amount to the Obligor which the Lender determines will leave it (after that

payment) in the same after-Tax position as it would have been in had the Tax Payment not been

required to be made by the Obligor.

12.5

Stamp taxes

The Obligors shall pay and, within three Business Days of demand, indemnify the Lender against

any cost, loss or liability which the Lender incurs in relation to all stamp duty, registration and

other similar Taxes payable in respect of any Finance Document.

12.6

VAT

(a)

All amounts expressed to be payable under a Finance Document by any Party to the Lender 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, if VAT is or becomes

chargeable on any supply made by the Lender to any Party under a Finance Document and the

Lender is required to account to the relevant tax authority for the VAT, that Party must pay to the

Lender (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 the Lender must promptly provide an appropriate

VAT invoice to that Party).

(b)

Where a Finance Document requires any Party to reimburse or indemnify the Lender for any cost

or expense, that Party shall reimburse or indemnify (as the case may be) the Lender for the full

amount of such cost or expense, including such part of it as represents VAT, save to the extent

that the Lender reasonably determines that it is entitled to credit or repayment in respect of such

VAT from the relevant tax authority.

(c)

Any reference in this Clause 12.6 (

VAT

) to any Party shall, at any time when that Party is treated

as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and

unless the context otherwise requires) a reference to the person who is treated at that time as

making the supply, or (as appropriate) receiving the supply, under the grouping rules provided for

in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state

of the European Union or equivalent provisions imposed elsewhere) so that a reference to a Party

shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of

which that Party is a member for VAT purposes at the relevant time or the relevant representative

member (or representative or head) of that group or unity at the relevant time (as the case may

be).

(d)

In relation to any supply made by the Lender to any Party under a Finance Document, if reasonably

requested by the Lender, that Party must promptly provide the Lender with details of that Party's

VAT registration and such other information as is reasonably requested in connection with the

Lender's VAT reporting requirements in relation to such supply. 

12.7

FATCA Information

(a)

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

by another Party:

(i)

confirm to that other Party whether it is:

(A)

a FATCA Exempt Party; or

(B)

not a FATCA Exempt Party; and

(ii)

supply to that other Party such forms, documentation and other information relating to

its status under FATCA as that other Party reasonably requests for the purposes of that

other Party's compliance with FATCA; and

(iii)

supply to that other Party such forms, documentation and other information relating to

its status as that other Party reasonably requests for the purposes of that other Party's

compliance with any other law, regulation or exchange of information regime.

(b)

If a Party confirms to another Party pursuant to sub-paragraph (i) of paragraph (a) above that it is

a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a

FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

(c)

Paragraph (a) above shall not oblige the Lender to do anything and sub-paragraph (iii) of paragraph

(a) above shall not oblige any other Party to do anything which would or might in its reasonable

opinion constitute a breach of:

(i)

any law or regulation;

(ii)

any fiduciary duty; or

(iii)

any duty of confidentiality.

(d)

If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms,

documentation or other information requested in accordance with sub-paragraphs (i) or (ii) of

paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above applies),

then such Party shall be treated for the purposes of the Finance Documents (and payments under

them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the

requested confirmation, forms, documentation or other information. 

12.8

FATCA Deduction

(a)

Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment

required in connection with that FATCA Deduction, and no Party shall be required to increase any

payment in respect of which it makes such a FATCA Deduction or otherwise compensate the

recipient of the payment for that FATCA Deduction.

(b)

Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that

there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it

is making the payment.

13

INCREASED COSTS

13.1

Increased costs

(a)

Subject to Clause 13.3 (

Exceptions

), the Borrowers shall, within three Business Days of a demand

by the Lender, pay for the account of the Lender the amount of any Increased Costs incurred by

the Lender or any of its Affiliates as a result of:

(i)

the introduction of or any change in (or in the interpretation, administration or application

of) any law or regulation; or

(ii)

compliance with any law or regulation made,

in each case after the date of this Agreement; or

(iii)

the implementation, application of or compliance with Basel III or CRD IV or any law or

regulation that implements or applies Basel III or CRD IV.

(b)

In this Agreement:

(i)

"

Basel III

" means:

(A)

the agreements on capital requirements, a leverage ratio and liquidity standards

contained in "Basel III: A global regulatory framework for more resilient banks and

banking systems", "Basel III: International framework for liquidity risk

measurement, standards and monitoring" and "Guidance for national authorities

operating the countercyclical capital buffer" published by the Basel Committee on

Banking Supervision in December 2010, each as amended, supplemented or

restated;

(B)

the rules for global systemically important banks contained in "Global systemically

important banks: assessment methodology and the additional loss absorbency

requirement - Rules text" published by the Basel Committee on Banking

Supervision in November 2011, as amended, supplemented or restated; and

(C)

any further guidance or standards published by the Basel Committee on Banking

Supervision relating to "Basel III".

(ii)

"

CRD IV

" means:

(A)

Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26

June 2013 on prudential requirements for credit institutions and investment firms

and amending regulation (EU) No. 648/2012, as amended by Regulation (EU)

2019/876;

(B)

Directive 2013/36/EU of the European Parliament and of the Council of 26 June

2013 on access to the activity of credit institutions and the prudential supervision

of credit institutions and investment firms, amending Directive 2002/87/EC and

repealing Dire ctives 2006/48/EC and 2006/49/EC, as amended by Directive (EU)

2019/878; and

(C)

any other law or regulation which implements Basel III.

(iii)

"

Increased Costs

" means:

(A)

a reduction in the rate of return from the Facility or on the Lender'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 the Lender or any of its Affiliates to the extent that it is

attributable to the Lender having entered into the Commitment or funding or performing

its obligations under any Finance Document.

13.2

Increased cost claims

If the Lender intends to make a claim pursuant to Clause 13.1 (

Increased costs

) it shall promptly

notify the Borrowers.

13.3

Exceptions

Clause 13.1 (

Increased costs

) does not apply to the extent any Increased Cost is:

(a)

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

(b)

attributable to a FATCA Deduction required to be made by a Party;

(c)

compensated for by Clause 12.3 (

Tax indemnity

) (or would have been compensated for under

Clause 12.3 (

Tax indemnity

) but was not so compensated solely because any of the exclusions in

paragraph (b) of Clause 12.3 (

Tax indemnity

) applied);

(d)

compensated for by any payment made pursuant to Clause 14.3 (

Mandatory Cost

); or

(e)

attributable to the wilful breach by the Lender or its Affiliates of any law or regulation.

14

OTHER INDEMNITIES

14.1

Currency indemnity

(a)

If any sum due from an Obligor under the Finance Documents (a "

Sum

"), or any order, judgment

or award given or made in relation to a Sum, has to be converted from the currency (the "

First

Currency

") in which that Sum is payable into another currency (the "

Second Currency

") for the

purpose of:

(i)

making or filing a claim or proof against that Obligor; or

(ii)

obtaining or enforcing an order, judgment or award in relation to any litigation or

arbitration proceedings,

that Obligor shall, as an independent obligation, on demand, indemnify the Lender 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.

14.2

Other indemnities

(a)

Each Obligor shall, on demand, indemnify the Lender and any Receiver and Delegate against:

(i)

any cost, loss or liability incurred by it as a result of:

(A)

the occurrence of any Event of Default;

(B)

a failure by a Transaction Obligor to pay any amount due under a Finance

Document on its due date;

(C)

funding, or making arrangements to fund, an Advance requested by the Borrowers

in the Utilisation Request but not made by reason of the operation of any one or

more of the provisions of this Agreement (other than by reason of default or

negligence by the Lender alone); or

(D)

the Loan (or part of the Loan) not being prepaid in accordance with a notice of

prepayment given by the Borrowers; or

(E)

investigating any event which it reasonably believes is a Default; and

(ii)

any cost, loss or liability (including, without limitation, for negligence or any other category

of liability whatsoever) incurred by the Lender (otherwise than by reason of the Lender's

gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant

to Clause 30.8 (

Disruption to Payment Systems etc.

) notwithstanding the Lender's

negligence, gross negligence or any other category of liability whatsoever but not including

any claim based on the fraud of the Lender in acting as Lender under the Finance

Documents.

(b)

Each Obligor shall, on demand, indemnify the Lender, each Affiliate of the Lender and any Receiver

and Delegate and each officer or employee of the Lender or its Affiliate or any Receiver or Delegate

(as applicable) (each such person for the purposes of this Clause 14.2 (

Other indemnities

) an

"

Indemnified Person

"), against any cost, loss or liability (including, without limitation, for

negligence or any other category of liability whatsoever) incurred by that Indemnified Person

pursuant to or in connection with any litigation, arbitration or administrative proceedings or

regulatory enquiry, in connection with or arising out of the entry into and the transactions

contemplated by the Finance Documents, having the benefit of any Security constituted by the

Finance Documents or which relates to the condition or operation of, or any incident occurring in

relation to, any Ship unless such cost, loss or liability is caused by the gross negligence or wilful

misconduct of that Indemnified Person.

(c)

No Party other than the Lender or the Receiver or Delegate (as applicable) may take any

proceedings against any officer, employee or agent of the Lender or the Receiver or Delegate (as

applicable) in respect of any claim it might have against the Lender or the Receiver or 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.

(d)

Without limiting, but subject to any limitations set out in paragraph (b) above, the indemnity in

paragraph (b) above shall cover any cost, loss or liability incurred by each Indemnified Person in

any jurisdiction:

(i)

arising or asserted under or in connection with any law relating to safety at sea, the ISM

Code, any Environmental Law or any Sanctions; or

(ii)

in connection with any Environmental Claim.

(e)

Each Obligor shall, on demand, indemnify the Lender and every Receiver and Delegate against any

cost, loss or liability (including, without limitation, for negligence or any other category of liability

whatsoever) incurred by any of them:

(i)

in relation to or as a result of:

(A)

any failure by any Borrower to comply with its obligations under Clause 16 (

Costs

and Expenses

);

(B)

acting or relying on any notice, request or instruction which it reasonably believes

to be genuine, correct and appropriately authorised;

(C)

the taking, holding, protection or enforcement of the Finance Documents and the

Transaction Security;

(D)

the exercise of any of the rights, powers, discretions, authorities and remedies

vested in the Lender and each Receiver and Delegate by the Finance Documents

or by law;

(E)

any default by any Transaction Obligor in the performance of any of the obligations

expressed to be assumed by it in the Finance Documents;

(F)

any action by any Transaction Obligor which vitiates, reduces the value of, or is

otherwise prejudicial to, the Transaction Security; and

(G)

instructing lawyers, accountants, tax advisers, surveyors or other professional

advisers or experts as permitted under the Finance Documents;

(ii)

which otherwise relates to any of the Security Property or the performance of the terms

of this Agreement or the other Finance Documents (otherwise, in each case, than by

reason of the Lender's or Receiver's or Delegate's gross negligence or wilful misconduct).

(f)

Any Affiliate or Receiver or Delegate or any officer or employee of the Lender, or of any of its

Affiliates or any Receiver or Delegate (as applicable) may rely on this Clause 14.2 (

Other

indemnities

) and the provisions of the Third Parties Act, subject to Clause 1.5 (

Third party rights

)

and the provisions of the Third Parties Act. 

14.3

Mandatory Cost

Each Borrower shall, on demand by the Lender, pay to the Lender, such amount which the Lender

certifies in a notice to the Borrowers to be its good faith determination of the amount necessary

to compensate it for complying with:

(a)

if the Lender is 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)

if the Lender is 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 Financial Conduct Authority and/or the 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 the Loan. 

14.4

Lender's management time

Any amount payable to the Lender under Clause 14.2 (

Other indemnities

) and Clause 16 (

Costs and

Expenses

) shall include the cost of utilising the Lender's management time or other resources and

will be calculated on the basis of such reasonable daily or hourly rates as the Lender may notify to

the Borrowers, and is in addition to any fee paid or payable to the Lender under Clause 11 (

Fees

).

15

MITIGATION BY THE LENDER AND FORCE MAJEURE 

15.1

Mitigation

(a)

The Lender shall, in consultation with the Borrowers, take all 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

), Clause 13 (

Increased Costs

) or paragraph (a) of Clause 14.3 (

Mandatory Cost

)

including (but not limited to) assigning its rights under the Finance Documents to another Affiliate

or Facility Office.

(b)

Paragraph (a) above does not in any way limit the obligations of any Transaction Obligor under the

Finance Documents.

15.2

Limitation of liability

(a)

Each Obligor shall, on demand, indemnify the Lender for all costs and expenses reasonably

incurred by the Lender as a result of steps taken by it under Clause 15.1 (

Mitigation

).

(b)

The Lender 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 the Lender (acting reasonably), to do so might be prejudicial to it.

15.3

Force Majeure and limitation of liability 

(a)

The Lender shall not be held responsible for any damage arising out of any legal enactment, or any

measure undertaken by a public authority, or war, strike, lockout, boycott, blockade or any other

similar circumstance. The reservation in respect of strikes, lockouts, boycotts and blockades

applies even if the Lender takes such measures, or is subject to such measures.

(b)

Unless the Lender's liabilities have been limited otherwise in the Finance Documents, any damage

that may arise in other cases shall not be indemnified by the Lender if the Lender has observed

normal care. The Lender shall not in any case be held responsible for any indirect damage,

consequential damage and/or loss of profit. Should there be an obstacle as described above for

the Lender to take any action in compliance with this Agreement, such action may be postponed

until the obstacle has been removed.

16

COSTS AND EXPENSES

16.1

Transaction expenses

The Obligors shall, promptly on demand, pay the Lender the amount of all costs and expenses

(including legal fees) reasonably incurred by it in connection with the negotiation, preparation,

printing, execution and perfection of:

(a)

this Agreement and any other documents referred to in this Agreement or in a Security Document;

and

(b)

any other Finance Documents executed after the date of this Agreement.

16.2

Amendment costs

Subject to Clause 16.4 (

Reference rate transition costs

) if:

(a)

a Transaction Obligor requests an amendment, waiver or consent;

(b)

an amendment is required either pursuant to Clause 30.6 (

Change of currency

) or as contemplated

in Clause 10.4 (

Permanent cessation of Published Rate

); or

(c)

a Transaction Obligor requests, and the Lender agrees to, the release of all or any part of the

Security Assets from the Transaction Security,

the Obligors shall, on demand, reimburse the Lender for the amount of all costs and expenses

(including legal fees) reasonably incurred by the Lender in responding to, evaluating, negotiating

or complying with that request or requirement.

16.3

Enforcement and preservation costs

The Obligors shall, on demand, pay to the Lender the amount of all costs and expenses (including

legal fees) incurred by the Lender in connection with the enforcement of, or the preservation of

any rights under, any Finance Document or the Transaction Security and with any proceedings

instituted by or against the Lender as a consequence of it entering into a Finance Document, taking

or holding the Transaction Security, or enforcing those rights.

16.4

Reference rate transition costs

The Borrowers shall on demand reimburse the Lender for the amount of all costs and expenses

(including legal fees) reasonably incurred by it in connection with any change arising as a result of

an amendment required under Clause 10.4 (

Permanent cessation of Published Rate

).

SECTION 7

GUARANTEES AND JOINT AND SEVERAL LIABILITY OF BORROWERS

17

GUARANTEE AND INDEMNITY – PARENT GUARANTOR

17.1

Guarantee and indemnity

The Parent Guarantor irrevocably and unconditionally:

(a)

guarantees to the Lender punctual performance by each Transaction Obligor other than the Parent

Guarantor of all such other Transaction Obligor's obligations under the Finance Documents;

(b)

undertakes with the Lender that whenever a Transaction Obligor other than the Parent Guarantor

does not pay any amount when due under or in connection with any Finance Document, the Parent

Guarantor shall immediately on demand pay that amount as if it were the principal obligor; and

(c)

agrees with the Lender that if any obligation guaranteed by it is or becomes unenforceable, invalid

or illegal, it will, as an independent and primary obligation, indemnify the Lender immediately on

demand against any cost, loss or liability it incurs as a result of a Transaction Obligor other than

the Parent Guarantor not paying any amount which would, but for such unenforceability, invalidity

or illegality, have been payable by it under any Finance Document on the date when it would have

been due. The amount payable by the Parent Guarantor under this indemnity will not exceed the

amount it would have had to pay under this Clause 17 (

Guarantee and Indemnity – Parent

Guarantor

) if the amount claimed had been recoverable on the basis of a guarantee.

17.2

Continuing guarantee

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable

by any Transaction Obligor under the Finance Documents, regardless of any intermediate payment

or discharge in whole or in part.

17.3

Reinstatement

If any discharge, release or arrangement (whether in respect of the obligations of any Transaction

Obligor or any security for those obligations or otherwise) is made by the Lender in whole or in

part on the basis of any payment, security or other disposition which is avoided or must be

restored in insolvency, liquidation, administration or otherwise, without limitation, then the

liability of the Parent Guarantor under this Clause 17 (

Guarantee and Indemnity – Parent

Guarantor

) will continue or be reinstated as if the discharge, release or arrangement had not

occurred.

17.4

Waiver of defences

The obligations of the Parent Guarantor under this Clause 17 (

Guarantee and Indemnity – Parent

Guarantor

) and in respect of any Transaction Security will not be affected or discharged by an act,

omission, matter or thing which, but for this Clause 17.4 (

Waiver of defences

), would reduce,

release or prejudice any of its obligations under this Clause 17 (

Guarantee and Indemnity – Parent

Guarantor

) or in respect of any Transaction Security (without limitation and whether or not known

to it or the Lender) including:

(a)

any time, waiver or consent granted to, or composition with, any Transaction Obligor or other

person;

(b)

the release of any other Transaction Obligor or any other person under the terms of any

composition or arrangement with any creditor of any member of the Group;

(c)

the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect

or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing

any rights against, or security over assets of, any Tr ansaction Obligor or other person or any non-

presentation or non-observance of any formality or other requirement in respect of any

instrument or any failure to realise the full value of any security;

(d)

any incapacity or lack of power, authority or legal personality of or dissolution or change in the

members or status of a Transaction Obligor or any other person;

(e)

any amendment, novation, supplement, extension, restatement (however fundamental and

whether or not more onerous) or replacement of any Finance Document or any other document

or security including, without limitation, any change in the purpose of, any extension of or any

increase in any facility or the addition of any new facility under any Finance Document or other

document or security;

(f)

any unenforceability, illegality or invalidity of any obligation of any person under any Finance

Document or any other document or security; or

(g)

any insolvency or similar proceedings.

