SMHI SEACOR Marine Holdings Inc

Exhibit 10.1

Execution Version

CREDIT AGREEMENT

PROVIDING FOR A SENIOR SECURED TERM LOAN OF

UP TO $391,000,000

BY AND AMONG

SEACOR MARINE FOREIGN HOLDINGS INC.,

as Borrower,

SEACOR MARINE HOLDINGS INC.,

as Parent Guarantor

THE SUBSIDIARY GUARANTORS FROM TIME TO TIME PARTY HERETO,

THE LENDERS IDENTIFIED ON SCHEDULE 1-B,

KROLL AGENCY SERVICES LIMITED,

as Facility Agent

KROLL TRUSTEE SERVICES LIMITED,

as Security Trustee

as of November 27, 2024

TABLE OF CONTENTS

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CREDIT AGREEMENT

THIS CREDIT AGREEMENT (this “Agreement”) is made as of the 27^th day of November, 2024, by and among (i) SEACOR Marine Foreign Holdings Inc., a corporation incorporated under the laws of the Republic of the Marshall Islands (“Borrower”), as borrower, (ii) SEACOR Marine Holdings Inc., a corporation incorporated under the laws of the State of Delaware (the “Parent Guarantor”), as parent guarantor, (iii) the Subsidiary Guarantors from time to time party hereto, (iv) the parties identified on Schedule 1-B hereto, as Lenders, (v) Kroll Agency Services Limited, as facility agent for the Lenders (the “Facility Agent”), and (vi) Kroll Trustee Services Limited, as security trustee for the Finance Parties (the “Security Trustee”).

WITNESSETH THAT:

WHEREAS, subject to the terms and conditions set forth herein, the Lenders have agreed to make available to the Borrower senior secured term loans in the aggregate principal amount of up to Three Hundred Ninety One Million Dollars (US$391,000,000) to refinance the Refinanced Indebtedness, partially fund the Contract Price Installments of the Newbuilding Vessels, and for general corporate purposes.

NOW, THEREFORE, in consideration of the premises set forth above, the covenants and agreements hereinafter set forth, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as set forth below:

1.1 Specific Definitions. In this Agreement the words and expressions specified herein, including in the preamble hereof, shall, except where the context otherwise requires, have the meanings attributed to them below:

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1.2 Computation of Time Periods; Other Definitional Provisions. In this Agreement, the Notes, and the other Loan Documents, in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”; words importing either gender include the other gender; references to “writing” include printing, typing, lithography and other means of reproducing words in a tangible visible form; the words “including”, “includes” and “include” shall be deemed to be followed by the words “without limitation”; references to articles, sections (or subdivisions of sections), exhibits, annexes or schedules are to this Agreement, the Notes or such other Loan Documents, as applicable; references to agreements and other contractual instruments (including any Loan Document) shall be deemed to include all subsequent amendments, amendments and restatements, supplements, extensions, replacements and other modifications to such instruments (without, however, limiting any prohibition on any such amendments, extensions and other modifications by the terms of the Loan Documents); references to any matter that is “approved” or requires “approval” of a party means approval given in the sole and absolute discretion of such party unless otherwise specified; words importing the plural include the singular and vice versa; references to a vessel by name in this Agreement shall be deemed to refer to the Vessel having such name as further described in Schedule 2.

1.3 Accounting Terms. Unless otherwise specified herein, all accounting terms used in this Agreement, the Notes, and the other Loan Documents shall be interpreted, and all financial statements and certificates and reports as to financial matters required to be delivered to the Facility Agent or the Lenders, as the case may be, under this Agreement shall be prepared, in accordance with generally accepted accounting principles for the United States (“GAAP”) as amended from time to time including amendments to GAAP made as a result of the conformity of GAAP to International Financial Reporting Standards in effect.

1.4 Certain Matters Regarding Materiality. To the extent that any representation, warranty, covenant or other undertaking of any Obligor in this Agreement is qualified by reference to those which are not reasonably expected to result in a “Material Adverse Effect” or language of similar import, no inference shall be drawn therefrom that the Facility Agent, Security Trustee or Lenders have knowledge or approves of any noncompliance by such Obligor with any governmental rule.

1.5 Forms of Documents. Except as otherwise expressly provided in this Agreement, references to documents or certificates “substantially in the form” of Exhibits to another document means that such documents or certificates are duly completed in the form of the related Exhibits with substantive changes subject to the provisions of Section 18.7 (Entire Agreement; Amendments) of this Agreement, as the case may be, or the correlative provisions of the Security Documents.

2.1 Representations and Warranties. In order to induce the Finance Parties to enter into this Agreement and to induce the Lenders to make the Loans available to the Borrower, each Obligor hereby represents and warrants to the Finance Parties, as to itself and each other Obligor, to the Finance Parties on each Funding Date (other than in the case of each Subsidiary Guarantor owning a COSCO Vessel or Santander Vessel) and, in the case of each Subsidiary Guarantor owning a COSCO Vessel or Santander Vessel the Funding Date on which the COSCO Indebtedness or Santander Indebtedness is repaid, that:

 (a) Due Organization and Power. Each Obligor is duly formed or incorporated, validly existing and in good standing under the laws of its jurisdiction of formation, has all requisite power

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to carry on its business as now being conducted and to enter into and perform its obligations under the Loan Documents to which it is a party, and has complied in all material respects with all statutory, regulatory and other requirements relative to such business and such agreements;

 (b) Authorization and Consents. All necessary corporate or limited liability company or similar action has been taken by each Obligor to authorize, and all necessary consents and authorities have been obtained and remain in full force and effect to permit, such Obligor to enter into and perform its obligations under the Loan Documents to which it is a party, and to borrow, service and repay the Loans and, as of the date of this Agreement, no further consents or authorities are necessary for the service and repayment of the Loans or any part thereof;

 (c) Binding Obligations. Each Loan Document has been duly executed and delivered by each Obligor that is a party thereto and is the legal, valid and binding obligation of such Obligor, enforceable against such Obligor in accordance with its respective terms, except to the extent that such enforcement may be limited by equitable principles, principles of public policy or applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting generally the enforcement of Finance Parties’ rights;