17.5

Immediate recourse

The Parent Guarantor waives any right it may have of first requiring the Lender (or any trustee or

agent on its behalf) to proceed against or enforce any other rights or security or claim payment

from any person (including without limitation to commence any proceedings under any Finance

Document or to enforce any Transaction Security) before claiming or commencing proceedings

under this Clause 17 (

Guarantee and Indemnity – Parent Guarantor

). This waiver applies

irrespective of any law or any provision of a Finance Document to the contrary.

17.6

Appropriations

Until all amounts which may be or become payable by the Transaction Obligors under or in

connection with the Finance Documents have been irrevocably paid in full, the Lender (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 the

Lender (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 Parent Guarantor 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 Parent Guarantor's liability under this Clause 17 (

Guarantee and Indemnity –

Parent Guarantor

).

17.7

Deferral of Parent Guarantor's rights

All rights which the Parent Guarantor at any time has (whether in respect of this guarantee, a

mortgage or any other transaction) against any Borrower, any other Transaction Obligor or their

respective assets shall be fully subordinated to the rights of the Lender under the Finance

Documents and until the end of the Security Period and unless the Lender otherwise directs, the

Parent Guarantor will not exercise any rights which it may have (whether in respect of any Finance

Document to which it is a Party or any other transaction) by reason of performance by it of its

obligations under the Finance Documents or by reason of any amount being payable, or liability

arising, under this Clause 17 (

Guarantee and Indemnity – Parent Guarantor

):

(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 Lender under the Finance Documents or of any other guarantee or security taken

pursuant to, or in connection with, the Finance Documents by the Lender;

(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 Parent Guarantor has given a

guarantee, undertaking or indemnity under Clause 17.1 (

Guarantee and indemnity

);

(e)

to exercise any right of set-off against any Transaction Obligor; and/or

(f)

to claim or prove as a creditor of any Transaction Obligor in competition with the Lender.

If the Parent Guarantor receives any benefit, payment or distribution in relation to such rights it

shall hold that benefit, payment or distribution to the extent necessary to enable all amounts

which may be or become payable to the Lender by the Transaction Obligors under or in connection

with the Finance Documents to be repaid in full on trust for the Lender and shall promptly pay or

transfer the same to the Lender or as the Lender may direct for application in accordance with

Clause 30 (

Payment Mechanics

).

17.8

Additional security

This guarantee and any other Security given by the Parent Guarantor is in addition to and is not in

any way prejudiced by, and shall not prejudice, any other guarantee or Security or any other right

of recourse now or subsequently held by the Lender or any right of set-off or netting or right to

combine accounts in connection with the Finance Documents.

17.9

Applicability of provisions of Guarantee to other Security

Clauses 17.2 (

Continuing guarantee

), 17.3 (

Reinstatement

), 17.4 (

Waiver of defences

), 17.5

(

Immediate recourse

), 17.6 (

Appropriations

), 17.7 (

Deferral of Parent Guarantor's rights

) and 17.8

(

Additional security

) shall apply, with any necessary modifications, to any Security which the

Parent Guarantor creates (whether at the time at which it signs this Agreement or at any later

time) to secure the Secured Liabilities or any part of them.

18

JOINT AND SEVERAL LIABILITY OF THE BORROWERS

18.1

Joint and several liability

All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to

be so or not, be joint and several.

18.2

Waiver of defences

The liabilities and obligations of a Borrower shall not be impaired by:

(a)

this Agreement being or later becoming void, unenforceable or illegal as regards any other

Borrower;

(b)

the Lender entering into any rescheduling, refinancing or other arrangement of any kind with any

other Borrower;

(c)

the Lender releasing any other Borrower or any Security created by a Finance Document;

(d)

any time, waiver or consent granted to, or composition with any other Borrower or other person;

(e)

the release of any other Borrower or any other person under the terms of any composition or

arrangement with any creditor of any member of the Group;

(f)

the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,

take up or enforce, any rights against, or security over assets of, any other Borrower 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;

(g)

any incapacity or lack of power, authority or legal personality of or dissolution or change in the

members or status of any other Borrower or any other person;

(h)

any amendment, novation, supplement, extension, restatement (however fundamental, and

whether or not more onerous) or replacement of a 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;

(i)

any unenforceability, illegality or invalidity of any obligation or any person under any Finance

Document or any other document or security; or

(j)

any insolvency or similar proceedings.

18.3

Principal Debtor

Each Borrower declares that it is and will, throughout the Security Period, remain a principal

debtor for all amounts owing under this Agreement and the Finance Documents and no Borrower

shall, in any circumstances, be construed to be a surety for the obligations of any other Borrower

under this Agreement.

18.4

Borrower restrictions

(a)

Subject to paragraph (b) below, during the Security Period no Borrower shall:

(i)

claim any amount which may be due to it from any other Borrower whether in respect of

a payment made under, or matter arising out of, this Agreement or any Finance Document,

or any matter unconnected with this Agreement or any Finance Document;

(ii)

take or enforce any form of security from any other Borrower for such an amount, or in

any way seek to have recourse in respect of such an amount against any asset of any other

Borrower;

(iii)

set off such an amount against any sum due from it to any other Borrower;

(iv)

prove or claim for such an amount in any liquidation, administration, arrangement or

similar procedure involving any other Borrower; or

(v)

exercise or assert any combination of the foregoing.

(b)

If during the Security Period, the Lender, by notice to a Borrower, requires it to take any action

referred to in paragraph (a) above in relation to any other Borrower, that Borrower shall take that

action as soon as practicable after receiving the Lender's notice.

18.5

Deferral of Borrowers' rights

Until all amounts which may be or become payable by the Borrowers under or in connection with

the Finance Documents have been irrevocably paid in full and unless the Lender otherwise directs,

no Borrower will exercise any rights which it may have by reason of performance by it of its

obligations under the Finance Documents:

(a)

to be indemnified by any other Borrower; or

(b)

to claim any contribution from any other Borrower in relation to any payment made by it under

the Finance Documents.

SECTION 8

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

19

REPRESENTATIONS

19.1

General

Each Obligor makes the representations and warranties set out in this Clause 19 (

Representations

)

to the Lender on the date of this Agreement.

19.2

Status

(a)

It is a limited liability corporation, duly incorporated and validly existing and in good standing

under the law of its Original Jurisdiction.

(b)

It and each Transaction Obligor has the power to own its assets and carry on its business as it is

being conducted.

19.3

Share capital and ownership

(a)

Each Borrower is authorised to issue 500 registered shares of $0.01 each, all of which shares have

been issued fully paid.

(b)

The legal title to and beneficial interest in the shares in each Borrower is held by the Parent

Guarantor free of any Security (other than relevant Shares Security) or any other claim.

(c)

None of the shares in any Borrower is subject to any option to purchase, pre-emption rights or

similar rights.

19.4

Binding obligations

The obligations expressed to be assumed by it in each Transaction Document to which it is a party

are legal, valid, binding and enforceable obligations.

19.5

Validity, effectiveness and ranking of Security

(a)

Each Finance Document to which it is a party does now or, as the case may be, will upon execution

and delivery create the Security it purports to create over any assets to which such Security, by its

terms, relates, and such Security will, when created or intended to be created, be valid and

effective.

(b)

No third party has or will have any Security (except for Permitted Security) over any assets that

are the subject of any Transaction Security granted by it.

(c)

The Transaction Security granted by it to the Lender has or will when created or intended to be

created have first ranking priority or such other priority it is expressed to have in the Finance

Documents and is not subject to any prior ranking or

pari passu

 ranking Security.

(d)

No concurrence, consent or authorisation of any person is required for the creation of or otherwise

in connection with any Transaction Security.

19.6

Non-conflict with other obligations

The entry into and performance by it of, and the transactions contemplated by, each Transaction

Document to which it is a party do not and will not conflict with:

(a)

any law or regulation applicable to it;

(b)

the constitutional documents of any member of the Group; or

(c)

any agreement or instrument binding upon it or any member of the Group or any of its assets or

any member of the Group's assets or constitute a default or termination event (however

described) under any such agreement or instrument.

19.7

Power and authority

(a)

It has the power to enter into, perform and deliver, and has taken all necessary action to authorise

its entry into, performance and delivery of, each Transaction Document to which it is or will be a

party and the transactions contemplated by those Transaction Documents.

(b)

No limit on its powers will be exceeded as a result of the borrowing, granting of security or giving

of guarantees or indemnities contemplated by the Transaction Documents to which it is a party.

19.8

Validity and admissibility in evidence

All Authorisations required or desirable:

(a)

to enable it lawfully to enter into, exercise its rights and comply with its obligations in the

Transaction Documents to which it is a party; and

(b)

to make the Transaction Documents to which it is a party admissible in evidence in its Relevant

Jurisdictions,

have been obtained or effected and are in full force and effect.

19.9

Governing law and enforcement

(a)

The choice of governing law of each Transaction Document to which it is a party will be recognised

and enforced in its Relevant Jurisdictions.

(b)

Any judgment obtained in relation to a Transaction Document to which it is a party in the

jurisdiction of the governing law of that Transaction Document will be recognised and enforced in

its Relevant Jurisdictions.

19.10

Insolvency

No:

(a)

corporate action, legal proceeding or other procedure or step described in paragraph (a) of Clause

27.8 (

Insolvency proceedings

); or

(b)

creditors' process described in Clause 27.9 (

Creditors' process

),

has been taken or, to its knowledge, threatened in relation to a member of the Group; and none

of the circumstances described in Clause 27.7 (

Insolvency

) applies to a member of the Group.

19.11

No filing or stamp taxes

Under the laws of its Relevant Jurisdictions it is not necessary that the Finance Documents to which

it is a party be registered, filed, recorded, notarised or enrolled with any court or other authority

in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in

relation to the Finance Documents to which it is a party or the transactions contemplated by those

Finance Documents.

19.12

Deduction of Tax

It is not required to make any Tax Deduction from any payment it may make under any Finance

Document to which it is a party.

19.13

No default

(a)

No Event of Default and, on the date of this Agreement and on each Utilisation Date, no Default is

continuing or might reasonably be expected to result from the making of any Utilisation or the

entry into, the performance of, or any transaction contemplated by, any Transaction Document.

(b)

No other event or circumstance is outstanding which constitutes a default or a termination event

(however described) under any other agreement or instrument which is binding on it or any of its

Subsidiaries or to which its (or any of its Subsidiaries') assets are subject.

19.14

No misleading information

(a)

All factual information provided by any member of the Group for the purposes of this Agreement

was true and accurate in all material respects as at the date it was provided or as at the date (if

any) at which it is stated.

(b)

The financial projections contained in any such information have been prepared on the basis of

recent historical information and on the basis of reasonable assumptions.

(c)

Nothing has occurred or been omitted from any such information and no information has been

given or withheld that results in any such information being untrue or misleading in any material

respect.

19.15

Financial Statements

(a)

The Original Financial Statements were prepared in accordance with GAAP consistently applied.

(b)

The Original Financial Statements give a true and fair view of (if audited) or fairly represent (if

unaudited) the Group's consolidated financial condition as at the end of the relevant Financial Year

and the Group's consolidated results of operations during the relevant Financial Year.

(c)

There has been no material adverse change in the assets, business or consolidated financial

condition of the Group since the date of the annual Original Financial Statements.

(d)

The Parent Guarantor's most recent financial statements delivered pursuant to Clause 20.2

(

Financial statements

):

(i)

have been prepared in accordance with Clause 20.4 (

Requirements as to financial

statements

); and

(ii)

give a true and fair view of (if audited) or fairly represent (if unaudited) its consolidated

financial condition as at the end of the relevant Financial Year and operations during the

relevant Financial Yea

r.

(e)

Since the date of the most recent financial statements delivered pursuant to Clause 20.2 (

Financial

statements

) there has been no material adverse change in the business or consolidated financial

condition of the Group.

19.16

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.

19.17

No proceedings pending or threatened

(a)

No litigation, arbitration or administrative proceedings or investigations (including proceedings or

investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or

before any court, arbitral body or agency which, if adversely determined, might reasonably be

expected to have a Material Adverse Effect have (to the best of its knowledge and belief (having

made due and careful enquiry)) been started or threatened against it or any other Transaction

Obligor or any member of the Group.

(b)

No judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any

governmental or other regulatory body which might reasonably be expected to have a Material

Adverse Effect has (to the best of its knowledge and belief (having made due and careful enquiry))

been made against it or any other Transaction Obligor or any member of the Group.

19.18

Validity and completeness of Deed of Release

(a)

Each Deed of Release constitutes legal, valid, binding and enforceable obligations of the relevant

Existing Agent.

(b)

The copy of each Deed of Release delivered to the Lender is a true and complete copy.

(c)

No amendments or additions to any Deed of Release have been agreed nor have any rights under

any Deed of Release been waived.

19.19

Valuations

(a)

All information supplied by it or on its behalf to an Approved Valuer for the purposes of a valuation

delivered to the Lender in accordance with this Agreement was true and accurate as at the date it

was supplied or (if appropriate) as at the date (if any) at which it is stated to be given.

(b)

It has not omitted to supply any information to an Approved Valuer which, if disclosed, would

adversely affect any valuation prepared by such Approved Valuer.

(c)

There has been no change to the factual information provided pursuant to paragraph (a) above in

relation to any valuation between the date such information was provided and the date of that

valuation which, in either case, renders that information untrue or misleading in any material

respect.

19.20

No breach of laws

It has not (and no other member of the Group has) breached any law or regulation which breach

has or is reasonably likely to have a Material Adverse Effect.

19.21

No Charter

No Ship is subject to any Charter other than a Permitted Charter.

19.22

Compliance with Environmental Laws

All Environmental Laws relating to the ownership, operation and management of each Ship and

the business of each member of the Group (as now conducted and as reasonably anticipated to

be conducted in the future) and the terms of all Environmental Approvals have been complied

with.

19.23

No Environmental Claim

No Environmental Claim has been made or threatened against any member of the Group or any

Ship.

19.24

No Environmental Incident

No Environmental Incident has occurred and no person has claimed that an Environmental

Incident has occurred.

19.25

ISM and ISPS Code compliance

All requirements of the ISM Code and the ISPS Code as they relate to each Borrower, each

Approved Technical Manager and each Ship have been complied with.

19.26

Taxes paid

(a)

It is not and no other member of the Group is materially overdue in the filing of any Tax returns

and it is not (and no other member of the Group is) overdue in the payment of any amount in

respect of Tax.

(b)

No claims or investigations are being, or are reasonably likely to be, made or conducted against it

(or any other member of the Group) with respect to Taxes.

19.27

Financial Indebtedness

No Obligor has any Financial Indebtedness outstanding other than Permitted Financial

Indebtedness.

19.28

Overseas companies

No Transaction Obligor has delivered particulars, whether in its name stated in the Finance

Documents or any other name, of any UK Establishment to the Registrar of Companies as required

under the Overseas Regulations or, if it has so registered, it has provided to the Lender sufficient

details to enable an accurate search against it to be undertaken by the Lender at the Companies

Registry.

19.29

Good title to assets

It and each other member of the Group has good, valid and marketable title to, or valid leases or

licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business

as presently conducted.

19.30

Ownership

(a)

Each Borrower is the sole legal and beneficial owner of the Ship owned by it, its Earnings and its

Insurances.

(b)

With effect on and from the date of its creation or intended creation, each Transaction Obligor

will be the sole legal and beneficial owner of any asset that is the subject of any Transaction

Security created or intended to be created by such Transaction Obligor.

(c)

The constitutional documents of each Transaction Obligor do not and could not restrict or inhibit

any transfer of the shares of the Borrowers on creation or enforcement of the security conferred

by the Security Documents.

(d)

Diana Shipping is a wholly owned Subsidiary of the Parent Guarantor.

(e)

DWM is 50 per cent. owned by the Parent Guarantor.

19.31

Centre of main interests and establishments

For the purposes of The Council of the European Union Regulation No. 2015/848 on Insolvency

Proceedings (recast)(the "Regulation"), its centre of main interest (as that term is used in Article

3(1) of the Regulation) is situated at the address for notices specified in Schedule 1 (

The Parties

)

and it has no "establishment" (as that term is used in Article 2(10) of the Regulation) in any other

jurisdiction.

19.32

Place of business

No Transaction Obligor has a place of business in any country other than the Hellenic Republic and

its head office functions are carried out at the address for notices specified in Schedule 1 (

The

Parties

).

19.33

No employee or pension arrangements

No Transaction Obligor has any employees or any liabilities under any pension scheme.

19.34

Sanctions

(a)

No Transaction Obligor nor any other member of the Group nor any Affiliate of any member of the

Group, nor any of their respective directors, officers or employees nor, to the knowledge of any

Transaction Obligor, any persons acting on any of their behalf:

(i)

is a Prohibited Person or is involved in any transaction through which it is likely to become

a Prohibited Person;

(ii)

owns or controls a Prohibited Person;

(iii)

is in breach of applicable Sanctions; or

(iv)

is involved in or has received notice of or is aware of any claim, action, suit, proceeding or

investigation against it with respect to Sanctions by any Sanctions Authority.

(b)

None of the Ships is a vessel with which any person is prohibited or restricted from dealing with

under any Sanctions.

(c)

Each Transaction Obligor has instituted and maintains policies and procedures designed to

promote and achieve compliance by each member of the Group and each other Transaction

Obligor with applicable Sanctions. 

(d)

No proceeds of any part of the Loan shall be made available directly or indirectly, to or for the

benefit of a Prohibited Person that could result in the Lender being in violation of Sanctions or in

a manner that would be contrary to Sanctions nor shall they be otherwise directly or indirectly

applied in a manner or for a purpose prohibited by applicable Sanctions.

(e)

No member of the Group, no Transaction Obligor and no Affiliate of any member of the Group or

Transaction Obligor is the subject of any Sanctions or is subject to any restrictive measures,

embargoes or prohibitions by a Sanctions Authority.

19.35

US Tax Obligor

No Transaction Obligor is a US Tax Obligor.

19.36

No immunity

No Borrower, nor any of its assets, is entitled to immunity on the grounds of sovereignty or

otherwise from any legal action or proceeding (which shall include, without limitation, suit

attachment prior to judgement, execution or other enforcement).