 (d) No Violation. The execution, delivery, and performance by each Obligor of the provisions of each of the Loan Documents to which it is party do not contravene any applicable law or regulation that is material to the conduct of such Obligor’s business or any contractual restriction binding on such Obligor or its articles of incorporation, memorandum of association, certificate of formation, by-laws or operating agreement (or equivalent instruments) thereof, and that the proceeds of the Loans shall be used by the Borrower exclusively for the purposes set forth in Section 3.1 (Purposes);

 (e) Filings; Stamp Taxes. Other than (x) the recording of the Mortgages in the relevant Approved Flag Jurisdictions, as the case may be, (y) the filing of Uniform Commercial Code financing statements in respect of the Assignments and the Pledge Agreements, and (z) the payment and filing or recording fees consequent thereto, it is not necessary for the legality, validity, enforceability or admissibility into evidence of the Loan Documents to which it is party, that any of them or any document relating thereto be (i) registered, filed, recorded or enrolled with any court or authority in any relevant jurisdiction or (ii) that any stamp, registration or similar Taxes be paid on or in relation to the Loan Documents;

 (f) Litigation. There is no action, suit or proceeding pending or, to the knowledge of any Obligors, threatened in writing against it or any Obligor before any court, board of arbitration or administrative agency which is reasonably likely to result in a Material Adverse Effect;

 (g) No Subordination. There is no agreement, indenture, contract or instrument to which any Obligor is a party, or by which an Obligor may be bound, that requires the subordination in right of payment of any Obligor’s obligations under this Agreement to any other obligation thereof;

 (h) No Default. No Obligor is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any material agreement by which it is bound, and no condition exists which, with the giving of notice or the lapse of time or both, could constitute such a default, except where the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect;

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 (i) Vessels. With respect to each Vessel owned by a Vessel Owner, the relevant Subsidiary Guarantor hereby represents and warrants that such Vessel is:

 (j) Insurance. Each Obligor maintains the insurance required by Section 10.1(t) (Maintenance of Insurances);

 (k) Financial Information. The Historical Financial Statements have been prepared in accordance with GAAP and accurately and fairly present in all material respects the financial condition of the parties covered thereby as of the respective dates thereof and the results of the operations thereof for the period or respective periods covered by such financial statements, subject, in the case of any such unaudited financial statements, to changes resulting from audit and normal year-end adjustments. As of the Effective Date, no Obligor has any contingent obligations, liabilities for taxes or other outstanding financial obligations that are not reflected in the Historical Financial Statements or the notes thereto and which in any such case is material in relation to the business, operations, properties, assets, condition (financial or otherwise) or prospects of the Obligors, taken as a whole;

 (l) Tax Returns. Each Obligor has filed all tax returns required to be filed by it and has paid all Taxes payable by it which have become due, other than those not yet delinquent and except for those (i) Taxes being contested in good faith and by appropriate proceedings or other acts and for which adequate reserves shall have been set aside on its books or (ii) where the failure to file or pay would not alone or in the aggregate result in a Material Adverse Effect;

 (m) ERISA. No ERISA Funding Event, ERISA Termination Event, Foreign Termination Event or Foreign Underfunding exists or has occurred, or is reasonably expected to exist or occur, that, when taken together with all other ERISA Funding Events, ERISA Termination Events, Foreign Termination Events and Foreign Underfundings that exist or have occurred, or which could reasonably be expected to exist or occur, could reasonably be expected to result in a Material Adverse Effect. None of the Obligors is a “benefit plan investor” within the meaning of Section 3(42) of ERISA;

 (n) Chief Executive Offices. The chief executive office and chief place of business of each Obligor (other than the Parent Guarantor) and the office in which the records relating to such party’s earnings and other receivables are kept is located at 5005 Railroad Avenue, Morgan City, Louisiana 70380, and the chief executive office and chief place of business of the Parent Guarantor and the office in which the records relating to its earnings and other receivables are kept is located at 12121 Wickchester Lane, Suite 500, Houston, TX 77079;

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 (o) Pari Passu Ranking. Its payment obligations under the Loan 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;

 (p) Equity Ownership. On the Effective Date, the Parent Guarantor indirectly and beneficially owns one hundred percent (100%) of each Transaction Obligor;

 (q) Environmental Matters and Claims. (a) Except as heretofore disclosed in writing to the Lenders or where the failure to comply would not alone or in the aggregate result in a Material Adverse Effect, (i) each of the Borrower and each Vessel Manager who is a member of the Group will, when required under applicable law to operate its business as then being conducted, be in compliance with all applicable United States federal and state, local, foreign and international laws, regulations and conventions relating to pollution prevention, protection of human health (to the extent related to exposure to Materials of Environmental Concern) or protection of the environment (including, without limitation, ambient air, surface water, ground water, navigable waters, waters of the contiguous zone, ocean waters and international waters), including, without limitation, laws, regulations and conventions to which either is a party relating to (1) emissions, discharges, releases or threatened releases of pollutants, contaminants, wastes, toxic substances, hazardous materials, oil, hazardous substances, petroleum and petroleum products and by-products (“Materials of Environmental Concern”), or (2) the processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, the “Environmental Laws”); (ii) each of the Borrower and each Vessel Manager who is a member of the Group will, when required under applicable Environmental Law, have all permits, licenses, approvals, rulings, variances, exemptions, clearances, consents or other authorizations required under applicable Environmental Laws (“Environmental Approvals”) and will, when required under applicable Environmental Law be in compliance with all such Environmental Approvals required to operate their business as then being conducted; and (iii) each of the Borrower and each Vessel Manager who is a member of the Group, and, to the knowledge of the Borrower, each other Vessel Manager (with respect to a Vessel it manages), has not received any notice of any claim, action or cause of action by any person, entity or Governmental Authority, alleging potential liability for, or a requirement to incur, Governmental Authority investigation costs, cleanup costs, response and/or remedial costs (whether incurred by a Governmental Authority or otherwise), natural resource damages, property damages, personal injuries, attorneys’ fees and expenses, or fines or penalties, in each case arising out of, based on or resulting from (1) the presence, or release or threat of release into the environment, of any Materials of Environmental Concern at any location, whether or not owned by such person, or (2) any violation, or alleged violation, of any Environmental Law or Environmental Approval (“Environmental Claim”) (other than Environmental Claims that have been fully and finally adjudicated or otherwise determined and all fines and penalties, if any, payable by it in respect thereof have been paid in full or which are fully covered by insurance (including permitted deductibles)); and (b) except as heretofore disclosed in writing to the Lenders there is no Environmental Claim pending or threatened in writing against any of the Transaction Obligors and there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission, discharge or disposal of any Materials of Environmental Concern, that could form the basis of any Environmental Claim against the Borrower the adverse disposition of which is reasonably like to result in a Material Adverse Effect;

 (r) Liens. As of the Effective Date, no Obligor (other than the Parent Guarantor) has any Liens that are not Permitted Liens, and the Parent Guarantor does not have any Liens other than Permitted Parent Liens (as defined in the Parent Guaranty);

 (s) Indebtedness. As of the Effective Date, no Obligor (other than the Parent Guarantor) has Indebtedness that is not Permitted Indebtedness, and the Parent Guarantor does not have any Indebtedness other than Permitted Parent Indebtedness (as defined in the Parent Guaranty);

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 (t) No Proceedings to Dissolve. There are no proceedings or actions pending or contemplated by it, or to its best knowledge contemplated by any third party, to dissolve or terminate any Obligor;

 (u) Solvency. With respect to each Obligor, upon the incurrence of any Indebtedness pursuant to this Agreement, (i) the sum of its assets, at a fair valuation, does and will exceed its liabilities, including, to the extent they are reportable as such in accordance with GAAP, contingent liabilities, (ii) the present fair market saleable value of its assets is not and shall not be less than the amount that will be required to pay its probable liability on its then existing debts, including, to the extent they are reportable as such in accordance with GAAP, contingent liabilities, as they mature, (iii) it does not and will not have unreasonably small working capital with which to continue its business and (iv) it has not incurred, does not intend to incur and does not believe it will incur, debts beyond its ability to pay such debts as they mature;

 (v) Compliance with Laws. Each Obligor is in compliance with all applicable laws of all Governmental Authorities, except where the failure to comply would not alone or in the aggregate result in a Material Adverse Effect;

 (w) Citizenship.

 (x) Investment Company. No Obligor is required to be registered as an “investment company” (as defined in the Investment Company Act of 1940, as amended);

 (y) Use of Proceeds; Margin Stock. The proceeds of the Loans will be used for the purposes set forth in Section 3.1 (Purposes) and will not be used by any Obligor to purchase or carry margin stock within the meanings of Regulations T, U or X of the Board of Governors of the Federal Reserve System. No Obligor is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock within the meaning of Regulations T, U or X of the Board of Governors of the Federal Reserve System;

 (z) Sanctions and Anti-Money Laundering Laws.

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 (aa) Material Adverse Change. Since September 30, 2024, no event, circumstance or change has occurred that constitutes a Material Adverse Effect;

 (bb) Shipbuilding Contract and Refund Guarantee. Each Shipbuilding Contract and Refund Guarantee shall, as of any Funding Date of the Tranche B Loan related thereto, be in full force and effect and constitute the legal, valid, binding obligation of each of the parties thereto, enforceable in accordance with its respective terms, and neither party to a Shipbuilding Contract shall, as of such Funding Date, have committed any material breach thereof. Each Buyer warrants and represents, as of each such Funding Date, that it has not assigned or pledged or otherwise encumbered the relevant Shipbuilding Contract or Refund Guarantee except in favor of the Security Trustee;

 (cc)  Tax Status. Neither the Borrower nor any Subsidiary Guarantor incorporated in the Marshall Islands is a U.S. Tax Obligor; and

 (dd) Repetition. All Repeating Representations shall be deemed to be made by each Obligor (other than the Parent Guarantor) by reference to the facts and circumstances then existing on each Repayment Date.

3.1 Purposes. The Borrower shall apply proceeds of the Loans as follows: (a) with respect to Tranche A, to refinance the Refinanced Indebtedness and for general corporate purposes, and (b) with respect to Tranche B, to make payments to the Shipyard under the Shipbuilding Contracts.

3.2 The Loans.

 (a) Each of the Lenders, relying upon each of the representations and warranties set out in Section 2 (Representations and Warranties) and the other Loan Documents hereby severally and not jointly agrees with the Borrower that, subject to and upon the terms of this Agreement, it will, on each Funding Date, make an Advance equal to the ratable portion of its Senior Commitment and Junior Commitment, as applicable, in respect of the relevant Tranche, available to the Borrower in the account(s) specified in the applicable Funding Notice, as follows: (a) with respect to Tranche A, in an aggregate amount not to exceed the lesser of (x) $350,000,000 and (y) 50% of the Fair Market Value of the Vessels, (b) with respect to Tranche B-1, in an aggregate amount not to exceed $20,500,000 and (c) with respect to Tranche B-2, in an aggregate amount not to exceed $20,500,000.

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 (b) There shall not be more than four (4) Advances in respect of Tranche A subject to no more than one (1) Advance per calendar month, four (4) Advances in respect of Tranche B-1, and four (4) Advances in respect of Tranche B-2. Any Commitments that are not drawn on the last day of the Availability Period shall be terminated.

3.3 Funding Notice. The Borrower shall serve a notice by e-mail (a “Funding Notice”), substantially in the form of Exhibit G, on the Facility Agent no later than 10:00am (London time) ten (10) Banking Days prior to the date of the proposed Funding Date. The Funding Notice shall (a) be in writing addressed to the Facility Agent, (b) be effective on receipt by the Facility Agent, (c) specify the proposed Funding Date which shall be a Banking Day within the Availability Period, (d) specify the principal amount of the Loans to be borrowed and the relevant Tranche (and, if Tranche B, whether the Advance is made under Tranche B-1 or Tranche B-2), (e) with respect to the Funding Notice in respect of the Initial Funding Date, attach the valuations setting forth the Fair Market Value of the Vessels as required by Section 3.2, (f) specify the disbursement instructions and (g) be irrevocable. Upon receipt of the Funding Notice (and no later than 5:00 p.m. (London time) on the date thereof (or if such Funding Notice is received after 10:00 a.m. (London time) ten (10) Banking Days prior to the date of the proposed Funding Date or on a day that is not a Banking Day, prior to 5:00 p.m. on the immediately subsequent Banking Day)), the Facility Agent shall deliver copies of the Funding Notice to the Lenders.