19.37

No other business 

(a)

No Borrower is engaged in any business other than the ownership and operation of the relevant

Ship or other shipping activities in connection therewith.

(b)

The Parent Guarantor is not engaged in any business other than holding the shares of single

purpose shipowning Subsidiaries and assisting its Subsidiaries with acquiring and financing vessels

and with their arrangements in respect of the operation of such vessels.

19.38

Material adverse change

No event or circumstance has occurred which has or is reasonably likely to have a Material Adverse

Effect.

19.39

Anti-bribery, anti-corruption and anti-money laundering

No Transaction Obligor nor any of its Subsidiaries, directors or officers, beneficial owners or, to

the best knowledge of such Transaction Obligor, any affiliate, agent or employee of it, has engaged

in any activity or conduct which would violate any Anti-Money Laundering Laws and each

Transaction Obligor has instituted and maintains policies and procedures designed to prevent

violation of such Anti-Money Laundering Laws. 

19.40

Repetition

The Repeating Representations are deemed to be made by each Obligor by reference to the facts

and circumstances then existing on the date of the Utilisation Request and the first day of each

Interest Period.

20

INFORMATION UNDERTAKINGS

20.1

General

The undertakings in this Clause 20 (

Information Undertakings

) remain in force throughout the

Security Period unless the Lender otherwise permits.

20.2

Financial statements

The Obligors shall supply to the Lender:

(a)

as soon as they become available, but in any event within 150 days after the end of each of its

Financial Years , the audited consolidated financial statements of the Parent Guarantor for that

Financial Year (including balance sheet and profit and loss statement); and

(b)

as soon as the same become available, but in any event within 90 days after the end of each

quarter of each of its Financial Years, the unaudited consolidated financial statements of the

Parent Guarantor for that financial quarter, in the form they were published in the relevant press

release.

20.3

Compliance Certificate

(a)

The Parent Guarantor shall supply to the Lender, no later than 150 days after 31 December and 90

days after 30 June of each year in each Financial Year, together with the relevant financial

statements delivered pursuant to paragraph (a) and paragraph (b) of Clause 20.2 (

Financial

statements

), a Compliance Certificate.

(b)

Each Compliance Certificate shall be signed by the chief financial officer of the Parent Guarantor.

(c)

For the avoidance of doubt, each Compliance Certificate shall not be accompanied by valuations

of the Fleet Vessels (other than the Ships) unless the Lender in its sole discretion doubts the

accuracy of the vessel values serving as basis for the calculation of the Market Value Adjusted Net

Worth (as defined in Clause 21 (

Financial covenants

)), in which case the Lender shall have the right

to request the Borrowers to obtain one valuation (at the Borrowers' cost) for each Fleet Vessel

from an Approved Valuer, appointed by the Lender, such valuations to be addressed to the Lender.

20.4

Requirements as to financial statements

(a)

Each set of financial statements delivered by the Parent Guarantor pursuant to Clause 20.2

(

Financial statements

) shall be certified by the chief financial officer of the Parent Guarantor.

(b)

The Obligors shall procure that each set of financial statements delivered pursuant to Clause 20.2

(

Financial statements

) is prepared using GAAP accounting practices and financial reference periods

consistent with those applied in the preparation of the Original Financial Statements.

20.5

DAC6

(a)

In this Clause 20.5 (

DAC6

), "

DAC6

" means the Council Directive of 25 May 2018 (2018/822/EU)

amending Directive 2011/16/EU or any replacement legislation applicable in the United Kingdom.

(b)

The Parent Guarantor shall supply to the Lender:

(i)

promptly upon the making of such analysis or the obtaining of such advice, any analysis

made or advice obtained on whether any transaction contemplated by the Transaction

Documents or any transaction carried out (or to be carried out) in connection with any

transaction contemplated by the Transaction Documents contains a hallmark as set out in

Annex IV of DAC6; and

(ii)

promptly upon the making of such reporting and to the extent permitted by applicable law

and regulation, any reporting made to any governmental or taxation authority by or on

behalf of any member of the Group or by any adviser to such member of the Group in

relation to DAC6 or any law or regulation which implements DAC6 and any unique

identification number issued by any governmental or taxation authority to which any such

report has been made (if available).

20.6

Information: miscellaneous

Each Obligor shall, and shall procure that each other Transaction Obligor shall, supply to the

Lender:

(a)

all documents dispatched by it to its shareholders (or any class of them) or its creditors generally

at the same time as they are dispatched;

(b)

the filing or commencement of any action, suit, investigation or proceeding by or before any

arbitrator or governmental authority against or affecting any Transaction Obligor including

pursuant to any applicable Sanctions;

(c)

other than in relation to paragraph (b) above, promptly upon becoming aware of them, the details

of any litigation, arbitration or administrative proceedings or investigations (including proceedings

or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code)

which are current, threatened or pending against any member of the Group, and which might, if

adversely determined, have a Material Adverse Effect;

(d)

promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral

body or agency which is made against any member of the Group and which might have a Material

Adverse Effect;

(e)

promptly, its constitutional documents where these have been amended or varied;

(f)

promptly, such further information and/or documents regarding:

(i)

each Ship, goods transported on each Ship, its Earnings and its Insurances;

(ii)

the Security Assets;

(iii)

compliance of the Transaction Obligors with the terms of the Finance Documents;

(iv)

the financial condition, business and operations of any member of the Group (including

any press releases),

as the Lender may reasonably request; 

(g)

promptly, such further information and/or documents as the Lender may reasonably request so

as to enable the Lender to comply with any laws applicable to it or as may be required by any

regulatory authority; and

(h)

 upon request of the Lender, all of the relevant data and information relating to the environmental,

social and governance (i.e. sustainability) aspects of the Parent Guarantor's business model

necessary to build the Lender's environmental, social and governance rating of the Parent

Guarantor.

20.7

Notification of Default

(a)

Each Obligor shall, and shall procure that each other Transaction Obligor shall, notify the Lender

of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of

its occurrence (unless that Obligor is aware that a notification has already been provided by

another Obligor).

(b)

Promptly upon a request by the Lender, each Borrower shall supply to the Lender a certificate

signed by two of its directors or senior officers on its behalf certifying that no Default is continuing

(or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy

it).

20.8

"

Know your customer

"

 checks

(a)

If:

(i)

the introduction of or any change in (or in the interpretation, administration or application

of) any law or regulation made after the date of this Agreement;

(ii)

any change in the status of a Transaction Obligor (or the Holding Company of a Transaction

Obligor) (including, without limitation, a change of ownership of a Transaction Obligor or

the Holding Company of a Transaction Obligor) after the date of this Agreement; or

(iii)

a proposed assignment by the Lender of any of its rights under this Agreement,

obliges the Lender (or, in the case of paragraph (iii) above, any prospective assignee) 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 the Lender supply, or procure the supply of, such documentation and other evidence as is

reasonably requested by the Lender (for itself or, in the case of the event described in paragraph

(iii) above, on behalf of any prospective assignee) in order for the Lender or, in the case of the

event described in paragraph (iii) above, any prospective assignee to carry out and be satisfied it

has complied with all necessary "know your customer" or other similar checks under the Danish

Consolidating Act no. 1022 of 13

th

 of August 2013 on Measures to Prevent Money Laundering and

Financing of Terrorism (as amended and supplemented) and all applicable laws and regulations

pursuant to the transactions contemplated in the Finance Documents.

(b)

Each Obligor shall promptly upon the request of the Lender supply copies of the signing authority

of any person executing a document on behalf of the Customers (as defined in paragraph 6.7 of

Part A of Schedule 2 (

Conditions Precedent

)) in such form as specified by the Lender (acting

reasonably and having regard to the forms of authorities that were provided by that Transaction

Obligor pursuant to the relevant provisions of Clause 4 (

Conditions of Utilisation

)).

(c)

The Borrowers shall promptly upon the request of the Lender supply a statement from the

Customers (as defined in paragraph 6.7 of Part A of Schedule 2 (

Conditions Precedent

)) confirming

that the documents, data or information previously provided to the Lender under paragraph (b)

above and paragraph 6.7 of Part A of Schedule 2 (

Conditions Precedent

) is up-to-date, or,

alternatively, any relevant updated documents, data or information.

(d)

The Borrowers shall supply or procure to supply, upon the request of the Lender, all information

necessary in order for the Lender to carry out all relevant sanctions screenings and be satisfied it

has complied with all applicable sanctions regulations including the Lender's internal Sanction

Compliance Procedure and such other documentation and information as the Lender deems

necessary and/or advisable in order to comply with any law and/or regulation regarding money

laundering and/or the financing of terrorist activities (including, without limitation, such

documentation and information as the Lender deems necessary and/or advisable in order to

comply with customer due diligence measures for purposes of AML/CTF checks as required by the

Danish Consolidating Act no. 1782 of November 27, 2020 on Measures to Prevent Money

Laundering and Financing of Terrorism (as amended and supplemented) and with the Lender's

internal AML/CTF policies).

21

FINANCIAL COVENANTS

21.1

Financial covenants

(a)

The Parent Guarantor shall ensure that at all times:

(i)

the aggregate of all Cash and Cash Equivalents held by the Parent Guarantor on a

consolidated basis shall at all times be no less than $500,000 per Fleet Vessel; and

(ii)

the Market Value Adjusted Net Worth of the Group shall be no less than the higher of (A)

$150,000,000 and (B) 25 per cent. of the Market Value Adjusted Total Assets. 

(b)

The Parent Guarantor shall:

(i)

comply with the financial covenants as set out in paragraph (a) above at all times

throughout the Security Period , such financial covenants to be calculated on the basis of

the consolidated financial statements of the Parent Guarantor delivered pursuant to

paragraph (a) and paragraph (b) of Clause 20.2 (

Financial statements

); and

(ii)

provide to the Lender a Compliance Certificate and any other required information in

accordance with Clause 20.3 (

Compliance Certificate

). 

21.2

Definitions

In this Clause 21 (

Financial covenants

):

"

Applicable Accounts

" means, as at the date of calculation or, as the case may be, in respect of an

accounting period, the annual audited consolidated financial statements of the Parent Guarantor

or the quarterly unaudited consolidated financial statements for the second quarter (including the

balance for the first six-month period of the relevant Financial Year), in each case, which the Parent

Guarantor is obliged to deliver to the Lender pursuant to Clause 20.2 (

Financial statements

) (in

accordance with the provisions of Clause 20.4 (

Requirements as to financial statements

));

"

Cash and Cash Equivalents

" means, at any time, the aggregate of:

(a)

the amount of freely available and unencumbered credit balances on any deposit or

current account;

(b)

the market value of transferable certificates of deposit in a freely convertible currency

acceptable to the Lender issued by a prime international bank; and

(c)

the market value of equity securities (if and to the extent that the Lender is satisfied that

such equity securities are readily saleable for cash and that there is a ready market

therefor) and investment grade debt securities which are publicly traded on a major stock

exchange or investment market (valued at market value as at any applicable date of

determination); 

in each case owned free of any Security (other than a Security in favour of the Lender) by the

Parent Guarantor and any of its Subsidiaries where:

(i)

the market value of any asset specified in paragraph (b) and (c) shall be the bid

price quoted for it on the relevant calculation date by the Lender; and

(ii)

the amount or value of any asset denominated in a currency other than dollars

shall be converted into dollars using the Lender's spot rate for the purchase of

Dollars with that currency on the relevant calculation date;

"

Market Value Adjusted Net Worth

" means Market Value Adjusted Total Assets less Total Debt;

"

Market Value Adjusted Total Assets

" means, at any time, the Total Assets adjusted to reflect the

difference between the book values of all Fleet Vessels and the aggregate Market Value of all Fleet

Vessels;

"

Total Assets

" means, at any date of calculation, the amount of the total assets of the Group

determined on a consolidated basis as shown in the most recent Applicable Accounts delivered by

the Parent Guarantor pursuant to Clause 20.2 (

Financial statements

); and

"

Total Debt

" means, at any date of calculation or, as the case may be, for any accounting period,

the total liabilities of the Group on a consolidated basis as at that date or for that period as shown

in the most recent Applicable Accounts delivered by the Parent Guarantor pursuant to Clause 20.2

(

Financial statements

).

22

GENERAL UNDERTAKINGS

22.1

General

The undertakings in this Clause 22 (

General Undertakings

) remain in force throughout the Security

Period except as the Lender may otherwise permit.

22.2

Authorisations

Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly:

(a)

obtain, comply with and do all that is necessary to maintain in full force and effect; 

(b)

supply certified copies to the Lender of,

any Authorisation required under any law or regulation of a Relevant Jurisdiction or the state of

the Approved Flag at any time of each Ship to enable it to:

(i)

perform its obligations under the Transaction Documents to which it is a party;

(ii)

ensure the legality, validity, enforceability or admissibility in evidence in any Relevant

Jurisdiction or in the state of the Approved Flag at any time of each Ship of any Transaction

Document to which it is a party; 

(iii)

own and operate each Ship (in the case of the Borrowers); and 

(c)

without prejudice to the generality of the above, ensure that if, but for the obtaining of an

Authorisation, an Obligor would be in breach of any of the provisions of this Agreement which

relate to Sanctions or, by reason of Sanctions, would be prohibited from performing any provision

of this Agreement, such an Authorisation is obtained so as to avoid such breach or to enable such

performance.

22.3

Compliance with laws

Each Obligor shall, and shall procure that each other Transaction Obligor will, comply in all respects

with all laws and regulations to which it may be subject, if failure so to comply has or is reasonably

likely to have a Material Adverse Effect and shall ensure that no Transaction Obligor shall engage

or conspire to engage in any activity or conduct which would violate any Anti-Money Laundering

Laws.

22.4

Environmental compliance

Each Obligor shall, and shall procure that each other Transaction Obligor will, and the Parent

Guarantor shall ensure that each other member of the Group will:

(a)

comply with all Environmental Laws;

(b)

obtain, maintain and ensure compliance with all requisite Environmental Approvals;

(c)

implement procedures to monitor compliance with and to prevent liability under any

Environmental Law.

22.5

Environmental Claims

Each Obligor shall, and shall procure that each other Transaction Obligor will, (through the Parent

Guarantor) promptly upon becoming aware of the same, inform the Lender in writing of:

(a)

any Environmental Claim against any member of the Group which is current, pending or

threatened; and

(b)

any facts or circumstances which are reasonably likely to result in any Environmental Claim being

commenced or threatened against any member of the Group,

where the claim, if determined against that member of the Group, has or is reasonably likely to

have a Material Adverse Effect.

22.6

Taxation

(a)

Each Obligor shall, and shall procure that each other Transaction Obligor will, and the Parent

Guarantor shall ensure that each other member of the Group will pay and discharge all Taxes

imposed upon it or its assets within the time period allowed without incurring penalties unless and

only to the extent that:

(i)

such payment is being contested in good faith;

(ii)

adequate reserves are maintained for those Taxes and the costs required to contest them

and both have been disclosed in its latest financial statements delivered to the Lender

under Clause 20.2 (

Financial statements

); and

(iii)

such payment can be lawfully withheld.

(b)

No member of the Group shall and the Obligors shall procure that no other Transaction Obligor

will, change its residence for Tax purposes.

22.7

Overseas companies

Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly inform the

Lender if it delivers to the Registrar particulars required under the Overseas Regulations of any UK

Establishment and it shall comply with any directions given to it by the Lender regarding the

recording of any Transaction Security on the register which it is required to maintain under The

Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009.

22.8

No change to centre of main interests

No Obligor shall change the location of its centre of main interest (as that term is used in

Article 3(1) of the Regulation) from that stated in relation to it in Clause 19.31 (

Centre of main

interests and establishments

) and it will create no "

establishment

" (as that term is used in Article

2(10) of the Regulation) in any other jurisdiction.

22.9

Pari passu ranking

Each Obligor shall, and shall procure that each other Transaction Obligor will, ensure that at all

times any unsecured and unsubordinated claims of the Lender against it under the Finance

Documents rank at least

pari passu

 with the claims of all its other unsecured and unsubordinated

creditors except those creditors whose claims are mandatorily preferred by laws of general

application to companies.

22.10

Title

(a)

Each Borrower shall hold the legal title to, and own the entire beneficial interest in the Ship owned

by it, its Earnings and its Insurances.

(b)

With effect on and from its creation or intended creation, each Obligor shall hold the legal title to,

and own the entire beneficial interest in any other assets the subject of any Transaction Security

created or intended to be created by such Obligor.

22.11

Negative pledge

(a)

No Borrower will create or permit to subsist any Security over any of its assets.

(b)

No Borrower shall:

(i)

sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may

be leased to or re-acquired by a Transaction Obligor or any other member of the Group;

(ii)

sell, transfer or otherwise dispose of any of its receivables on recourse terms;

(iii)

enter into any arrangement under which money or the benefit of a bank or other account

may be applied, set-off or made subject to a combination of accounts; or

(iv)

enter into any other preferential arrangement having a similar effect,

in circumstances where the arrangement or transaction is entered into primarily as a method of

raising Financial Indebtedness or of financing the acquisition of an asset.

(c)

Paragraphs (a) and (b) above do not apply to any Permitted Security.

22.12

Disposals

(a)

No Borrower shall enter into a single transaction or a series of transactions (whether related or

not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset

(including without limitation any Ship, its Earnings or its Insurances).

(b)

The Parent Guarantor shall not enter into a single transaction or a series of transactions (whether

related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose

all or substantially all of its assets.

(c)

Paragraph (a) above does not apply to any Charter as all Charters are subject to Clause 24.17

(

Restrictions on chartering, appointment of managers etc.

).

22.13

Merger

(a)

No Borrower will enter into any amalgamation, demerger, merger, consolidation or corporate

reconstruction.

(b)

The Parent Guarantor will not enter into any amalgamation, demerger, merger, consolidation or

corporate reconstruction, unless after such amalgamation, demerger, merger, consolidation or

corporate reconstruction (i) the Parent Guarantor remains the surviving entity, (ii) the financial

covenants set out in Clause 21 (

Financial Covenants

) are complied with and (iii) no Default has

occurred which is continuing at the relevant time. 

22.14

Change of business

(a)

The Parent Guarantor shall: 

(i)

procure that no substantial change is made to the general nature of the business of the

Parent Guarantor or the Group from that carried on at the date of this Agreement; and

(ii)

maintain its listing on the New York Stock Exchange or any other stock exchange

acceptable to the Lender.