3.4 Effect of Funding Notice. Delivery of a Funding Notice shall be deemed to constitute a certification by each of the Obligors that (a) the representations and warranties stated in Section 2 (Representations and Warranties) (updated mutatis mutandis) hereof and stated by it in the other Loan Documents to which it is a party are in each case true and correct on and as of the date of such Funding Notice and will be true and correct on and as of such Funding Date as if made on such date (unless an earlier date is set forth therein), (b) no Event of Default nor any Default has occurred and is continuing, and (c) all conditions precedent to such funding have been satisfied (or will be satisfied on such Funding Date).

4.1 Conditions Precedent to the Occurrence of the Effective Date. The occurrence of the Effective Date and the effectiveness of this Agreement shall be expressly subject to the Lenders’ confirmation of the satisfaction, or waiver by all Lenders, of the following conditions precedent.

 (a) Corporate Authority. The Lenders shall have received the following documents in form and substance satisfactory to the Lenders:

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provided however if a Transaction Obligor is not party to a Loan Document being signed on the Effective Date, the documents described in Section 4.1(a) (Corporate Authority) relating to such Transaction Obligor may be delivered on the Initial Funding Date;

 (b) Loan Documents. Each Obligor shall have duly executed and delivered to the Finance Parties, this Agreement and the Parent Guarantor shall have duly executed and delivered to the Finance Parties, the Parent Guaranty;

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 (c) Financial Statements. The Parent Guarantor shall have delivered, to the extent not publicly filed with the SEC, to each Lender the Historical Financial Statements and a Compliance Certificate by the Parent Guarantor in respect of the periods ended March 30, 2024 and June 30, 2024;

 (d) Consents and Approvals. The Lenders shall have received satisfactory evidence that all necessary board of director (or equivalent) consents and approvals in connection with the transactions contemplated by the Loan Documents have been obtained; and

 (e) Process Agent. Each Obligor (other than those incorporated in the United States) shall have appointed a process agent in the State of New York and the Lenders shall have received evidence of the acceptance of such appointment from such process agent in connection with this Agreement and the Parent Guaranty.

4.2 Conditions Precedent to the Tranche A Initial Funding Date. The obligation of the Lenders to make all or a portion of Tranche A available to the Borrower under this Agreement on the Initial Funding Date shall be expressly and separately subject to the satisfaction, or waiver by all Lenders, of the following further conditions precedent:

(a) Loan Documents. Each Obligor (as applicable) shall have duly executed and delivered each of the following Loan Documents to the Finance Parties, together with each document required to be delivered under the terms thereof to the extent they are required to be delivered on the Initial Funding Date;

provided however that (x) the Assignments and Mortgages relating to any COSCO Vessel or Santander Vessel, and (y) the Pledge Agreements over the Subsidiary Guarantor owning any COSCO Vessel or Santander Vessel, in each case shall be delivered on the Funding Date on which the COSCO Indebtedness or Santander Indebtedness is refinanced.

 (b) Notes. The Borrower shall have duly executed and delivered the relevant Note to each Lender.

 (c) Fees. The Finance Parties shall have received payment in full of all fees and expenses due to each thereof pursuant to the terms hereof to the extent due including, without limitation, all fees and expenses due under Section 14 (Fees and Expenses) and in any Fee Letter;

 (d) The Vessels. Each of the Finance Parties shall have received, with respect to each Vessel (other than each COSCO Vessel or Santander Vessel to the extent the COSCO Indebtedness or Santander Vessel is refinanced with the Loans advanced on a subsequent Funding Date, which shall be received on such subsequent Funding Date):

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 (e) Insurance Report. The Lenders shall have received a detailed report from a firm of independent marine insurance consultants appointed by the Lenders in respect of the insurances on each Vessel (other than the Newbuilding Vessels and each COSCO Vessel and Santander Vessel to the extent the COSCO Indebtedness and Santander Indebtedness is refinanced with the Loans advanced on a subsequent Funding Date, which shall be delivered on such subsequent Funding Date), in form and substance satisfactory to the Lenders and addressed to the Facility Agent, the cost of such report to be for the account of the Borrower;

 (f) Refinancing of Refinanced Indebtedness. Evidence reasonably satisfactory to the Lenders that the Refinanced Indebtedness to be refinanced on the Initial Funding Date and any Liens relating thereto shall be discharged and released concurrently with advance of the Loans on the Initial Funding Date or Prepositioning Release Date, as applicable; provided however that the COSCO Indebtedness, the Santander Indebtedness and any Liens relating thereto may be discharged and released concurrently with the advance of the Loans on the Funding Date on which such Indebtedness is refinanced;

 (g) Evidence of Perfection of Security Interest. The Lenders shall have received evidence reasonably satisfactory that following the making of the Loans the security interests in the Collateral shall be perfected in the name of the Security Trustee, including the completion of UCC searches conducted in respect of each Obligor which is party to a Security Document in the State of Delaware, State of Louisiana, the District of Columbia and in such other jurisdictions as the Lenders may reasonably require;

 (h) Legal Opinions. The Lenders and the Facility Agent shall have received legal opinions addressed to the Facility Agent on behalf of the Finance Parties from Watson Farley & Williams LLP, counsel to the Obligors, as to matters of New York law, Delaware law, United States maritime law, Marshall Islands law, as well as such other legal opinions as the Lenders may reasonably require, in each case in a form acceptable to the Lenders and Lenders’ counsel;

 (i) Corporate Authority. The Lenders shall have received (i) any remaining documents described in Section 4.1(a) (Corporate Authority) which were not delivered in respect of a Transaction Obligor that is not party to a Loan Document on the Effective Date, and (ii) a certificate of an officer, director or managing member (as applicable) of each Transaction Obligor confirming any documents previously delivered pursuant to Section 4.1(a) (Corporate Authority); and

 (j) Process Agent. Each Obligor (other than those incorporated in the United States) shall have appointed a process agent in the State of New York and the Lenders shall have received evidence of the acceptance of such appointment from such process agent in connection with the Notes and the Security Documents.