(b)

No Borrower shall engage in any business other than the ownership and operation of its Ship.

(c)

No Borrower shall sell all or a substantial part of its business (to the effect that turnover and

income will be moved outside the direct ownership of that Borrower). 

22.15

Financial Indebtedness

(a)

No Obligor shall or permit to be outstanding any Financial Indebtedness except Permitted Financial

Indebtedness.

(b)

Each Obligor shall procure that each shareholder loan and each intercompany loan shall be fully

subordinated to any and all obligations of the Obligors and the rights of the Lender under the

Finance Documents in accordance with the terms of the relevant Subordination Agreement.

22.16

Expenditure

No Borrower shall incur any expenditure or liabilities, except for expenditure and liabilities

reasonably incurred in the ordinary course of owning, operating, maintaining and repairing its

Ship.

22.17

Share capital

No Borrower shall:

(a)

purchase, cancel or redeem any of its issued shares;

(b)

increase or reduce the number of shares it is authorised to issue; 

(c)

issue any further shares except to the Parent Guarantor and provided such new shares are made

subject to the terms of the Shares Security applicable to that Borrower immediately upon the issue

of such new shares in a manner satisfactory to the Lender and the terms of that Shares Security

are complied with;

(d)

appoint any further director, officer or secretary of that Borrower (unless the provisions of the

Shares Security applicable to that Borrower are complied with).

22.18

Dividends

An Obligor may:

(a)

declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid

dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share

capital (or any class of its share capital) (each a "

Distrubtion

");

(b)

repay or distribute any dividend or share premium reserve;

(c)

pay any management, advisory or other fee to or to the order of any of its shareholders; or 

(d)

redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so,

provided that

:

(i)

no Event of Default has occurred or would occur as a result of such Distribution; 

(ii)

the minimum Security Cover Ratio required under Clause 25.1 (

Minimum required security

cover

) is complied with; and

(iii)

 the Parent Guarantor is in compliance with the provisions in clause 21 (

Financial

covenants

).

22.19

Other transactions

(a)

No Borrower shall:

(i)

be the creditor in respect of any loan or any form of credit to any person other than

another Transaction Obligor and where such loan or form of credit is Permitted Financial

Indebtedness;

(ii)

give or allow to be outstanding any guarantee or indemnity to or for the benefit of any

person in respect of any obligation of any other person or enter into any document under

which that Transaction Obligor assumes any liability of any other person other than any

guarantee or indemnity given under the Finance Documents; 

(iii)

enter into any material agreement other than:

(A)

the Transaction Documents; and

(B)

any other agreement expressly allowed under any other term of this Agreement; 

(iv)

acquire any shares or other securities other than US or UK Treasury bills and certificates

of deposit issued by major North American or European banks;

(v)

amend or terminate any material agreement to which it is a party; or

(vi)

amend its constitutional documents.

(b)

No Obligor shall enter into any transaction on terms which are, in any respect, less favourable to

that Transaction Obligor than those which it could obtain in a bargain made at arms' length.

(c)

No Borrower shall acquire any Subsidiaries or make or participate in any investment or in any joint

venture.

22.20

Unlawfulness, invalidity and ranking; Security imperilled

No Obligor shall, and the Obligors shall procure that no other Transaction Obligor will, (and the

Parent Guarantor shall procure that no other member of the Group will) do (or fail to do) or cause

or permit another person to do (or omit to do) anything which is likely to:

(a)

make it unlawful or contrary to Sanctions for a Transaction Obligor to perform any of its obligations

under the Transaction Documents;

(b)

cause any obligation of a Transaction Obligor under the Transaction Documents to cease to be

legal, valid, binding or enforceable;

(c)

cause any Transaction Document to cease to be in full force and effect;

(d)

cause any Transaction Security to rank after, or lose its priority to, any other Security; and

(e)

imperil or jeopardise the Transaction Security.

22.21

Sanctions undertakings

(a)

No Transaction Obligor, nor any of their respective directors, officers or employees or, to the

knowledge of any Transaction Obligor, any Affiliate of any Transaction Obligor, will (and the

Obligors shall procure that no other member of the Group will): 

(i)

directly or indirectly, make any proceeds of the Loans available to, or for the benefit of, a

Prohibited Person or permit or authorise any such proceeds to be applied directly or

indirectly in a manner that could result in the Lender being in violation of Sanctions or that

would be contrary to Sanctions or otherwise for a purpose prohibited by Sanctions;

(ii)

engage in any activities, business or transactions that could result in it or any other

member of the Group or the Lender being designated as a Prohibited Person; and/or

(iii)

directly or indirectly fund all or part of any payment or repayment under the Facility out

of proceeds derived from transactions which would be prohibited by Sanctions or by

sanctions policies of the Lender or which would otherwise cause the Lender or other

national under the jurisdiction of a Sanctions Authority to be in breach of Sanctions.

(b)

Each Transaction Obligor shall (and the Obligors shall procure that each other member of the

Group will) comply in all respects with applicable Sanctions.

(c)

The Transaction Obligors shall institute and maintain policies and procedures designed to promote

and achieve compliance by each member of the Group with applicable Sanctions.

22.22

Further assurance

(a)

Each Obligor shall, and shall procure that each other Transaction Obligor will, (and the Parent

Guarantor shall procure that each member of the Group will) promptly, and in any event within

the time period specified by the Lender 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 Lender may specify (and

in such form as the Lender may require in favour of the Lender or its nominee(s)):

(i)

to create, perfect, vest in favour of the Lender or protect the priority of the Security or any

right of any kind created or intended to be created under or evidenced by the Finance

Documents (which may include the execution of a mortgage, charge, assignment or other

Security over all or any of the assets which are, or are intended to be, the subject of the

Transaction Security) or for the exercise of any rights, powers and remedies of the Lender

or any Receiver or Delegate provided by or pursuant to the Finance Documents or by law;

(ii)

to confer on the Lender Security over any property and assets of that Transaction Obligor

located in any jurisdiction equivalent or similar to the Security intended to be conferred

by or pursuant to the Finance Documents;

(iii)

to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant

of, any interest in or right relating to the assets which are, or are intended to be, the

subject of the Transaction Security or to exercise any power specified in any Finance

Document in respect of which the Security has become enforceable; and/or

(iv)

to enable or assist the Lender to enter into any transaction to commence, defend or

conduct any proceedings and/or to take any other action relating to any item of the

Security Property.

(b)

Each Obligor shall, and shall procure that each other Transaction Obligor will, (and the Parent

Guarantor shall procure that each member of the Group will) take all such action as is available to

it (including making all filings and registrations) as may be necessary for the purpose of the

creation, perfection, protection or maintenance of any Security conferred or intended to be

conferred on the Lender by or pursuant to the Finance Documents.

(c)

At the same time as an Obligor delivers to the Lender any document executed by itself or another

Transaction Obligor pursuant to this Clause 22.22 (

Further assurance

), that Obligor shall deliver,

or shall procure that such other Transaction Obligor will deliver, to the Lender a certificate signed

by two of that Obligor's or Transaction Obligor's directors or officers which shall:

(i)

set out the text of a resolution of that Obligor's or Transaction Obligor's directors

specifically authorising the execution of the document specified by the Lender; and

(ii)

state that either the resolution was duly passed at a meeting of the directors validly

convened and held, throughout which a quorum of directors entitled to vote on the

resolution was present, or that the resolution has been signed by all the directors or

officers and is valid under that Obligor's or Transaction Obligor's articles of association or

other constitutional documents.

22.23

Anti-corruption law

(a)

No Borrower shall directly or indirectly use the proceeds of the Loan for any purpose which would

breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other

similar legislation in other jurisdictions.

(b)

Each Obligor shall, and shall procure that each Transaction Obligor and each of their respective

Subsidiaries, directors or officers, beneficial owners, affiliates, agents or employees shall:

(i)

conduct its business and operations at all times in compliance with Anti-Money Laundering

Laws;

(ii)

in the case of the Borrowers, not use the transaction proceeds for any purpose that would

breach Anti-Money Laundering Laws; and

(iii)

maintain policies and procedures designed to promote and achieve compliance with Anti-

Money Laundering Laws.

22.24

Change in Financial Year

No Obligor shall change its Financial Year end date.

22.25

No change of domicile 

No Obligor shall change its Original Jurisdiction or its place of domicile.

23

INSURANCE UNDERTAKINGS

23.1

General

The undertakings in this Clause 23 (

Insurance Undertakings

) remain in force from the date of this

Agreement throughout the rest of the Security Period except as the Lender may otherwise permit.

23.2

Maintenance of obligatory insurances

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

(a)

hull and machinery risks (excluding hull interest and excess risks);

(b)

freight interest and hull interest and any other usual marine risks such as increased value and

excess risks;

(c)

war risks (including the London Blocking and Trapping addendum or similar arrangement and acts

of terrorism and piracy);

(d)

protection and indemnity risks (including liability for oil pollution and excess war risk protection

and indemnity cover); and

(e)

any other risks against which the relevant Borrower is required to insure in light of the relevant

Ship's trading pattern and as are from time to time required by any public body, the relevant

Approved Classification Society or similar entity having authority over that Borrower, that Ship or

the relevant Approved Managers and on the basis of usual insurances that a prudent owner would

take out in the ordinary course of business.

23.3

Terms of obligatory insurances

Each Borrower shall effect such insurances:

(a)

in dollars;

(b)

in the case of hull and machinery risks (but excluding hull interest and excess risks) in an amount

on an agreed value basis equal to 80 per cent. of the Market Value of its Ship;

(c)

in the case of hull and machinery risks, plus freight interest and hull interest and any other usual

marine risks such as increased value and excess risks, in an amount on an agreed value basis at

least equal to the greater of:

(i)

120 per cent. of the outstanding amount under the relevant Tranche relating to its Ship;

and

(ii)

the Market Value of that Ship;

(d)

in the case of war risks (including the London Blocking and Trapping addendum or similar

arrangement and acts of terrorism and piracy), in an amount on an agreed value basis of at least

equal to the greater of:

(i)

120 per cent. of the outstanding amount under the relevant Tranche relating to its Ship;

and

(ii)

the Market Value of that Ship;

(e)

in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover

from time to time available under basic protection and indemnity club entry and in the

international marine insurance market (minimum $1,000,000,000);

(f)

in the case of protection and indemnity risks, in respect of the full tonnage of its Ship;

(g)

on approved terms (based on Nordic Marine Insurance Plan, Institute Time Clauses Terms or other

recognised marine insurance terms and in respect of the protection and indemnity risks, on

standard Club Rules); and

(h)

through Approved Brokers and with approved insurance companies and/or underwriters with a

minimum having A- (S&P) or A3 (Moody's) rating or, in the case of war risks and protection and

indemnity risks, in approved war risks and protection and indemnity risks associations.

23.4

Further protections for the Lender

In addition to the terms set out in Clause 23.3 (

Terms of obligatory insurances

), each Borrower

shall procure that the obligatory insurances effected by it shall:

(a)

subject always to paragraph (b), name that Borrower as the sole named insured unless the interest

of every other named insured or co-insured is included on the policies (e.g. as owner, manager,

crew manager, holding company etc.) and the interest of such other named insured or co-insured

is limited:

(i)

in respect of any obligatory insurances for hull and machinery and war risks;

(A)

to any provable out-of-pocket expenses that it has incurred and which form part

of any recoverable claim on underwriters; and

(B)

to any third party liability claims where cover for such claims is provided by the

policy (and then only in respect of discharge of any claims made against it); and

(ii)

in respect of any obligatory insurances for protection and indemnity risks, to any

recoveries it is entitled to make by way of reimbursement following discharge of any third

party liability claims made specifically against it;

and every other named insured has undertaken in writing to the Lender (in such form as it requires)

that any deductible shall be apportioned between that Borrower and every other named insured

in proportion to the gross claims made or paid by each of them and that it shall do all things

necessary and provide all documents, evidence and information to enable the Lender to collect or

recover any moneys which at any time become payable in respect of the obligatory insurances;

(b)

whenever the Lender requires, name (or be amended to name) the Lender as additional named

insured for its rights and interests, warranted no operational interest and with full waiver of rights

of subrogation against the Lender, but without the Lender being liable to pay (but having the right

to pay) premiums, calls or other assessments in respect of such insurance;

(c)

name the Lender as loss payee with such directions for payment as the Lender may specify;

(d)

provide that all payments by or on behalf of the insurers under the obligatory insurances to the

Lender shall be made without set off, counterclaim or deductions or condition whatsoever and

include waiver of lien for any fleet premiums;

(e)

provide that the obligatory insurances shall be primary without right of contribution from other

insurances which may be carried by the Lender; and

(f)

provide that the Lender may make proof of loss if that Borrower fails to do so.

23.5

Renewal of obligatory insurances

Each Borrower shall:

(a)

at least 21 days before the expiry of any obligatory insurance effected by it:

(i)

notify the Lender of the Approved Brokers (or other insurers) and any protection and

indemnity or war risks association through or with which it proposes to renew that

obligatory insurance and of the proposed terms of renewal; and

(ii)

obtain the Lender's approval to the matters referred to in sub-paragraph (i) above;

(b)

at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in

accordance with the Lender's approval pursuant to paragraph (a) above; and

(c)

procure that the Approved Brokers and/or the approved war risks and protection and indemnity

associations with which such a renewal is effected shall promptly after the renewal notify the

Lender in writing of the terms and conditions of the renewal.

23.6

Copies of policies; letters of undertaking

Each Borrower shall ensure that the Approved Brokers provide the Lender with:

(a)

pro forma

 copies of all policies relating to the obligatory insurances which they are to effect or

renew; and

(b)

a letter or letters of undertaking in a form required by the Lender and including undertakings by

the Approved Brokers that:

(i)

they will have endorsed on each policy, immediately upon issue, a loss payable clause and

a notice of assignment complying with the provisions of Clause 23.4 (

Further protections

for the Lender

);

(ii)

they will hold such policies, and the benefit of such insurances, to the order of the Lender

in accordance with such loss payable clause;

(iii)

they will advise the Lender immediately of any material change to the terms of the

obligatory insurances;

(iv)

they will, if they have not received notice of renewal instructions from the relevant

Borrower or its agents, notify the Lender not less than 14 days before the expiry of the

obligatory insurances;

(v)

if they receive instructions to renew the obligatory insurances, they will promptly notify

the Lender of the terms of the instructions;

(vi)

they will not set off against any sum recoverable in respect of a claim relating to the Ship

owned by that Borrower under such obligatory insurances any premiums or other

amounts due to them or any other person whether in respect of that Ship or otherwise,

they waive any lien on the policies, or any sums received under them, which they might

have in respect of such premiums or other amounts and they will not cancel such

obligatory insurances by reason of non-payment of such premiums or other amounts; and

(vii)

they will arrange for a separate policy to be issued in respect of the Ship owned by that

Borrower forthwith upon being so requested by the Lender.

23.7

Copies of certificates of entry

Each Borrower shall ensure that any protection and indemnity and/or war risks associations in

which the Ship owned by it is entered provide the Lender with:

(a)

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

(b)

a letter or letters of undertaking in such form as may be required by the Lender; and

(c)

a certified copy of each certificate of financial responsibility for pollution by oil or other

Environmentally Sensitive Material issued by the relevant certifying authority in relation to that

Ship.

23.8

Deposit of original policies

Each Borrower shall ensure that all policies relating to obligatory insurances effected by it are

deposited with the Approved Brokers through which the insurances are effected or renewed.

23.9

Payment of premiums

Each Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory

insurances effected by it and produce all relevant receipts when so required by the Lender.

23.10

Guarantees

Each Borrower shall ensure that any guarantees required by a protection and indemnity or war

risks association are promptly issued and remain in full force and effect.

23.11

Compliance with terms of insurances

(a)

No Borrower shall do or omit to do (nor permit to be done or not to be done) any act or thing

which would or might render any obligatory insurance invalid, void, voidable or unenforceable or

render any sum payable under an obligatory insurance repayable in whole or in part.

(b)

Without limiting paragraph (a) above, each Borrower shall:

(i)

take all necessary action and comply with all requirements which may from time to time

be applicable to the obligatory insurances, and (without limiting the obligation contained

in sub-paragraph (iii) of paragraph (b) of Clause 23.6 (

Copies of policies; letters of

undertaking

)) ensure that the obligatory insurances are not made subject to any exclusions

or qualifications to which the Lender has not given its prior approval;

(ii)

not make any changes relating to the classification or classification society or manager or

operator of the Ship owned by it unless they are approved by the underwriters of the

obligatory insurances;

(iii)

make (and promptly supply copies to the Lender of) all quarterly or other voyage

declarations which may be required by the protection and indemnity risks association in

which the Ship owned by 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

(iv)

not employ the Ship owned by it, 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.

23.12

Alteration to terms of insurances

No Borrower shall make or agree to any alteration to the terms of any obligatory insurance or

waive any right relating to any obligatory insurance.

23.13

Settlement of claims

Each Borrower shall:

(a)

not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for

a Major Casualty; and

(b)

do all things necessary and provide all documents, evidence and information to enable the Lender

to collect or recover any moneys which at any time become payable in respect of the obligatory

insurances.

23.14

Provision of copies of communications

Each Borrower shall provide the Lender, at the time of each such communication, with copies of

all written communications between that Borrower and:

(a)

the Approved Brokers;

(b)

the approved protection and indemnity and/or war risks associations; and

(c)

the approved insurance companies and/or underwriters,

which relate directly or indirectly to:

(i)

that Borrower's obligations relating to the obligatory insurances including, without

limitation, all requisite declarations and payments of additional premiums or calls; and

(ii)

any credit arrangements made between that Borrower and any of the persons referred to

in paragraphs (a) or (b) above relating wholly or partly to the effecting or maintenance of

the obligatory insurances.

23.15

Provision of information

Each Borrower shall promptly provide the Lender (or any persons which it may designate) with

any information which the Lender (or any such designated person) requests for the purpose of:

(a)

obtaining or preparing any report from an independent marine insurance broker as to the

adequacy of the obligatory insurances effected or proposed to be effected; and/or

(b)

effecting, maintaining or renewing any such insurances as are referred to in Clause 23.16

(

Mortgagee's interest and additional perils insurances

) or dealing with or considering any matters

relating to any such insurances,

and the Borrowers shall, forthwith upon demand, indemnify the Lender in respect of all fees and

other expenses incurred by or for the account of the Lender in connection with any such report as

is referred to in paragraph (a) above.

23.16

Mortgagee's interest and additional perils insurances

(a)

The Lender shall be entitled from time to time to effect, maintain and renew a mortgagee's interest

marine insurance and a mortgagee's interest additional perils insurance in respect of each Ship,

each in an amount no greater than 110 per cent. of the relevant Tranche, on such terms, through

such insurers and generally in such manner as the Lender may from time to time consider

appropriate.

(b)

The Borrowers shall upon demand fully indemnify the Lender in respect of all premiums and other

expenses which are incurred in connection with or with a view to effecting, maintaining or

renewing any insurance referred to in paragraph

(a) above or dealing with, or considering, any

matter arising out of any such insurance.

(c)

The Lender shall be entitled to disclose all necessary information for the purpose of effecting the

insurance cover under paragraph (a) above, including without limitation, the name of the relevant

Ship, the IMO number of the relevant Ship and the outstanding amount of the Secured Liabilities.

23.17

Review of insurance requirements

The Lender shall be entitled to review the requirements of this Clause 23 (

Insurance Undertakings

)

from time to time in order to take account of any changes in circumstances after the date of this

Agreement which are, in the opinion of the Lender, significant and capable of affecting the relevant

Borrower or its Ship and its or their insurance (including, without limitation, changes in the

availability or the cost of insurance coverage or the risks to which that Borrower may be subject).

23.18

Modification of insurance requirements

The Lender shall notify the relevant Borrower of any proposed modification under Clause 23.17

(

Review of insurance requirements

) to the requirements of this Clause 23 (

Insurance Undertakings

)

which the Lender considers appropriate in the circumstances, and such modification shall take

effect on and from the date it is notified in writing to the relevant Borrower as an amendment to

this Clause 23 (

Insurance Undertakings

) and shall bind the Borrowers accordingly.

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 this Agreement and throughout the rest of the Security Period except as the Lender may

otherwise permit.

24.2

Ships' names and registration

Each Borrower shall, in respect of the Ship owned by it:

(a)

keep that Ship registered in its name under the Approved Flag from time to time at its port of

registration;

(b)

not do or allow to be done anything as a result of which such registration might be suspended,

cancelled or imperilled;

(c)

not enter into any dual flagging arrangement in respect of that Ship; and

(d)

not change the name of that Ship,

provided that

 any agreed change of name or flag of a Ship shall be subject to:

(i)

that Ship remaining subject to Security securing the Secured Liabilities created by a first

priority or preferred ship mortgage on that Ship and, if appropriate, a first priority deed of

covenant collateral to that mortgage (or equivalent first priority Security) on substantially

the same terms as the Mortgage on that Ship and on such other terms and in such other

form as the Lender shall approve or require; 

(ii)

the execution of such other documentation amending and supplementing the Finance

Documents as the Lender shall approve or require; and

(iii)

in the case of a change of flag of a Ship, payment of the reflagging fee set out in Clause

11.3 (

Reflagging fee

).

24.3

Repair and classification

(a)

Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:

(i)

consistent with first class ship ownership and management practice;

(ii)

so as to ensure that that Ship's Market Value is not materially reduced; and

(iii)

so as to maintain the Approved Classification free of material overdue recommendations

and conditions or adverse notations.

(b)

Subject to Clause 4.5 (

Conditions subsequent

), no Borrower may change the Approved

Classification Society in respect of its Ship. 

(c)

Notwithstanding that each of Ship H and Ship I are classified with two Approved Classification

Societies, the rules of Det Norske Veritas shall apply in full extent to those Ships.

24.4

Classification society undertaking

Each Borrower shall, in respect of the Ship owned by it, instruct the relevant Approved

Classification Society (and procure that the Approved Classification Society undertakes with the

Lender):

(a)

to send to the Lender, following receipt of a written request from the Lender, certified true copies

of all original class records held by the Approved Classification Society in relation to that Ship;

(b)

to allow the Lender (or its agents), at any time and from time to time, to inspect the original class

and related records of that Borrower and that Ship at the offices of the Approved Classification

Society and to take copies of them;

(c)

to notify the Lender immediately in writing if the Approved Classification Society:

(i)

receives notification from that Borrower 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 Borrower or that Ship's membership of the Approved

Classification Society;

(d)

following receipt of a written request from the Lender:

(i)

to confirm that that Borrower 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 Borrower is in default of any of its contractual obligations or liabilities

to the Approved Classification Society, to specify to the Lender 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.

24.5

Modifications

No Borrower shall make any modification or repairs to, or replacement of, any Ship or equipment

installed on it which would or might materially alter the structure, type or performance

characteristics of that Ship or materially reduce its value.

24.6

Removal and installation of parts

(a)

Subject to paragraph (b) below, no Borrower 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 favour of any person other than

the Lender; and

(iii)

the replacement part or item becomes, on installation on that Ship, the property of that

Borrower and subject to the security constituted by the Mortgage on that Ship.

(b)

A Borrower may install equipment owned by a third party if the equipment can be removed

without any risk of damage to the Ship owned by that Borrower.

24.7

Surveys

Each Borrower 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 Lender, provide the Lender,

with copies of all survey reports.

24.8

Inspection

(a)

Each Borrower shall permit the Lender (acting through surveyors or other persons appointed by it

for that purpose provided that such surveyor shall not be required to execute any letter of

indemnity) to board the Ship owned by it to inspect its condition or to satisfy themselves about

proposed or executed repairs and shall afford all proper facilities for such inspections (i) if no Event

of Default has occurred at all reasonable times, without interfering in the ordinary trading of that

Ship and with reasonable prior notice and (ii) following the occurrence of an Event of Default at all

times.

(b)

So long as no Event of Default shall have occurred, the Borrowers shall not be obliged to pay any

fees and expenses in respect of more than one inspection of each Ship in any calendar year.

24.9

Access to books and records

Each Borrower shall permit (and shall procure that any Approved Manager or other operator shall

permit) the Lender, at the request of the Lender, to have access to the class records of its Ship.

24.10

Prevention of and release from arrest

(a)

Each Borrower 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 Borrower shall, immediately upon receiving notice of the arrest of the Ship owned by it or of

its detention in exercise or purported exercise of any lien or claim, take all steps necessary to

procure its release by providing bail or otherwise as the circumstances may require.

24.11

Compliance with laws etc.

Each Borrower shall:

(a)

comply, or procure compliance with all laws or regulations:

(i)

relating to its business generally; and

(ii)

relating to the Ship owned by it, its ownership, employment, operation, management and

registration,

including, but not limited to:

(A)

the ISM Code;

(B)

the ISPS Code;

(C)

all Environmental Laws;

(D)

all Sanctions; and 

(E)

the laws of the Approved Flag; and

(b)

obtain, comply with and do all that is necessary to maintain in full force and effect any

Environmental Approvals.

24.12

ISPS Code

Without limiting paragraph (a) of Clause 24.11 (

Compliance with laws etc.

), each Borrower shall:

(a)

procure that the Ship owned by it and the company responsible for that Ship's compliance with

the ISPS Code comply with the ISPS Code;

(b)

maintain an ISSC for that Ship; and

(c)

notify the Lender immediately in writing of any actual or threatened withdrawal, suspension,

cancellation or modification of the ISSC.

24.13

Sanctions 

(a)

Each Borrower undertakes that it will prevent the Ships from being used, directly or indirectly: 

(i)

by, or for the benefit of, any Prohibited Person or in trading to or from a Sanctioned

Country;

(ii)

in any trade which could expose a Ship, the Lender, any Approved Manager, a Ship's crew

or a Ship's insurers to enforcement proceedings arising from Sanctions or any other

consequences whatsoever arising from Sanctions; and/or

(iii)

in any trade which would trigger the operation of any sanctions limitation or exclusion

clause (or similar) in the Insurances, irrespective of whether a Ship is subject to a bareboat

charterparty.

(b)

Each Borrower shall procure that each charterparty in respect of its Ship shall include standard

clauses on "Sanctions and Designated Entities" included in BIMCO's standard documentation or

any equivalent language.

24.14

Illegal trading and trading in war zones or excluded areas

(a)

No Borrower shall cause or permit any Ship to enter or trade to any zone which is declared a war

zone by any government or by that Ship's war risks insurers or which is otherwise excluded from

the scope of coverage of the obligatory insurances unless:

(i)

the prior written consent of the Lender has been given; and

(ii)

that Borrower has (at its expense) effected any special, additional or modified insurance

cover which the Lender may require.

(b)

No Borrower shall cause or permit its Ship to enter or trade in any manner contrary to law or in

any area which is not covered by that Ship's Insurances.

24.15

Provision of information

Without prejudice to Clause 20.6 (

Information: miscellaneous

) each Borrower shall, in respect of

the Ship owned by it, promptly provide the Lender with any information which it requests

regarding:

(a)

that Ship, its employment, position and engagements;

(b)

the Earnings and payments and amounts due to its master and crew;

(c)

any expenditure incurred, or likely to be incurred, in connection with the operation, maintenance

or repair of that Ship and any payments made by it in respect of that Ship;

(d)

any towages and salvages; and

(e)

its compliance, the Approved Manager's compliance and the compliance of that Ship with the ISM

Code and the ISPS Code,

and, upon the Lender's request, promptly provide copies of any current Charter relating to that

Ship, of any current guarantee of any such Charter, the Ship's Safety Management Certificate and

any relevant Document of Compliance.

24.16

Notification of certain events

Each Borrower shall, in respect of the Ship owned by it, immediately notify the Lender by email,

confirmed forthwith by letter, of:

(a)

any casualty to that Ship which is or is likely to be or to become a Major Casualty;

(b)

any occurrence as a result of which that Ship has become or is, by the passing of time or otherwise,

likely to become a Total Loss;

(c)

any requisition of that Ship for hire;

(d)

any requirement or recommendation made in relation to that Ship by any insurer or classification

society or by any competent authority which is not immediately complied with;

(e)

any arrest or detention of that Ship or any exercise or purported exercise of any lien on that Ship

or the Earnings;

(f)

any intended dry docking of that Ship;

(g)

any Environmental Claim made against that Borrower or in connection with that Ship, or any

Environmental Incident;

(h)

any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, an

Approved Manager or otherwise in connection with that Ship; 

(i)

any other matter, event or incident, actual or threatened, the effect of which will or could lead to

the ISM Code or the ISPS Code not being complied with,

(j)

any notice, or such Borrower becoming aware, of any claim, action, suit, proceeding or

investigation against any Transaction Obligor, any of its Subsidiaries or any of their respective

directors, officers, employees or agents with respect to Sanctions; or

(k)

any circumstances which could give rise to a breach of any representation or undertaking in this

Agreement, or any Event of Default, relating to Sanctions,

and each Borrower shall keep the Lender advised in writing on a regular basis and in such detail as

the Lender shall require as to that Borrower's, any such Approved Manager's or any other person's

response to any of those events or matters.

24.17

Restrictions on chartering, appointment of managers etc.

No Borrower shall, in relation to the Ship owned by it:

(a)

let that Ship on demise charter or bareboat charter for any period;

(b)

enter into any time, voyage or consecutive voyage charter in respect of that Ship (other than a

Permitted Charter) or "charter-in" any vessel;

(c)

amend, supplement or terminate a Management Agreement;

(d)

appoint a manager of that Ship other than its Approved Commercial Manager and its Approved

Technical Manager or agree to any alteration to the terms of an Approved Manager's

appointment;

(e)

de activate or lay up (either cold, lukewarm or warm) that Ship; or

(f)

put that Ship into the possession of any person for the purpose of work being done upon it in an

amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other currency) unless

that person has first given to the Lender 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.

24.18

Notice of Mortgage

Each Borrower shall keep the relevant Mortgage registered against the Ship owned by it as a valid

first priority or, as the case may be, 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 Lender.

24.19

Sharing of Earnings

No Borrower shall enter into any agreement or arrangement for the sharing of any Earnings

provided that if a Borrower enters into pool arrangements (with the Lender's prior consent), it will

provide the Lender with (a) a copy of the relevant pool agreement and on-hire certificate and (b)

an original subordination undertaking executed by the relevant pool manager in such form as the

Lender may require (together with evidence of authority of such pool manager). 

24.20

Poseidon Principles

Each Borrower shall, upon the request of the Lender and at the cost of the Borrowers on or before

31st July in each calendar year, supply or procure the supply to the Lender of all information

necessary in order for the Lender to comply with its obligations under the Poseidon Principles in

respect of the preceding year, including, without limitation, all ship fuel oil consumption data

required to be collected and reported in accordance with Regulation 22A of Annex VI and any

Statement of Compliance, in each case relating to the Ship owned by it for the preceding calendar

year provided always that, for the avoidance of doubt, such information shall be "Confidential

Information" for the purposes of Clause 42 (

Confidential Information

) but the Borrowers

acknowledge that, in accordance with the Poseidon Principles, such information will form part of

the information published regarding the Lender's portfolio climate alignment.

24.21

Inventory of Hazardous Materials

Each Borrower shall maintain a valid and up to date Inventory of Hazardous Materials in respect

of the Ship owned by it. 

24.22

Charterparty Assignment

If any Borrower enters into an Assignable Charter, that Borrower shall execute in favour of the

Lender a Charterparty Assignment in respect of that Assignable Charter and shall: 

(a)

serve notice of that Charterparty Assignment on the relevant charterer and procure that that

charterer acknowledges such notice in such form as the Lender may approve or require; and 

(b)

deliver to the Lender such other documents equivalent to those referred to at paragraphs 1.2, 1.3,

1.4, 1.5, 2.3, 4.1, 6.2 and 6.3 of Part A of Schedule 2 (

Conditions Precedent

) as the Lender may

require.

24.23

Sustainable and socially responsible dismantling of a Ship

(a)

Each Borrower shall institute and maintain policies and procedures to ensure that its Ship or, as

the case may be, any other vessel previously financed by the Lender shall be dismantled, scrapped

or, as the case may be, recycled as follows:

(i)

in the case of it being EU flagged and to the extent applicable to its Ship or, as the case

may be, the relevant vessel, be recycled at an approved yard under the EU Ship Recycling

Regulation; and

(ii)

in the case of it being non-EU flagged and to the extent applicable to its Ship or, as the

case may be, the relevant vessel, be recycled at a yard certified (by a classification society

acceptable to the Lender and which is a member of IACS) to operate under The Hong Kong

International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009

and/or the EU Ship Recycling Regulation,

Provided that

 its Ship or, as the case may be, the relevant vessel is, at the time of such dismantling,

scrapping or recycling, owned by any member of the Group or any intermediary to which the

ownership has been transferred for the purposes of dismantling, scrapping or recycling.

(b)

Each Borrower shall institute and maintain safe, sustainable, socially and environmentally

responsible policies and procedures with respect to dismantling of its Ship.

24.24

Notification of compliance

Each Borrower shall promptly provide the Lender from time to time with evidence (in such form

as the Lender requires) that it is complying with this Clause 24 (

General Ship Undertakings

).

25

SECURITY COVER

25.1

Minimum required security cover

Clause 25.2 (

Provision of additional security; prepayment

) applies if the Lender notifies the

Borrowers that the Security Cover Ratio is below 125 per cent.

25.2

Provision of additional security; prepayment

(a)

If the Lender serves a notice on the Borrowers under Clause 25.1 (

Minimum required security

cover

), the Borrowers shall, on or before the date falling 45 days after the date on which the

Lender's notice is served (the "

Prepayment Date

"), prepay such part of the Loan as shall eliminate

the shortfall.

(b)

A Borrower may, instead of making a prepayment as described in paragraph (a) above, provide, or

ensure that a third party has provided, additional security which, in the opinion of the Lender:

(i)

has a net realisable value at least equal to the shortfall; and

(ii)

is documented in such terms as the Lender may approve or require,

before the Prepayment Date; and conditional upon such security being provided in such manner,

it shall satisfy such prepayment obligation.

25.3

Value of additional vessel security

The net realisable value of any additional security which is provided under Clause 25.2 (

Provision

of additional security; prepayment

) which constitutes a first preferred or first priority mortgage

over a vessel shall be the Market Value of the vessel concerned.

25.4

Valuations binding

Any valuation under this Clause 25 (

Security Cover

) shall be binding and conclusive as regards each

Borrower.

25.5

Provision of information

(a)

Each Borrower shall promptly provide the Lender and any shipbroker acting under this Clause 25

(

Security Cover

) with any information which the Lender or the shipbroker may request for the

purposes of the valuation.

(b)

If a Borrower fails to provide the information referred to in paragraph (a) above by the date

specified in the request, the valuation may be made on any basis and assumptions which the

shipbroker or the Lender considers prudent.

25.6

Prepayment mechanism

Any prepayment pursuant to Clause 25.2 (

Provision of additional security; prepayment

) shall be

made in accordance with the relevant provisions of Clause 7 (

Prepayment and Cancellation

) and

shall be applied pro rata towards prepayment of all Tranches and within each Tranche it will reduce

pro rata each Repayment Instalment falling after that prepayment and, if applicable, the Balloon

Instalment under that Tranche.

25.7

Provision of valuations

(a)

The Borrowers shall provide the Lender with two valuations of each Ship and any other vessel over

which additional Security has been created in accordance with Clause 25.2 (

Provision of additional

security; prepayment

), to enable the Lender to determine the Market Value of that Ship or any

other vessel.

(b)

The valuations referred to in this Clause 25.7 (

Provision of valuations

) are to be obtained:

(i)

not more than 30 days prior to each Utilisation Date as required pursuant to paragraph

6.1 of Part A of Schedule 2 (

Conditions Precedent

);

(ii)

on two occasions in each year, on 30 June and 31 December

Provided that

 in respect of

the Market Value of the Ships which will be tested in the second quarter in each Financial

Year, the Market Value shall be determined based on one valuation; and

(iii)

subject to paragraph (c) below, at any other time as the Lender shall deem necessary.