4.3 Conditions Precedent to each Funding Date. The obligation of the Lenders to make an Advance available to the Borrower under this Agreement on each Funding Date shall be expressly and separately subject to the Lenders’ confirmation of the satisfaction, or waiver by all Lenders, of the following further conditions precedent:

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 (a) Additional Tranche A Funding Date Conditions. With respect to an Advance of Tranche A after the Initial Funding Date, each of the conditions described in Section 4.2 (Conditions Precedent to Initial Funding Date) which are expressly permitted to be satisfied on a subsequent Funding Date, shall be satisfied;

 (b) Tranche B Funding Date Conditions. In the case of an Advance under Tranche B,

(A) A copy of the Shipbuilding Contract and any Refund Guarantee relevant to the Advance, in each case certified by an officer of the Subsidiary Guarantor that is party thereto, as being a true, correct and complete copy thereof; and

(B) Evidence of insurance in respect of the relevant Newbuilding Vessel required under the relevant Shipbuilding Contracts;

 (c) Funding Notice. The Facility Agent having received a Funding Notice in accordance with the terms of Section 3.3 (Funding Notice);

 (d) Representations and Warranties. The representations stated in Section 2 (Representations and Warranties) and in the other Loan Documents (updated mutatis mutandis to such date) being true and correct as if made on and as of that date (unless an earlier date is set forth therein);

 (e) No Event of Default. No Default or Event of Default having occurred and being continuing;

 (f) No Change in Laws. The Lenders being satisfied that no change in any applicable laws, regulations, rules or in the interpretation thereof shall have occurred which make it unlawful for any Transaction Obligor to make any payment as required under the terms of the Loan Documents;

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 (g) No Material Adverse Effect. There having occurred no matter or event which might result in a Material Adverse Effect since September 30, 2024; and

 (h) Fees. The Finance Parties shall have received payment in full of all fees and expenses due to each thereof pursuant to the terms hereof to the extent due (and not previously paid) including, without limitation, all fees and expenses due under Section 14 (Fees and Expenses).

4.4 Prepositioning of the Loans. If the Lenders, at the request of the Borrower and on terms (including, for the avoidance of doubt and without limitation, the identity of the bank with which funds are prepositioned and the mechanism pursuant to which the funds are released) acceptable to all the Lenders acting in their absolute discretion, preposition the Loans (or a portion thereof) on a Banking Day (the “Prepositioning Date”) with any bank in advance of the conditions precedent being satisfied, the Borrower: (a) agrees the Prepositioning Date shall be the Funding Date in respect of that portion of the Loans prepositioned on such date for all purposes hereunder, including the obligation to pay interest on the Loans (or such portion thereof) from such date at the rate described in Section 6.1 (Fixed Interest Rate), (b) agrees to pay any fees due pursuant to Section 14.1 (Fees) on the Prepositioning Date, (c) shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may incur in connection with such arrangement, and (d) shall, subject to Section 4.4 (Prepositioning of the Loans), cause all remaining conditions precedent which could not be met on the Prepositioning Date to be met on the date of release of such funds (the “Prepositioning Release Date”) (provided that any failure to deliver a Mortgage over each Vessel on the Prepositioning Release Date shall be an automatic Event of Default).

4.5 Satisfaction After Effective Date, Prepositioning Date or Funding Date. Without prejudice to any of the other terms and conditions of this Agreement, in the event the Lenders, in their sole discretion, make the Loans prior to the satisfaction of all or any of the conditions referred to in Sections 4.1 (Conditions Precedent to the Occurrence of the Effective Date), 4.2 (Conditions Precedent to Initial Funding Date), 4.3 (Conditions Precedent to each Funding Date) and 4.4 (Prepositioning of the Loans) (except with regards to Section 4.4 (Prepositioning of the Loans) as expressly set forth therein with regards to a Vessel’s Mortgage) (other than in the case of a waiver of such conditions in accordance with this Agreement), the Borrower hereby covenants and undertakes to satisfy or procure the satisfaction of such condition or conditions within five (5) Banking Days after the Funding Date or the Prepositioning Release Date, as the case may be, (or such longer period as the Majority Lenders, in their sole discretion, may agree).

4.6 Assumption by Facility Agent. In determining compliance with any condition hereunder to the making of a Loans that by its terms must be fulfilled to the satisfaction of a Lender, the Facility Agent may presume that such condition is satisfactory to such Lender unless the Facility Agent has received written notice to the contrary from such Lender prior to the making of such Loans.

5.1 Repayment.

 (a) Quarterly Installments. On the first Repayment Date (being March 31, 2025), the Borrower shall repay the principal amount of Tranche A in an amount equal to Five Million Dollars ($5,000,000). On each subsequent Repayment Date, the Borrower shall repay the principal amount of Tranche A in an amount equal to Seven Million Five Hundred Thousand Dollars ($7,500,000) and, in addition to such amount, on each Repayment Date commencing on March 31, 2027, the Borrower shall repay the principal amount of Tranche B in an amount equal to (x) the principal amount of Tranche B outstanding as of March 31, 2027, multiplied by (y) 2.13% (rounded up to the nearest whole number). Each repayment installment shall be applied pro rata to the Senior Loan and the Junior Loan.

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 (b) Maturity Date. The Borrower shall repay the outstanding principal amount of the Loans, together with accrued but unpaid interest thereon and any fees and other amounts owing to any Finance Party under the Loan Documents on the Maturity Date.

5.2 Voluntary Prepayment and Cancellation.

 (a) Subject to delivery of the notices and the minimum payment amounts required by this Section 5.2 (Voluntary Prepayment), the Borrower may, at its option, on any Banking Day, prepay all or any portion of the Loan. The Borrower shall compensate the Lenders for any loss, cost or expense incurred by them as a result of a prepayment made on any day other than the applicable Repayment Date in accordance with the provisions of Section 5.5 (Interest and Costs with Prepayments; Application of Prepayments) or 12.4 (Compensation for Losses), as the case may be. Prepayments made on a Repayment Date shall be without penalty or premium, excluding the Prepayment Fee. Any prepayment of the Loans shall be in a minimum amount of One Million Dollars ($1,000,000) or any multiple thereof or the full amount of the Loans (or Tranche, if applicable) then outstanding. The Borrower shall deliver to the Facility Agent a notice of such prepayment not less than ten (10) days prior to the date on which the Borrower intends to make such prepayment (which notice shall be irrevocable and shall specify the date and amount of such prepayment and whether such prepayment shall be applied to Tranche A, Tranche B-1 or Tranche B-2). Prepayments shall be applied pro rata to each Tranche, provided that, at the Borrower’s option, prior to the earlier of (a) the cancellation of Tranche B in full, and (b) the Delivery Date of each Newbuilding Vessel, prepayments may be applied to a single Tranche. Prepayments shall be applied pro rata to each of the Senior Loan and the Junior Loan.