(c)

The valuations referred to in paragraph (b) of this Clause 25.7 (

Provision of valuations

) shall be at

the Borrowers' cost, but, in relation to the valuations referred to in paragraph (b)(iii) above, at the

Lender's cost, unless:

(i)

an Event of Default has occurred and is continuing; or

(ii)

the Borrowers are required to prepay the Loan or any part thereof pursuant to Clause 7.5

(

Mandatory prepayment on sale or Total Loss

); or

(iii)

the minimum Security Cover Ratio required pursuant to Clause 25.1 (

Minimum required

security cover

) is not maintained,

in which case any additional valuations will be at the Borrowers' cost.

(d)

For the sake of clarity, the Lender may test compliance with Clause 25.1 (

Minimum required

security cover

) at any time. The frequency of such testing shall neither be limited to the delivery

of a Compliance Certificate nor the delivery of valuations of the Market Value pursuant to

paragraph (a) above. 

26

EARNINGS ACCOUNTS AND APPLICATION OF EARNINGS 

26.1

Earnings Accounts

No Borrower may, without the prior consent of the Lender, maintain any bank account other than

its Earnings Account and the balance of such Earnings Account shall, unless a Default has occurred,

be freely available to the relevant Borrower.

26.2

Payment of Earnings

Each Borrower shall ensure that, subject only to the provisions of the General Assignment to which

it is a party, all the Earnings in respect of the Ship owned by it are paid in to its Earnings Account.

26.3

Location of Earnings Accounts

Each Borrower shall promptly:

(a)

comply with any requirement of the Lender as to the location or relocation of its Earnings Account; 

(b)

execute any documents which the Lender specifies to create or maintain in favour of the Lender

Security over (and/or rights of set-off, consolidation or other rights in relation to) the Earnings

Accounts; and

(c)

ensure that Account Bank shall have no right of set-off in relation to the Earnings Accounts.

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 27.21 (

Acceleration

) and Clause 27.22 (

Enforcement of security

).

27.2

Non-payment

A Transaction Obligor does not pay on the due date any amount payable pursuant to a Finance

Document at the place at and in the currency in which it is expressed to be payable unless:

(a)

its failure to pay is caused by:

(i)

administrative or technical error; or

(ii)

a Disruption Event; and

(b)

payment is made within three Business Days of its due date.

27.3

Specific obligations

A breach occurs of Clause 4.4 (

Waiver of conditions precedent

), 4.5 (

Conditions subsequent

), 

Clause 19.34 (

Sanctions

), Clause 21 (

Financial Covenants

), Clause 22.10 (

Title

), Clause 22.11

(

Negative pledge

), Clause 22.20 (

Unlawfulness, invalidity and ranking; Security imperilled

), Clause

22.21 (

Sanctions undertakings

), Clause 23.2 (

Maintenance of obligatory insurances

), Clause 23.3

(

Terms of obligatory insurances

), Clause 23.5 (

Renewal of obligatory insurances

), Clause 24.2

(

Ship's name and registration

), Clause 24.3 (

Repair and classification

), Clause 24.11 (

Compliance

with laws etc.

) (insofar as that Clause relates to Sanctions), Clause 24.13 (

Sanctions

), paragraph (d)

of Clause 24.17 (

Restrictions on chartering, appointment of managers, etc

.) or, save to the extent

such breach is a failure to pay and therefore subject to Clause 27.2 (

Non-payment

), Clause 25

(

Security Cover

).

27.4

Other obligations

(a)

A Transaction Obligor does not comply with any provision of the Finance Documents (other than

those referred to in 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 five Business Days of the Lender giving notice to the Borrowers or

(if earlier) any Transaction Obligor becoming aware of the failure to comply.

27.5

Misrepresentation

Any representation or statement made or deemed to be made by a Transaction Obligor in the

Finance Documents or any other document delivered by or on behalf of any Transaction Obligor

under or in connection with any Finance Document is or proves to have been incorrect or

misleading when made or deemed to be made.

27.6

Cross default

(a)

Any Financial Indebtedness of a Transaction Obligor or any member of the Group is not paid when

due nor within any originally applicable grace period.

(b)

Any Financial Indebtedness of a Transaction Obligor or any member of the Group is declared to be

or otherwise becomes due and payable prior to its specified maturity as a result of an event of

default (however described).

(c)

Any commitment for any Financial Indebtedness of a Transaction Obligor or any member of the

Group is cancelled or suspended by a creditor of a Transaction Obligor or any member of the Group

as a result of an event of default (however described).

(d)

Any creditor of a Transaction Obligor or any member of the Group becomes entitled to declare

any Financial Indebtedness of a Transaction Obligor or any member of the Group due and payable

prior to its specified maturity as a result of an event of default (however described).

(e)

Any of the events described in paragraphs (a) to (d) of this Clause 27.6 (

Cross default

) occurs in

relation to the Financial Indebtedness of a Transaction Obligor or a member of the Group (in any

capacity) under any agreement with the Lender. 

(f)

No Event of Default will occur under paragraphs (a) to (d) of this Clause 27.6 (

Cross default

) in

respect of a person if the aggregate amount of the Financial Indebtedness or commitment for

Financial Indebtedness falling within paragraphs (a) to (d) above is less than (A) $500,000 in respect

of a Borrower, (B) $10,000,000 in respect of the Parent Guarantor or (C) $1,000,000 in respect of

a Transaction Obligor or

any other member of the Group (or, in each case, its equivalent in any

other currency).

27.7

Insolvency

(a)

A Transaction Obligor or a member of the Group:

(i)

is unable or admits inability to pay its debts as they fall due;

(ii)

is deemed to, or is declared to, be unable to pay its debts under applicable law;

(iii)

suspends or threatens to suspend making payments on any of its debts; or

(iv)

by reason of actual or anticipated financial difficulties, commences negotiations with one

or more of its creditors (excluding the Lender in its capacity as such) with a view to

rescheduling any of its indebtedness.

(b)

The value of the assets of a Transaction Obligor or any member of the Group is less than its

liabilities (taking into account contingent and prospective liabilities).

(c)

A moratorium is declared in respect of any indebtedness of a Transaction Obligor or any member

of the Group. If a moratorium occurs, the ending of the moratorium will not remedy any Event of

Default caused by that moratorium.

27.8

Insolvency proceedings

(a)

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

(i)

the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution,

administration or reorganisation (by way of voluntary arrangement, scheme of

arrangement or otherwise) of a Transaction Obligor or any member of the Group;

(ii)

a composition, compromise, assignment or arrangement with any creditor of a

Transaction Obligor or any member of the Group;

(iii)

the appointment of a liquidator, receiver, administrator, administrative receiver,

compulsory manager or other similar officer in respect of a Transaction Obligor or any

member of the Group or any of its assets; or

(iv)

enforcement of any Security over any assets of a Transaction Obligor or any member of

the Group,

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

(b)

Paragraph (a) above shall not apply to any winding-up petition which is frivolous or vexatious and

is discharged, stayed or dismissed within 14 days of commencement.

27.9

Creditors' process

Any expropriation, attachment, sequestration, distress or execution (or any analogous process in

any jurisdiction) affects any asset or assets of a Transaction Obligor or a member of the Group

(other than an arrest or detention of a Ship referred to in Clause 27.14 (

Arrest

)).

27.10

Ownership of the Borrowers

A Borrower is not or ceases to be a wholly-owned Subsidiary of the Parent Guarantor.

27.11

Unlawfulness, invalidity and ranking

(a)

It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the

Finance Documents.

(b)

Any obligation of a Transaction Obligor under the Finance Documents is not or ceases to be legal,

valid, binding or enforceable.

(c)

Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to

be determined or any Transaction Security is alleged by a party to it (other than the Lender) to be

ineffective.

(d)

Any Transaction Security proves to have ranked after, or loses its priority to, any other Security.

27.12

Security imperilled

Any Security created or intended to be created by a Finance Document is in any way imperilled or

in jeopardy.

27.13

Cessation of business

Any Transaction Obligor or any member of the Group suspends or ceases to carry on (or threatens

to suspend or cease to carry on) all or a material part of its business and in the case of a member

of the Group other than a Transaction Obligor such cessation is reasonably likely to have a Material

Adverse Effect.

27.14

Arrest

Any arrest of a Ship or its detention in the exercise or the purported exercise of any lien or claim

unless it is redelivered to the full control of the relevant Borrower within 30 days of such arrest or

detention.

27.15

Expropriation

The authority or ability of any member of the Group to conduct its business is limited or wholly or

substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or

other action by or on behalf of any governmental, regulatory or other authority or other person in

relation to any member of the Group or any of its assets other than:

(a)

an arrest or detention of a Ship referred to in Clause 27.14 (

Arrest

); or

(b)

any Requisition.

27.16

Repudiation and rescission of agreements

A Transaction Obligor (or any other relevant party) rescinds or purports to rescind or repudiates

or purports to repudiate a Transaction Document or any of the Transaction Security or evidences

an intention to rescind or repudiate a Transaction Document or any Transaction Security or a

Transaction Document or any of the Transaction Security otherwise ceases to remain in full force

and effect for any reason.

27.17

Litigation

Any litigation, arbitration or administrative proceedings or investigations of, or before, any court,

arbitral body or agency are started or threatened , or any judgment or order of a court, arbitral

body or agency is made, in relation to any of the Transaction Documents or the transactions

contemplated in any of the Transaction Documents or against any member of the Group or its

assets which has or is reasonably likely to have a Material Adverse Effect.

27.18

Material adverse change

Any event or circumstance occurs which has or is reasonably likely to have a Material Adverse

Effect.

27.19

Audit qualification

The Parent Guarantor's auditors qualify their report on any audited annual consolidated financial

statements of the Parent Guarantor. 

27.20

Constitutional documents

An Obligor has materially amended its constitutional documents and such amendment has a

negative effect on the Lender's rights under the Finance Documents.

27.21

Acceleration

On and at any time after the occurrence of an Event of Default the Lender may by notice to the

Borrowers:

(a)

cancel the Commitment, whereupon it shall immediately be cancelled;

(b)

declare that all or part of the Loan, together with accrued interest, and all other amounts accrued

or outstanding under the Finance Documents be immediately due and payable, whereupon it shall

become immediately due and payable; and/or

(c)

declare that all or part of the Loan be payable on demand, whereupon it shall immediately become

payable on demand by the Lender,

and the Lender may serve notices under paragraphs (a), (b) and (c) above simultaneously or on

different dates and the Lender may take any action referred to in Clause 27.22 (

Enforcement of

security

) if no such notice is served or simultaneously with or at any time after the service of any

of such notice.

27.22

Enforcement of security

On and at any time after the occurrence of an Event of Default the Lender may take any action

which, as a result of the Event of Default or any notice served under Clause 27.21 (

Acceleration

),

the Lender is entitled to take under any Finance Document or any applicable law or regulation.

SECTION 9

THE LENDER AND THE OBLIGORS

28

CHANGES TO THE LENDER

28.1

Assignment by the Lender

Subject to this Clause 28 (

Changes to the Lender

), the Lender (the "

Existing Lender

") may assign

all (but not part) of its rights under the Finance Documents to another bank or financial institution

or to a trust, fund or other entity which is regularly engaged in or established for the purpose of

making, purchasing or investing in loans, securities or other financial assets (the "

New Lender

").

28.2

Conditions of assignment

(a)

The consent of the Borrowers is required for an assignment by the Existing Lender, unless the

assignment is:

(i)

to an Affiliate of the Existing Lender;

(ii)

if the Existing Lender is a fund, to a fund which is a Related Fund; or

(iii)

made following the occurrence of an Event of Default.

(b)

The consent of the Borrowers to an assignment must not be unreasonably withheld or delayed.

Each Borrower will be deemed to have given its consent 10 Business Days after the Existing Lender

has requested it unless consent is expressly refused by that Borrower within that time.

(c)

The consent of a Borrower to an assignment must not be withheld solely because the assignment

may result in an increase to any amount payable under Clause 14.3 (

Mandatory Cost

).

(d)

If:

(i)

the Existing Lender assigns 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 or change occurs, a

Transaction Obligor would be obliged to make a payment to the New Lender or the Existing

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 the Existing Lender acting through its new Facility Office is only entitled

to receive payment under those Clauses to the same extent as the Existing Lender would have

been if the assignment or change had not occurred.

(e)

Each Obligor on behalf of itself and each Transaction Obligor agrees that all rights and interests

(present, future or contingent) which the Existing Lender has under or by virtue of the Finance

Documents are assigned to the New Lender absolutely, free of any defects in the Existing Lender's

title and of any rights or equities which any Borrower or any other Transaction Obligor had against

the Existing Lender.

 Following such assignment, each Obligor and the Existing Lender shall be

released from further obligations towards one another under the Finance Documents and their

respective rights against one another under the Finance Documents (other than any indemnity

rights of the Lender which are intended to survive) shall be cancelled.

28.3

Security over Lender's rights

In addition to the other rights provided to the Lender under this Clause 28 (

Changes to the Lender

),

the 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 the Lender

including, without limitation:

(a)

any charge, assignment or other Security to secure obligations to a federal reserve or central bank;

and

(b)

if the Lender is a fund, any charge, assignment or other Security granted to any holders (or trustee

or representatives of holders) of obligations owed, or securities issued, by the Lender as security

for those obligations or securities,

except that no such charge, assignment or Security shall:

(i)

release the Lender from any of its obligations under the Finance Documents or substitute

the beneficiary of the relevant charge, assignment or Security for the Lender as a party to

any of the Finance Documents; or

(ii)

require any payments to be made by a Transaction Obligor other than or in excess of, or

grant to any person any more extensive rights than, those required to be made or granted

to the Lender under the Finance Documents.

29

CHANGES TO THE TRANSACTION OBLIGORS

29.1

Assignment or transfer by Transaction Obligors

No Transaction Obligor may assign any of its rights or transfer any of its rights or obligations under

the Finance Documents.

29.2

Additional Subordinated Creditors

(a)

The Borrowers may request that any person becomes a Subordinated Creditor, with the prior

approval of the Lender, by delivering to the Lender:

(i)

a duly executed Subordination Agreement;

(ii)

a duly executed Subordinated Debt Security; and

(iii)

such constitutional documents, corporate authorisations and other documents and

matters as the Lender may reasonably require, in form and substance satisfactory to the

Lender, to verify that the person's obligations are legally binding, valid and enforceable

and to satisfy any applicable legal and regulatory requirements.

(b)

A person referred to in paragraph (a) above will become a Subordinated Creditor on the date the

Lender enters into the Subordination Agreement and the Subordinated Debt Security delivered

under paragraph (a) above.

SECTION 10

ADMINISTRATION

30

PAYMENT MECHANICS

30.1

Payments to the Lender

(a)

On each date on which a Transaction Obligor is required to make a payment under a Finance

Document, that Transaction Obligor shall make an amount equal to such payment available to the

Lender (unless a contrary indication appears in a Finance Document) for value on the due date at

the time and in such funds specified by the Lender as being customary at the time for settlement

of transactions in the relevant currency in the place of payment.

(b)

Payment shall be made to such account in the principal financial centre of the country of that

currency (or, in relation to euro, in a principal financial centre in such Participating Member State

or London, as specified by the Lender) and with such bank as the Lender, in each case, specifies.

30.2

Application of receipts; partial payments

(a)

If the Lender receives a payment that is insufficient to discharge all the amounts then due and

payable by a Transaction Obligor under the Finance Documents, the Lender may apply that

payment towards the obligations of that Transaction Obligor under the Finance Documents in any

manner it may decide.

(b)

Paragraph (a) above will override any appropriation made by a Transaction Obligor.

30.3

No set-off by Transaction Obligors

All payments to be made by a Transaction Obligor under the Finance Documents shall be

calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

30.4

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.

30.5

Currency of account

(a)

Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any

sum due from a Transaction Obligor under any Finance Document.

(b)

Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the

costs, expenses or Taxes are incurred.

(c)

Any amount expressed to be payable in a currency other than dollars shall be paid in that other

currency.

30.6

Change of currency

(a)

Unless otherwise prohibited by law, if more than one currency or currency unit are at the same

time recognised by the central bank of any country as the lawful currency of that country, then:

(i)

any reference in the Finance Documents to, and any obligations arising under the Finance

Documents in, the currency of that country shall be translated into, or paid in, the currency

or currency unit of that country designated by the Lender (after consultation with the

Parent Guarantor on behalf of the Borrowers); and

(ii)

any translation from one currency or currency unit to another shall be at the official rate

of exchange recognised by the central bank for the conversion of that currency or currency

unit into the other, rounded up or down by the Lender (acting reasonably).

(b)

If a change in any currency of a country occurs, this Agreement will, to the extent the Lender

(acting reasonably and after consultation with the Parent Guarantor on behalf of the Borrowers)

specifies to be necessary, be amended to comply with any generally accepted conventions and

market practice in the Relevant Market and otherwise to reflect the change in currency.

30.7

Currency conversion

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.

30.8

Disruption to Payment Systems etc.

If either the Lender determines (in its discretion) that a Disruption Event has occurred or the

Lender is notified by a Borrower that a Disruption Event has occurred:

(a)

the Lender may, and shall if requested to do so by a Borrower, consult with the Parent Guarantor

on behalf of the Borrowers with a view to agreeing with the Parent Gurantor such changes to the

operation or administration of the Facility as the Lender may deem necessary in the circumstances;

(b)

the Lender shall not be obliged to consult with the Parent Guarantor 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)

any such changes agreed upon by the Lender and the Parent Guarantor shall (whether or not it is

finally determined that a Disruption Event has occurred) be binding upon the Parties and any

Transaction Obligors as an amendment to (or, as the case may be, waiver of) the terms of the

Finance Documents;

(d)

the Lender 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

Lender) arising as a result of its taking, or failing to take, any actions pursuant to or in connection

with this Clause 30.8 (

Disruption to Payment Systems etc.

).

31

SET-OFF

The Lender may set off any matured obligation due from a Transaction Obligor under the Finance

Documents (to the extent beneficially owned by the Lender) against any matured obligation owed

by the Lender to that Transactio n Obligor, regardless of the place of payment, booking branch or

currency of either obligation. If the obligations are in different currencies, the Lender may convert

either obligation at a market rate of exchange in its usual course of business for the purpose of

the set-off.

32

CONDUCT OF BUSINESS BY THE LENDER

No provision of this Agreement will:

(a)

interfere with the right of the Lender to arrange its affairs (tax or otherwise) in whatever manner

it thinks fit;

(b)

oblige the Lender 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 the Lender to disclose any information relating to its affairs (tax or otherwise) or any

computations in respect of Tax.

33

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.

34

NOTICES

34.1

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.

34.2

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 Borrowers, that specified in Schedule 1 (

The Parties

); and

(b)

in the case of any other Obligor or the Lender, 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 Lender on or

before the date on which it becomes a Party;

or any substitute address, fax number or department or officer as an Obligor may notify to the

Lender (or the Lender may notify to the other Parties, if a change is made by the Lender) by not

less than five Business Days' notice.

34.3

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 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 34.2 (

Addresses

), if addressed to that department or officer.

(b)

Any communication or document to be made or delivered to the Lender will be effective only

when actually received by it and then only if it is expressly marked for the attention of the

department or officer of the Lender specified in Schedule 1 (

The Parties

) (or any substitute

department or officer as the Lender shall specify for this purpose).

(c)

Any communication or document made or delivered to the Borrowers in accordance with this

Clause will be deemed to have been made or delivered to each of the Transaction Obligors.

(d)

Any communication or document which becomes effective, in accordance with paragraphs (a) to

(c) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the

following day.

34.4

Electronic communication

(a)

Any communication to be made or document to be delivered by one Party to another under or in

connection with the Finance Documents may be made or delivered 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 or delivery as specified in paragraph (a) above to be made

between an Obligor and the Lender 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 or delivery.

(c)

Any such electronic communication or document as specified in paragraph (a) above made or

delivered by one Party to another will be effective only when actually received (or made available)

in readable form and in the case of any electronic communication or document made or delivered

by a Party to the Lender only if it is addressed in such a manner as the Lender shall specify for this

purpose.

(d)

Any electronic communication or document 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 or document 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 or a document

being delivered shall be construed to include that communication or document being made

available in accordance with this Clause 34.4 (

Electronic communication

).

34.5

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 Lender, accompanied by a certified English

translation prepared by a translator approved by the Lender and, in this case, the English

translation will prevail unless the document is a constitutional, statutory or other official

document.

35

CALCULATIONS AND CERTIFICATES

35.1

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 the Lender are

prima facie

 evidence

of the matters to which they relate.

35.2

Certificates and determinations

Any certification or determination by the Lender 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.

35.3

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 Market differs, in accordance with that market

practice.

36

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.

37

REMEDIES AND WAIVERS

(a)

No failure to exercise, nor any delay in exercising, on the part of the Lender or any Receiver or

Delegate, 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 the Lender or any Receiver or Delegate 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.

(b)

No variation or amendment of a Finance Document shall be valid unless in writing and signed by

the Lender.

38

ENTIRE AGREEMENT

(a)

This Agreement, in conjunction with the other Finance Documents, constitutes the entire

agreement between the Parties and supersedes all previous agreements, understandings and

arrangements between them, whether in writing or oral, in respect of its subject matter.

(b)

 Each Obligor acknowledges that it has not entered into this Agreement or any other Finance

Document in reliance on, and shall have no remedies in respect of, any representation or warranty

that is not expressly set out in this Agreement or in any other Finance Document.

39

SETTLEMENT OR DISCHARGE CONDITIONAL

Any settlement or discharge under any Finance Document between the Lender and any

Transaction Obligor shall be conditional upon no security or payment to the Lender by any

Transaction Obligor or any other person being set aside, adjusted or ordered to be repaid, whether

under any insolvency law or otherwise.

40

IRREVOCABLE PAYMENT

If the Lender considers that an amount paid or discharged by, or on behalf of, a Transaction Obligor

or by any other person in purported payment or discharge of an obligation of that Transaction

Obligor to the Lender under the Finance Documents is capable of being avoided or otherwise set

aside on the liquidation or administration of that Transaction 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.

41

AMENDMENTS

41.1

Obligor Intent

Without prejudice to the generality of Clauses 1.2 (

Construction

), 17.4 (

Waiver of defences

) and

18.2 (

Waiver of defences

), each Obligor expressly confirms that it intends that any guarantee

contained in this Agreement or any other Finance Document and any Security created by any

Finance Document shall extend from time to time to any (however fundamental) variation,

increase, extension or addition of or to any of the Finance Documents and/or any facility or

amount made available under any of the Finance Documents for the purposes of or in connection

with any of the following: business acquisitions of any nature; increasing working capital; enabling

investor distributions to be made; carrying out restructurings; refinancing existing facilities;

refinancing any other indebtedness; making facilities available to new borrowers; any other

variation or extension of the purposes for which any such facility or amount might be made

available from time to time; and any fees, costs and/or expenses associated with any of the

foregoing.

42

CONFIDENTIAL INFORMATION

42.1

Confidentiality

The Lender agrees to keep all Confidential Information confidential and not to disclose it to

anyone, save to the extent permitted by Clause 42.2 (

Disclosure of Confidential Information

) and

to ensure that all Confidential Information is protected with security measures and a degree of

care that would apply to its own confidential information.

42.2

Disclosure of Confidential Information

The Lender may disclose:

(a)

to any of its Affiliates and Related Funds and any of its or their officers, directors, employees,

professional advisers, auditors, insurers, insurance advisors, insurance brokers, partners and

Representatives such Confidential Information as the Lender 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 may potentially assign) all or any of its rights and/or

obligations under one or more Finance Documents and, in each case, to any of that

person's Affiliates, Related Funds, Representatives and professional advisers;

(ii)

with (or through) whom it enters into (or may potentially enter into), whether directly or

indirectly, any sub-participation in relation to, or any other transaction under which

payments are to be made or may be made by reference to, one or more Finance

Documents and/or one or more Transaction Obligors and to any of that person's Affiliates,

Related Funds, Representatives and professional advisers;

(iii)

appointed by the Lender 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;

(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 the Lender charges, assigns or otherwise creates Security

(or may do so) pursuant to Clause 28.3 (

Security over Lender's rights

);

(viii)

which is a classification society or other entity which the Lender has engaged to make the

calculations necessary to enable the Lender to comply with its reporting obligations under

the Poseidon Principles;

(ix)

who is a Party, a member of the Group or any related entity of a Transaction Obligor;

(x)

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

(xi)

with the consent of the Parent Guarantor;

in each case, such Confidential Information as the Lender 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-paragraphs (iv) and (viii) 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 the Lender, it is not practicable so to do in the circumstances;

(c)

to any person appointed by the Lender 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 Borrowers and the Lender;

(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. 

42.3

DAC6

Nothing in any Finance Document shall prevent disclosure of any Confidential Information or other

matter to the extent that preventing that disclosure would otherwise cause any transaction

contemplated by the Finance Documents or any transaction carried out in connection with any

transaction contemplated by the Finance Documents to become an arrangement described in Part

II A 1 of Annex IV of Directive 2011/16/EU.

42.4

Entire agreement

This Clause 42 (

Confidential Information

) constitutes the entire agreement between the Parties in

relation to the obligations of the Lender under the Finance Documents regarding Confidential

Information and supersedes any previous agreement, whether express or implied, regarding

Confidential Information.

42.5

Inside information

The Lender 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

the Lender undertakes not to use any Confidential Information for any unlawful purpose.

42.6

Notification of disclosure

The Lender agrees (to the extent permitted by law and regulation) to inform the Borrowers:

(a)

of the circumstances of any disclosure of Confidential Information made pursuant to

sub-paragraph (v) of paragraph (b) of Clause 42.2 (

Disclosure of Confidential Information

) except

where such disclosure is made to any of the persons referred to in that paragraph during the

ordinary course of its supervisory or regulatory function; and

(b)

upon becoming aware that Confidential Information has been disclosed in breach of this Clause 42

(

Confidential Information

).

42.7

Continuing obligations

The obligations in this Clause 42 (

Confidential Information

) are continuing and, in particular, shall

survive and remain binding on the Lender for a period of 12 months from the earlier of:

(a)

the date on which all amounts payable by the Obligors under or in connection with this Agreement

have been paid in full and the Commitment has been cancelled or otherwise ceased to be

available; and

(b)

the date on which the Lender otherwise ceases to be the Lender.

43

CONFIDENTIALITY OF FUNDING RATES 

43.1

Confidentiality and disclosure

(a)

Each Obligor agrees to keep each Funding Rate confidential and not to disclose it to anyone, save

to the extent permitted by paragraph (b) below.

(b)

Each Obligor may disclose any Funding Rate, to:

(i)

any of its Affiliates and any of its or their officers, directors, employees, professional

advisers, auditors, partners and Representatives, if any person to whom that Funding Rate

is to be given pursuant to this paragraph (i) is informed in writing of its confidential nature

and that it may be price sensitive information except that there shall be no such

requirement to so inform if the recipient is subject to professional obligations to maintain

the confidentiality of that Funding Rate or is otherwise bound by requirements of

confidentiality in relation to it;

(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 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 Lender or

the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;

(iii)

any person to whom information is required to be disclosed in connection with, and for

the purposes of, any litigation, arbitration, administrative or other investigations,

proceedings or disputes if the person to whom that Funding Rate is to be given is informed

in writing of its confidential nature and that it may be price sensitive information except

that there shall be no requirement to so inform if, in the opinion of the Lender or the

relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;

and

(iv)

any person with the consent of the Lender.

43.2

Related obligations

(a)

Each Obligor acknowledges that each Funding Rate is or may be price sensitive information and

that its use may be regulated or prohibited by applicable legislation including securities law

relating to insider dealing and market abuse and each Obligor undertakes not to use any Funding

Rate for any unlawful purpose.

(b)

Each Obligor agrees (to the extent permitted by law and regulation) to inform the Lender:

(i)

of the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph

(b) of Clause 43.1 (

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 43

(

Confidentiality of Funding Rates

).

43.3

No Event of Default

No Event of Default will occur under Clause 27.4 (

Other obligations

) by reason only of an Obligor's

failure to comply with this Clause 43 (

Confidentiality of Funding Rates

).

44

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 11

GOVERNING LAW AND ENFORCEMENT

45

GOVERNING LAW

This Agreement and any non-contractual obligations arising out of or in connection with it are

governed by English law.

46

ENFORCEMENT

46.1

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)

To the extent allowed by law, this Clause 46.1 (

Jurisdiction

) is for the benefit of the Lender only.

As a result, the Lender shall be not be prevented from taking proceedings relating to a Dispute in

any other courts with jurisdiction. To the extent allowed by law, the Lender may take concurrent

proceedings in any number of jurisdictions.

46.2

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 Hill Dickinson Services (London) Ltd at its registered office for the

time being at The Broadgate Tower, 20 Primrose Street, London EC2A 2EW, United

Kingdom 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 three days of such event taking place) appoint another agent on terms acceptable to

the Lender. Failing this, the Lender may appoint another agent for this purpose.

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

SCHEDULE 1

THE PARTIES

PART A

THE OBLIGORS

Name of

Borrower

Place of

Incorporation

Registration

number (or

equivalent, if any)

Address for Communication

Majuro Shipping

Company Inc.

Marshall Islands

20080

c/o Approved Manager

350 Syngrou Avenue,

7

th

 Floor, Syngrou Tower,

Kalithea, 17674, Athens, Greece

E-mail: info@dwm.com.cy 

Toku Shipping

Company Inc.

Marshall Islands

71580

c/o Approved Manager

16 Pendelis Street

175 64 Palaio Faliro

Athens, Greece

E-mail:

corpgov@dianashippingservices.com

Mejato Shipping

Company Inc.

Marshall Islands

85176

c/o Approved Manager

16 Pendelis Street

175 64 Palaio Faliro

Athens, Greece

E-mail:

corpgov@dianashippingservices.com

Rakaru Shipping

Company Inc.

Marshall Islands

85177

c/o Approved Manager

16 Pendelis Street

175 64 Palaio Faliro

Athens, Greece

E-mail:

corpgov@dianashippingservices.com

Ebadon Shipping

Company Inc.

Marshall Islands

89308

c/o Approved Manager

16 Pendelis Street

175 64 Palaio Faliro

Athens, Greece

E-mail:

corpgov@dianashippingservices.com

Pulap Shipping

Company Inc.

Marshall Islands

61194

c/o Approved Manager

16 Pendelis Street

175 64 Palaio Faliro

Athens, Greece

E-mail:

corpgov@dianashippingservices.com

Weno Shipping

Company Inc.

Marshall Islands

61192

c/o Approved Manager

16 Pendelis Street

175 64 Palaio Faliro

Athens, Greece

E-mail:

corpgov@dianashippingservices.com

Erikub Shipping

Company Inc.

Marshall Islands

53880

c/o Approved Manager

16 Pendelis Street

175 64 Palaio Faliro

Athens, Greece

E-mail:

corpgov@dianashippingservices.com

Wotho Shipping

Company Inc.

Marshall Islands

53882

c/o Approved Manager

16 Pendelis Street

175 64 Palaio Faliro

Athens, Greece

E-mail:

corpgov@dianashippingservices.com

Name of Parent

Guarantor

Place of

Incorporation

Registration

number (or

equivalent, if any)

Address for Communication

Diana Shipping

Inc.

Marshall Islands

13671

c/o Approved Manager

16 Pendelis Street

175 64 Palaio Faliro

Athens, Greece

E-mail:

corpgov@dianashippingservices.com

PART B

THE ORIGINAL LENDER

Name of Original Lender

Address for Communication

Danish Ship Finance A/S

Sankt Annae Plads 3

DK-1250 Copenhagen K

Denmark

Attn: 

Henrik Rohde Søgaard hso@shipfinance.dk 

Iben Nordland inj@shipfinance.dk 

Loan Administration loanadmin@shipfinance.dk

Fax: +45 3333 9666

SCHEDULE 2

CONDITIONS PRECEDENT

PART A

CONDITIONS PRECEDENT TO UTILISATION 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 of each Obligor (other than the Parent Guarantor)

and a copy of a resolution of the executive committee of the Parent Guarantor:

(a)

evidencing corporate benefit;

(b)

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;

(c)

authorising a specified person or persons to execute the Finance Documents to which it is a party

on its behalf; and

(d)

authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and

notices (including, if relevant, the Utilisation Request) to be signed and/or despatched by it under,

or in connection with, the Finance Documents to which it is a party.

1.3

An original of the power of attorney of any Obligor authorising a specified person or persons to

execute the Finance Documents to which it is a party.

1.4

A specimen of the signature of each person authorised by the resolution referred to in paragraph

1.2 above.

1.5

A copy of a resolution signed by the Parent Guarantor as the holder of the issued shares in each

Borrower, approving the terms of, and the transactions contemplated by, the Finance Documents

to which that Borrower is a party.

1.6

A certificate of each Obligor (signed by a director) confirming that borrowing or guaranteeing, as

appropriate, the Commitment would not cause any borrowing, guaranteeing or similar limit

binding on that Obligor to be exceeded.

1.7

A certificate of each Transaction Obligor that is incorporated outside the UK (signed by a director)

certifying either that (i) it has not delivered particulars of any UK Establishment to the Registrar of

Companies as required under the Overseas Regulations or (ii) it has a UK Establishment and

specifying the name and registered number under which it is registered with the Registrar of

Companies.

1.8

A certificate of an authorised signatory of the relevant Obligor certifying that each copy document

relating to it specified in this Part A of Schedule 2 (

Conditions Precedent

) is a true copy of the

original and it is

correct, complete and in full force and effect as at a date no earlier than the date

of this Agreement.

1.9

A copy of a goodstanding certificate in respect of each Transaction Obligor dated not earlier than

three months from the date of this Agreement. 

2

Finance Documents

2.1

If applicable, a duly executed original of the Subordination Agreement and copies of each

Subordinated Finance Document.

2.2

A duly executed original of any Finance Document not otherwise referred to in this Schedule 2

(

Conditions Precedent

).

2.3

A duly executed original of any other document required to be delivered by each Finance

Document if not otherwise referred to this Schedule 2 (

Conditions Precedent

).

3

Security

3.1

A duly executed original of the Account Security in relation to each Earnings Account and of the

Shares Security in respect of each Borrower (and of each document to be delivered under each of

them).

3.2

If applicable, a duly executed original of the Subordinated Debt Security.

4

Legal opinions

4.1

A legal opinion of Watson Farley & Williams, Greece, legal advisers to the Lender in England.

4.2

If an Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the

legal advisers to the Lender in the relevant jurisdiction.

5

Shareholder's loans

If there are any shareholder loans agreements in respect of any loan from the Parent Guarantor

to a Borrower, copies of such loan agreements together with evidence:

(a)

of corporate benefit; and

(b)

that any relevant financial assistance laws have been complied with.

6

Other documents and evidence

6.1

A valuation of each Ship, addressed to the Lender, stated to be for the purposes of this Agreement

and dated not earlier than 30 days before the Utilisation Date for the Advance under each Tranche

from an Approved Valuer.

6.2

Draft cover notes and certificates of the relevant P&I Club in respect of each Ship evidencing that

each Ship is insured in accordance with the provisions of this Agreement together with draft 

letters o

f undertaking by the Approved Brokers in accordance with paragraph (b) of Clause 23.6

(

Copies of policies; letters of undertaking

), in each case in forms acceptable to the Lender. 

6.3

Evidence that any process agent referred to in Clause 46.2 (

Service of process

), if not an Obligor,

has accepted its appointment.

6.4

A copy of any other Authorisation or other document, opinion or assurance which the Lender

considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection

with the entry into and performance of the transactions contemplated by any Transaction

Document or for the validity and enforceability of any Transaction Document.

6.5

The Original Financial Statements of the Parent Guarantor.

6.6

The original of any mandates or other documents required in connection with the opening or

operation of the Earnings Accounts.

6.7

Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause 11

(

Fees

) and Clause 16 (

Costs and Expenses

) have been paid or will be paid by the first Utilisation

Date.