 (b) The Borrower may permanently cancel or reduce the undrawn Commitments in relation to a Tranche, in whole or in part, on ten (10) days prior notice to the Facility Agent. Any partial cancellation or reduction must be in a minimum amount of One Million Dollars ($1,000,000) or any multiple thereof or the full amount of the remaining Commitments relating to a Tranche. Any cancellation shall be subject to payment of any accrued and unpaid Commitment Fee. Any amount of the Commitments that is so cancelled or reduced may not be drawn.

5.3 Borrower’s Obligations Absolute. The Borrower’s obligations to pay each Finance Party hereunder and under the Notes shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms hereof and thereof, under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower may have or may have had against any Finance Party.

 (a) Mandatory Prepayment.Sale of a Vessel. Immediately upon the sale of a Vessel other than a vessel under construction (such Vessel, the “Sold Vessel”), the Borrower shall make a mandatory prepayment of the Loans in an amount equal to 100% of the Net Sale Proceeds; provided however that the Borrower may, so long as (i) no Event of Default has occurred and is continuing and (ii) the Borrower provides written notice to the Facility Agent no later than three (3) Banking Days prior to such sale, elect to deposit the Net Sale Proceeds in the Escrow Account and designate that the Net Sale Proceeds shall be used as follows: (A) no later than the end of the Availability Period in respect of Tranche A, use any portion of such Net Sale Proceeds to prepay any portion of the COSCO Indebtedness or the Santander Indebtedness, (B) no later than the end of the Availability Period in respect of Tranche B, use any portion of such Net Sale Proceeds to pay any amounts due or to become due under a Shipbuilding Contract, or (C) no later than six (6) months (with respect to each Vessel other than the FALCON DIAMOND or the FALCON PEARL) or twelve (12) months (with respect to the FALCON DIAMOND or FALCON PEARL) from the date of the sale of the Sold Vessel (the “Replacement Date”), (x) a Subsidiary Guarantor shall purchase a Replacement Vessel using such Net Sale Proceeds, or (y) the Borrower shall substitute the Sold Vessel with a Replacement Vessel owned by a Subsidiary Guarantor with a Fair Market

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Value not less than the Sold Vessel, and in either case, such Replacement Vessel (and its related assets) shall immediately become a “Vessel” hereunder, constituting Collateral (and Schedule 2 shall be supplemented by the Majority Lenders accordingly). In the event of (A) a prepayment of any portion of the COSCO Indebtedness or the Santander Indebtedness, the Account Bank shall release an amount equal to such prepayment up to the Net Sale Proceeds of the Sold Vessel, subject to the Minimum Value Percentage immediately after such release being not less than 222.0%, or (B) a payment of any amount referenced in (ii)(B) of the preceding sentence, the Account Bank shall release an amount up to the relevant Contract Price Installment (or other invoiced amount) under the relevant Shipbuilding Contract upon the provision to the Facility Agent of the invoice therefor, subject to Section 10.3 (Minimum Value Percentage), or (C) such purchase or substitution referenced in (ii)(C) of the preceding sentence, subject to Section 10.3 (Minimum Value Percentage), the Account Bank shall release the purchase price of the Replacement Vessel (in the case of foregoing clause (x)) or the Fair Market Value of the Replacement Vessel (in the case of the foregoing clause (y)) to the order of the Borrower or the purchasing Obligor, as the case may be, up to five (5) Banking Days prior to the date of such purchase or substitution in accordance with a closing mechanic satisfactory to the Majority Lenders. In the event that the Net Sale Proceeds exceed the purchase price of the Replacement Vessel (in the case of the foregoing clause (x)) or the Fair Market Value of the Replacement Vessel (in the case of the foregoing clause (y)), such excess Net Sale Proceeds shall be applied as a mandatory prepayment of the Loans until the Minimum Value Percentage is not less than the Minimum Value Percentage immediately prior to the sale of the Sold Vessel. If a Replacement Vessel (together with its related assets) does not become Collateral hereunder by the relevant Replacement Date, the Net Sale Proceeds held in the Escrow Account shall be applied as a mandatory prepayment of the Loans.

 (b) Total Loss. In the event of a Total Loss of a Vessel, upon the earlier of (i) the Total Loss Date of such Vessel or (ii) the date on which the insurance proceeds in respect of such Total Loss are received by the Borrower or the Security Trustee as assignee thereof, the Borrower shall make a mandatory prepayment of the Loans in an amount equal to the most recent Fair Market Value of the Vessel lost divided by the aggregate Fair Market Value of all Vessels multiplied by the Loans then outstanding.

 (c) Change of Control. If a Change of Control occurs, the Borrower immediately repay in full the outstanding principal amount of the Loans and any remaining Commitments shall be cancelled in full.

 (d) Termination of Shipbuilding Contract. Upon the occurrence of a Pre-Delivery Contract Termination Event prior to a Newbuilding Vessel’s Delivery Date, the Commitments in respect of such Newbuilding Vessel’s Tranche shall be cancelled, and if any Advance has been made under Tranche B-1 or Tranche B-2, as applicable, to finance such Newbuilding Vessel’s Contract Price Installments, the Borrower shall immediately prepay the outstanding principal amount of such Tranche, unless a bona fide demand has been made under a Refund Guarantee which is permitted under the terms of the relevant Shipbuilding Contract, in which case the Borrower shall have one hundred twenty (120) days to make such prepayment.

5.4 Interest and Costs with Prepayments; Application of Prepayments.

 (a) Any prepayment of the Loans made hereunder (including, without limitation, those made pursuant to Sections 5 (Repayment and Prepayment) and 10.3 (Minimum Value Percentage)) shall be subject to the condition that on the date of prepayment by or on behalf of the Borrower all accrued interest to the date of such prepayment shall be paid in full with respect to the Loans or portions thereof being prepaid, together with the Prepayment Fee described under paragraph (b) below (if applicable), and any and all costs or expenses incurred by any Lender in connection with any breaking of funding for prepayments other than on the applicable Repayment Date (as certified by the relevant Lender, which certification shall, absent any manifest error, be conclusive and binding on the Borrower). Prepayments shall be applied pro rata between the Senior Loan and the Junior Loan.

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 (b) Each voluntary and mandatory prepayment of the Loans made hereunder (other than mandatory prepayments of the Loans due under Section 5.4(b) (Total Loss) and Mandatory Prepayments (as defined in the Parent Guaranty)), shall be made together with the following prepayment fee (the “Prepayment Fee”):

For purposes of this paragraph (b), the “Applicable Funding Date” in respect of any Prepaid Amount shall be (A) first, the initial Funding Date in respect of the relevant Tranche, until the aggregate amount of all prepayments (the “Total Prepayments”) of the Tranche equals the amount of the Tranche advanced on the initial Funding Date for such Tranche, and (B) thereafter, each subsequent Funding Date in respect of the relevant Tranche on which the aggregate amount of the Tranche advanced on or prior to such subsequent Funding Date is not less than the Total Prepayments relating to such Tranche.

 (c) Each partial voluntary or mandatory prepayment of the Loans shall be applied against the repayment instalments of the Loans in inverse order of maturity (including any amounts due on the Maturity Date). No amounts of the Loans pre-paid or repaid will be available for re-borrowing.

6.1 Fixed Interest Rate. The Borrower shall pay to the Facility Agent for the account of each Lender interest on the unpaid principal amount of the Loan at the Fixed Interest Rate. Accrued interest on the Loans shall be payable in arrears on each Repayment Date.

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6.2 Default Rate. Notwithstanding the foregoing, the Borrower agrees that after the occurrence and during the continuance of an Event of Default, the Loans and any other outstanding amount under the Loan Documents shall bear interest at the Default Rate. In addition, the Borrower hereby promises to pay interest at the Default Rate on any other amount payable by the Borrower hereunder or under any other Loan Document which shall not be paid in full when due (whether at stated maturity, by acceleration or otherwise), for the period commencing on the due date thereof until but not including the date the same is paid. Any interest at the Default Rate (if unpaid) arising on an overdue amount will be compounded with the overdue amount on each Repayment Date but will remain immediately due and payable.

6.3 Maximum Interest. Anything in this Agreement or the Notes to the contrary notwithstanding, the interest rate on the Loans shall in no event be in excess of the maximum rate permitted by applicable law.

7.1 Payments to the Facility Agent.

 (a) On each date on which a Transaction Obligor or a Lender is required to make a payment under a Loan Document, that Transaction Obligor or Lender shall make an amount equal to such payment available to the Facility Agent (unless otherwise expressly provided for in a Loan Document) for value on the due date at the time and in such Dollars. All payments to be made hereunder by the Borrower shall be made to the Facility Agent, not later than 2:00 p.m. London time on the date on which payment is due (and any payment received after such time on such date shall be deemed to be paid on the next Banking Day).

 (b) Payment shall be made to such account as notified by the Facility Agent.

7.2 Distributions by the Facility Agent. Each payment received by the Facility Agent under the Loan Documents for another Party shall, subject to Sections 7.3 (Distributions to a Transaction Obligor) and 7.4 (Clawback and Pre-Funding) be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement, to such account as that Party shall specify to the Facility Agent in an Administrative Questionnaire or administration form satisfactory to the Facility Agent or, in the case of the Loans, to such account of such person as may be specified by the Borrower in the relevant Funding Notice.

7.3 Distributions to the Transaction Obligors. The Facility Agent may apply any amount received by it for that Transaction Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Transaction Obligor under the Loan Documents or in or towards purchase of any amount of any currency to be so applied.

7.4 Clawback and Pre-Funding.

 (a) Where a sum is to be paid to the Facility Agent under the Loan Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

 (b) If the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent.

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7.5 Application of Receipts; Partial Payments.

 (a) If the Facility Agent or the Security Trustee (as applicable) receives a payment that is insufficient to discharge all the amounts then due and payable by a Transaction Obligor under the Loan Documents, the Facility Agent or the Security Trustee (as applicable) shall apply that payment towards the obligations of that Transaction Obligor under the Loan Documents in accordance with Section 9.2 (Application of Moneys).

 (b) Paragraph (a) above will override any appropriation made by a Transaction Obligor.

7.6 No Set Off. All payments to be made by a Transaction Obligor under the Loan Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

7.7 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 Loan Document.

 (b) Each payment in respect of fees, costs, expenses or Taxes of any Lender (excluding fees due and set forth in the relevant Funding Notice) shall be made directly to the applicable Lender in the currency in which the costs, expenses or Taxes are incurred. Each payment in respect of fees, costs, expenses or Taxes of the Facility Agent or the Security Agent shall be made directly to the Facility Agent or the Security Agent, as applicable, in the currency requested by the Facility Agent or the Security Agent, as applicable.

 (c) Any amount expressed to be payable in a currency other than Dollars shall be paid in that other currency.

7.8  Change of Currency.

 (a) Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognized by the central bank of any country as the lawful currency of that country, then:

 (b) If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting on the instructions of the Majority Lenders, after consultation with the Borrower) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the London interbank market and otherwise to reflect the change in currency.

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7.9 Currency Conversion.

 (a) For the purpose of, or pending any payment to be made by the Facility Agent or Security Trustee under any Loan Document, such Party may convert any moneys received or recovered by it from one currency to another, at a market rate of exchange available to that Party in its usual course of business.

 (b) The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.

7.10 Disruption to Payment Systems etc.. If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by the Borrower that a Disruption Event has occurred:

 (a) the Facility Agent may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to agreeing with the Borrower such changes to the operation or administration of the Loans as the Facility Agent may deem necessary in the circumstances;

 (b) the Facility Agent shall not be obliged to consult with the Borrower in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;

 (c) the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

 (d) any such changes agreed upon by the Facility Agent and the Borrower shall 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 Loan Documents notwithstanding the provisions of Section 18.7 (Entire Agreement; Amendments);

 (e) the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Section 7.10 (Disruption to Payment Systems etc.); and

 (f) the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

7.11 Computations; Banking Day.

 (a) All computations of interest and fees shall be made by the Facility Agent or the Lenders, as the case may be, on the basis of a 360-day year, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which interest or fees are payable. Each determination by the Facility Agent of an interest rate or by the Lenders of a fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

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 (b) Whenever any payment hereunder or under the Notes shall be stated to be due on a day other than a Banking Day, such payment shall be due and payable on the next succeeding Banking Day unless the next succeeding Banking Day falls in the following calendar month, in which case it shall be payable on the immediately preceding Banking Day.