6.8

Such documentation and information as the Lender deem necessary and/or advisable to comply

with: 

(a)

relevant sanction regulations including the Lender's sanction compliance procedures with a view

to carry out relevant sanctions' screenings; and

(b)

customer due diligence measures for purposes of AML/CTF checks as required by the Danish

Consolidating Act no. 1022 of 13

th

 of August 2013 on Measures to Prevent Money Laundering and

Financing of Terrorism (as amended and supplemented) including, without limitation:

(i)

Ownership and structure: evidence satisfactory to the Lender of the complete ownership

and control structure of the Customers including the ownership stake belonging to

beneficial owners meaning the natural person(s) who ultimately owns or controls through

direct or indirect ownership of more than 20 per cent. of the shares or voting rights in the

Customers (except for beneficial owners in companies listed on a regulated market that is

subject to disclosure requirements consistent with EU law or equivalent international

standards, provided that if only part of such companies shares are listed, the beneficial

owners, if any, of such remaining unlisted shares shall be subject to the disclosure

requirements) or, if no such person(s) are identified or if there is any doubt that the

person(s) identified are the beneficial owner(s), the natural person(s) who hold the

position of senior management in the Parent Guarantor;

(ii)

Verification: copies of proof of identity and country of residence (which may be

documented by copy of bank statement, utility bills, lease contracts or other official

documents from a reliable and independent source) no older than 3 Months from date of

receipt, in Roman Latin letters ( i.e. not Hebrew, Greek, Arabic or Russian letters in

readable form) of the Customers and any beneficial owner (except for beneficial owners

in listed companies as described in sub-paragraph (a) above) or, if no such person(s) are

identified or if there is any doubt that the person(s) identified are the beneficial owner(s),

in addition to the so identified beneficial owner(s), the natural person(s) who hold the

position of senior management officials in the Parent Guarantor and of any signatories

shall be verified in the following manner:

(A)

in relation to natural persons (e.g. beneficial owner(s) or senior management

officials): proof of identity shall include name, date of birth and civil registration

number verified on the basis of copies of passports or driver's licenses, other

government issued documents, lawyer's statements or a legal opinion; and

(B)

in relation to legal persons (e.g. Customers and/or any listed parent company):

proof of identity shall include registered name, country of incorporation, business

registration number, tax identification number (TIN), legal entity identifier (LEI) or

similar government issued identification number verified on the basis of transcript

from companies house or companies registry, Articles of Association and

Memorandum of Association, or other government issued documents.

Alternatively, bank statements, lawyer's statements, legal opinion or confirmation

from the Danish Consulate in the country

 of

the registered office of the Customer

or listed parent company confirming name or business identification number; 

(iii)

Signing authority and verification: 

(A)

Authorised signatory: copies of Articles of Association and Memorandum of

Association, Board Resolution, or legal opinion. Proof of identity of the signatory

shall be verified on the basis of passport, identity card issued by a governmental

authority or driver's license in relation to the signing of authority of any person

executing a document on behalf of the Customers; and

(B)

Attorneys in fact: copies of any powers of attorney, documentation evidencing

general authority or legal opinion in relation to the signing authority of any

attorney-in-fact executing a document on behalf of the Customers, in each case

no older than 3 months. The proof of identity of any attorney-in-fact shall be

verified on the basis of passport, identity card issued by a governmental authority

or driver's license. Alternatively, if the attorney-in-fact is an attorney-at-law

qualified in a EU/EEA member state, a print-out of the webpage of the relevant

law firm with whom the attorney-at-law is employed evidencing such

employment; and

(iv)

a statement from the Customers confirming that the documents, data or information

previously provided to the Lender under paragraphs (i), (ii) and (iii) above is up-to-date,

or, alternatively, any relevant updated documents, data or information.

PART B

CONDITIONS PRECEDENT TO UTILISATION UNDER EACH TRANCHE 

In this Part B, the

"

Relevant Ship

" means the particular Ship to which the relevant Tranche relates and

"

Relevant Borrower

" means the Borrower owning that Ship.

1

Borrowers

A certificate of an authorised signatory of the Relevant Borrower certifying that each copy

document which it is required to provide under this Part B of Schedule 2 (

Conditions Precedent

) a

true copy of the original and it is correct, complete and in full force and effect as at the Utilisation

Date of the Advance under the relevant Tranche.

2

Release of Existing Security

An original of the relevant Deed of Release and of each document to be delivered under or

pursuant to it, together with evidence satisfactory to the Lender of its due execution by the parties

to it.

3

Ship and other security

3.1

A duly executed original of the Mortgage, the General Assignment and, if applicable, any

Charterparty Assignment in respect of the Relevant Ship and of each document to be delivered

under or pursuant to each of them together with documentary evidence that the Mortgage in

respect of the Relevant Ship has been duly registered or, as the case may be, recorded as a valid

first preferred or, as the case may be, first priority ship mortgage in accordance with the laws of

the jurisdiction of its Approved Flag.

3.2

Documentary evidence that the Relevant Ship:

(a)

is definitively and permanently registered in the name of the Relevant Borrower under the

Approved Flag applicable to the Relevant Ship;

(b)

is in the absolute and unencumbered ownership of the Relevant Borrower save as contemplated

by the Finance Documents;

(c)

maintains the Approved Classification with the Approved Classification Society(ies) free of all

material overdue recommendations and conditions or adverse notations of the Approved

Classification Society and if the Relevant Ship is Ship H or Ship I, evidence that the rules of Det

Norske Veritas shall apply in full extent to such Ship; and

(c)

is insured in accordance with the provisions of this Agreement (including final cover notes from

the relevant underwriters and certificate of entry of the relevant P&I Club in the forms previously

approved by the Lender) and all requirements in this Agreement in respect of insurances

(including, without limitation, letters of undertaking by the Approved Brokers in accordance with

paragraph (b) of Clause 23.6 (

Copies of policies; letters of undertaking

)) have been complied with.

3.3

Documents establishing that the Relevant Ship will, as from the Utilisation Date of the Advance

under the relevant Tranche, be managed commercially by its Approved Commercial Manager and

managed technically by its Approved Technical Manager on terms acceptable to the Lender,

together with:

(a)

a Manager's Undertaking for each of the Approved Technical Manager and the Approved

Commercial Manager in respect of the Relevant Ship; and

(b)

copies of the Inventory of Hazardous Materials relating to the Relevant Ship, 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 Lender 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 and a Tonnage

Certificate.

3.4

An opinion from an independent insurance consultant acceptable to the Lender on such matters

relating to the Insurances as the Lender may require.

4

Legal opinions

Legal opinions of the legal advisers to the Lender in the jurisdiction of the Approved Flag of the

Relevant Ship and such other relevant jurisdictions as the Lender may require.

5

Other documents and evidence

5.1

A copy of any other Authorisation or other document, opinion or assurance which the Lender

considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection

with the entry into and performance of the transactions contemplated by any Transaction

Document referred to in paragraph 3 (

Ship and other security

) above or for the validity and

enforceability of any such Transaction Document.

5.2

Any charterparties, pool agreement and on-hire certificate in respect of the Relevant Ship.

5.3

Evidence satisfactory to it of the current status of the Relevant Ship regarding EEXI (Energy

Efficiency Existing Ship Index) and of the Operational Carbon Intensity Rating of the Relevant Ship. 

5.4

If the Relevant Ship is Ship B, Ship C, Ship D, Ship E or Ship F, a report on the fuel type used and

the fuel consumption (at service and economy speed for Ship B, Ship E or Ship F or at service for

Ship C and Ship D) of that Relevant Ship based on the Regulation (EU) 2015/757 of the European

Parliament and of the Council of 29 April 2015 on the monitoring, reporting and verification of

carbon dioxide emissions from maritime transport, and amending Directive 2009/16/EC.

5.5

Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause 11

(

Fees

) and Clause 16 (

Costs and Expenses

) have been paid or will be paid by the Utilisation Date

for the Advance under the relevant Tranche.

5.6

Evidence that all sums then due (if any) to the Lender in respect of the relevant Existing

Indebtedness have been paid in full.

SCHEDULE 3

UTILISATION REQUEST

From:

Majuro Shipping Company Inc.

Toku Shipping Company Inc.

Mejato Shipping Company Inc.

Rakaru Shipping Company Inc.

Ebadon Shipping Company Inc.

Pulap Shipping Company Inc.

Weno Shipping Company Inc.

Erikub Shipping Company Inc.

Wotho Shipping Company Inc.

To:

Danish Ship Finance A/S

Dated: [

●

] 2023

Majuro Shipping Company Inc., Toku Shipping Company Inc., Mejato Shipping Company Inc., Rakaru

Shipping Company Inc., Ebadon Shipping Company Inc., Pulap Shipping Company Inc., Weno Shipping

Company Inc., Erikub Shipping Company Inc., Wotho Shipping Company Inc. – $100,000,000 Facility

Agreement dated [

●

] April 2023 (the

"

Agreement

"

)

1

We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have

the same meaning in this Utilisation Request unless given a different meaning in this Utilisation

Request.

2

We wish to borrow the Facility on the following terms:

Proposed Utilisation Date: [

●

] (or, if that is not a Business Day, the next Business

Day)

Amount: $[

●

] or, if less, the Available Facility

Interest Period for the first Advance: [

●

]

3

[You are authorised and requested to deduct from the Advance prior to funds being remitted the

following amounts set out against the following items:

Deductible Items $

Upfront Fee

Lender's solicitors' fees inclusive of disbursements and VAT

[

●

] legal opinion fees (if any)

Net proceeds of Advance _____________]

4

We confirm that each condition specified in Clause 4.1 (

Initial conditions precedent

) and Clause 4.2

(

Further conditions precedent

) of the Agreement as they relate to the Advance to which this

Utilisation Request refers is satisfied on the date of this Utilisation Request.

5

The [net] proceeds of this Advance should be credited to [account].

6

This Utilisation Request is irrevocable.

Yours faithfully

____________________

[

●

]

authorised signatory for

Majuro Shipping Company Inc.

____________________

[

●

]

authorised signatory for

Toku Shipping Company Inc.

____________________

[

●

]

authorised signatory for

Mejato Shipping Company Inc.

____________________

[

●

]

authorised signatory for

Rakaru Shipping Company Inc.

____________________

[

●

]

authorised signatory for

Ebadon Shipping Company Inc.

____________________

[

●

]

authorised signatory for

Pulap Shipping Company Inc.

____________________

[

●

]

authorised signatory for

Weno Shipping Company Inc.

____________________

[

●

]

authorised signatory for

Erikub Shipping Company Inc.

____________________

[

●

]

authorised signatory for

Wotho Shipping Company Inc.

SCHEDULE 4

FORM OF COMPLIANCE CERTIFICATE

To: Danish Ship Finance A/S as Lender

From: Diana Shipping Inc.

Dated: [

●

]

Majuro Shipping Company Inc., Toku Shipping Company Inc., Mejato Shipping Company Inc., Rakaru

Shipping Company Inc., Ebadon Shipping Company Inc., Pulap Shipping Company Inc., Weno Shipping

Company Inc., Erikub Shipping Company Inc., Wotho Shipping Company Inc. – $100,000,000 Facility

Agreement dated [

●

] April 2023 (the

"

Agreement

"

)

1

We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have

the same meaning when used in this Compliance Certificate unless given a different meaning in

this Compliance Certificate.

2

We confirm that: 

(a)

the aggregate of all Cash and Cash Equivalents held by the Parent Guarantor on a consolidated

basis are [●]; 

(b)

the Market Value Adjusted Net Worth of the Group is [●]; 

(c)

the Market Value Adjusted Total Assets of the Group are [●]; and

(d)

the Security Cover Ratio is [●].

3

[We confirm that no Default is continuing.]

Signed:

________________________ 

Chief Finance Officer 

of 

Diana Shipping Inc. 

SCHEDULE 5

DETAILS OF THE SHIPS

Ship name

Name 

of the

Borrower/o

wner

IMO Number

Type

DWT

Approved Flag

and port of

registration

Approved

Classification

Society

Approved Classification

Approved

Commercial

Manager

Approved Technical Manager

ALCMENE

Majuro

Shipping

Company

Inc.

9568586

Post-

panamax

bulk carrier

93,193

Marshall Islands

Bureau Veritas

I +[ HULL + MACH

Bulk carrier CSR BC-A (holds 2,4, 6

may be empty) ESP GRAB (20)

Unrestricted navigation + AUT-

UMS , + AUT -PORT , MON-SHAFT , 

+ ALP , INWATERSURVEY

Diana Wilhelmsen

Management Limited

Diana Wilhelmsen

Management Limited

SEATTLE

Toku

Shipping

Company

Inc.

9476848

Capesize

bulk carrier

179,362

Marshall Islands

Nippon Kaiji Kyokai

NS* I MNS*

(CSR, BC-A, BC-XII, GRAB 20, PSPC-

WBT)(ESP)(IWS)(PSCM)

Diana Shipping

Services S.A.

Diana Shipping Services S.A.

PHAIDRA

Mejato

Shipping

Company

Inc.

9661211

Post-

panamax

bulk carrier

87,146

Marshall Islands

American Bureau

of Shipping

+A1, Bulk Carrier, BC-A (holds 2,4

and 6 may be empty), ESP,

Ⓔ

 ,

+AMS, +ACCU, CPS, CSR AB-CM

Diana Shipping

Services S.A.

Diana Shipping Services S.A.

ELECTRA

Rakaru

Shipping

Company

Inc.

9661223

Post-

panamax

bulk carrier

87,150

Marshall Islands

China

Classification

Society 

☆

 CSA Bulk Carrier, Double Side

Skin; CSR; BC-A(Holds Nos. 2,4 ^6

may be Empty); GRAB[20];

PSPC(R,D); Loading Computer (S, I,

G); ESP; In-Water Survey FTP;

BWMP

☆

 CSM Al/T-D; SCM; SEEMP (I)

Diana Shipping

Services S.A.

Diana Shipping Services S.A.

ASTARTE

Ebadon

Shipping

Company

Inc.

9600645

Kamsarmax

bulk carrier

81,513

Marshall Islands

American Bureau

of Shipping

+A1, Bulk Carrier, BC-A (holds 2, 4

and 6 may be empty), ESP,

Ⓔ

,

+AMS, +ACCU, CPS, CSR, AB-CM

Additional Notations

GP, GRAB 30, RW, TCM, UWILD

Diana Shipping

Services S.A.

Diana Shipping Services S.A.

P. S. PALIOS

Pulap

Shipping

Company

Inc.

9573103

Capesize

bulk carrier

179,134

Marshall Islands

Bureau Veritas

I + HULL + MACH

Bulk carrier CSR CPS(WBT) BC-A

(holds 2,4,6

☆

 8 may be empty)

GRAB+ 20cv ESP Unrestricted

navigation + AUT-UMS , MON-

SHAFT , GREEN PASSPORT , + ALP ,

CYBER MANAGED ,

INWATERSURVEY , LI-HG 

Diana Shipping

Services S.A.

Diana Shipping Services S.A.

G. P. ZAFIRAKIS

Weno

Shipping

Company

Inc.

9671931

Capesize

bulk carrier

179,492

Marshall Islands

China

Classification

Society

☆

 CSA Bulk Carrier; CSR; BD-

A(Holds Nos. 2,4,6 & 8 may be

Empty); GRAB[25]; ERS*; PSPC(B);

Loading Computer (S, I, G, D); ESP;

In-Water Survey

Diana Shipping

Services S.A.

Diana Shipping Services S.A.

CRYSTALIA

Erikub

Shipping

Company

Inc.

9658874

Panamax

bulk carrier

77,525

Greek (at the port

of Piraeus)

China

Classification

Society/Det

Norske Veritas

+ 1A1 Bulk carrier BC(A) BIS

BWM(T) CSR E0 ESP Grab(20 t)

Holds(2,4 & 6)may be empty

Ice(1B) TMON

Diana Shipping

Services S.A.

Diana Shipping Services S.A.

ATALANDI

Wotho

Shipping

Company

Inc.

9658886

Panamax

bulk carrier

77,529

Greek (at the port

of Chios)

China

Classification

Society/Det

Norske Veritas

+ 1A1 Bulk carrier BC(A) BIS

BWM(T) CSR E0 ESP Grab(20 t)

Holds(2,4 & 6)may be empty

Ice(1B) TMON

Diana Shipping

Services S.A.

Diana Shipping Services S.A.

SCHEDULE 6

TIMETABLES

Delivery of a duly completed Utilisation Request

(Clause 5.1 (

Delivery of Utilisation Request

)) 

Three Business Days before the intended

Utilisation Date (Clause 5.1 (

Delivery of

Utilisation Request

)) 

EXECUTION PAGES

BORROWERS

SIGNED

 by [

●

] )

duly authorised )

for and on behalf of )

MAJURO SHIPPING COMPANY INC. 

)

in the presence of: )

Witness' signature: )

Witness' name: )

Witness' address: )

SIGNED

 by [

●

] )

duly authorised )

for and on behalf of )

TOKU SHIPPING COMPANY INC.

 )

in the presence of: )

Witness' signature: )

Witness' name: )

Witness' address: )

SIGNED

 by [

●

] )

duly authorised )

for and on behalf of )

MEJATO SHIPPING COMPANY INC. 

)

in the presence of: )

Witness' signature: )

Witness' name: )

Witness' address: )

SIGNED

 by [

●

] )

duly authorised )

for and on behalf of )

RAKARU SHIPPING COMPANY INC. )

in the presence of: )

Witness' signature: )

Witness' name: )

Witness' address: )

SIGNED

 by [

●

] )

duly authorised )

for and on behalf of )

EBADON SHIPPING COMPANY INC. 

)

in the presence of: )

Witness' signature: )

Witness' name: )

Witness' address: )

SIGNED

 by [

●

] )

duly authorised )

for and on behalf of )

PULAP SHIPPING COMPANY INC. 

)

in the presence of: )

Witness' signature: )

Witness' name: )

Witness' address: )

SIGNED

 by [

●

] )

duly authorised )

for and on behalf of )

WENO SHIPPING COMPANY INC. 

)

in the presence of: )

Witness' signature: )

Witness' name: )

Witness' address: )

SIGNED

 by [

●

] )

duly authorised )

for and on behalf of )

ERIKUB SHIPPING COMPANY INC. 

)

in the presence of: )

Witness' signature: )

Witness' name: )

Witness' address: )

SIGNED

 by [

●

] )

duly authorised )

for and on behalf of )

WOTHO SHIPPING COMPANY INC. 

)

in the presence of: )

Witness' signature: )

Witness' name: )

Witness' address: )

PARENT GUARANTOR

SIGNED

 by [

●

] )

duly authorised )

for and on behalf of )

DIANA SHIPPING INC.

 )

in the presence of: )

Witness' signature: )

Witness' name: )

Witness' address: )

ORIGINAL LENDER

SIGNED

 by [●] )

duly authorised )

for and on behalf of )

DANISH SHIP FINANCE A/S

 )

in the presence of: )

Witness' signature: )

Witness' name: )

Witness' address: )