7.12 Conduct of Business by Finance Parties. No provision of this Agreement will:

 (a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

 (b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

 (c) except as provided in Section 8.5 (FATCA Information), oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

7.13 Payments to Finance Parties. If a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from a Transaction Obligor other than in accordance with this Section 7 (Payments) (a “Recovered Amount”) and applies that amount to a payment due to it under the Loan Documents, then:

 (a) the Recovering Finance Party shall, within three Banking Days, notify details of the receipt or recovery, to the Facility Agent;

 (b) the Facility Agent shall determine, based solely on the entries in the Register, whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed otherwise in accordance with this Section 7 (Payments), without taking account of any Tax which would be imposed in relation to the receipt, recovery or distribution; and

 (c) the Recovering Finance Party shall, within three Banking Days of demand by the Facility Agent, pay to the Facility Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Section 7.5 (Application of Receipts; Partial Payments).

7.14 Redistribution of Payments. The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Transaction Obligor and distribute it among the Finance Parties (other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Section 7.5 (Application of Receipts; Partial Payments) towards the obligations of that Transaction Obligor to the Sharing Finance Parties.

7.15 Recovering Finance Party’s Rights. On a distribution by the Facility Agent under Section 7.14 (Redistribution of Payments) of a payment received by a Recovering Finance Party from a Transaction Obligor, as between the relevant Transaction Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Transaction Obligor.

7.16 Reversal of Redistribution. If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

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 (a) each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and

 (b) as between the relevant Transaction Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Transaction Obligor.

7.17 Exceptions(a) . (a) This Section 7 (Payments; Sharing among the Finance Parties) shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Section 7 (Payments; Sharing among the Finance Parties), have a valid and enforceable claim against the relevant Transaction Obligor.

 (b) A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

8.1 No Set Off. All payments to be made hereunder by the Borrower shall be made without set-off or counterclaim and free from, clear of, and without deduction or withholding for, any Taxes; provided, however, that if the Borrower shall at any time be required by applicable law to withhold or deduct any Taxes from any amounts payable to the Lenders hereunder, then the Borrower shall pay such additional amounts in Dollars as may be necessary in order that the net amounts received by the Lenders after withholding or deduction shall equal the amounts which would have been received if such withholding or deduction were not required and, in the event any withholding or deduction is made, whether for Taxes or otherwise, the Borrower shall promptly send to the Facility Agent such documentary evidence with respect to such withholding or deduction as may be required from time to time by the Lenders.

8.2 Tax Credits. If a Lender obtains the benefit of a credit against relief or remission for, or repayment of any Tax imposed by any taxing authority for all or part of the Taxes as to which the Borrower has paid additional amounts as aforesaid, then such Lender shall pay an amount to the Borrower which such Lender determines will leave it (after such payment) in the same position as it would have been had the Tax payment not been made by the Borrower. Each Lender agrees that in the event that Taxes are imposed on account of the situs of its loans hereunder, such Lender, upon acquiring knowledge of such event, shall, if commercially reasonable and if, in the opinion of such Lender, it is not prejudicial to it, shift such loans on its books to another office of such Lender so as to avoid the imposition of such Taxes. Nothing contained in this clause shall in any way prejudice the right of the Lenders to arrange their tax affairs in such way as they, in their sole discretion, deem appropriate. In particular, a Lender shall not be required to obtain such tax credit if this interferes with the way such Lender normally deals with its tax affairs.

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8.3 Exclusion of Gross-up for Taxes. Borrower shall not be required to pay any additional amounts to or for the account of any Lender pursuant to Section 8.1 (No Set Off) to the extent that:

(a) the applicable Lender was not an original party to this Agreement and under applicable law (after taking into account relevant treaties and assuming that such Lender has provided all forms it may legally and truthfully provide) on the date such Lender became a party to this Agreement withholding of Taxes would have been required on such payment, provided that this exclusion shall not apply to the extent such withholding does not exceed the withholding that would have been applicable if such payment had been made to an applicable Lender that was an original party to this Agreement; or

(b) the applicable Lender has changed its lending office and under applicable law (after taking into account relevant treaties and assuming that such Lender has provided all forms it may legally and truthfully provide) on the date such Lender changed its lending office withholding of Taxes would have been required on such payment, provided that this exclusion shall not apply to the extent such withholding does not exceed the withholding that would have been applicable to such payment and with respect to which such Lender would have been entitled to receive additional amounts pursuant to Section 8.1 (No Set Off) hereof if such Lender had not changed its lending office; or

(c) withholding would not have been required on such payment if such Lender had complied with its obligations to deliver certain tax forms pursuant to Section 8.4 (Delivery of Tax Forms) below.

8.4 Delivery of Tax Forms.

(a) On or prior to the Effective Date (or in the case of a transferee Lender, the date that it becomes a party to this Agreement), and thereafter when reasonably requested by the Borrower or the Facility Agent, each Lender or transferee that is organized under the laws of a jurisdiction outside the United States, any state thereof or the District of Columbia (a “Non-U.S. Lender”) shall deliver to the Facility Agent two properly completed and duly executed copies of (as applicable) U.S. Internal Revenue Service (“IRS”) Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY or, upon request of the Borrower or the Facility Agent, any subsequent versions thereof or successors thereto, in each case claiming a reduced rate (which may be zero) of U.S. federal withholding tax under Sections 1441 and 1442 of the Code with respect to payments hereunder as such Non-U.S. Lender may properly claim. In addition, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code, such Non-U.S. Lender shall, on or prior the Effective Date (or in the case of a transferee Lender, the date that it becomes a party to this Agreement), and thereafter when reasonably requested by the Borrower or the Facility Agent, provide to the Borrower and the Facility Agent in addition to the applicable IRS Form W-8 required above a certificate representing that such Non-U.S. Lender is not a bank for purposes of Section 881(c) of the Code, is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of the Borrower and is not a controlled foreign corporation related to the Borrower (within the meaning of Section 864(d)(4) of the Code), and such Non-U.S. Lender agrees that it shall promptly notify the Facility Agent in the event any representation in such certificate is no longer accurate.

(b) In the case of a Non-U.S. Lender that is a party to this Agreement on the Effective Date and that fails to provide an IRS Form W-8ECI or the certificate described in the last sentence of Section 8.4(a), the IRS Form W-8BEN, W-8BEN-E or W-8IMY provided by such Non-U.S. Lender on or prior to the Effective Date shall claim the benefits of an income tax treaty providing for no U.S. federal withholding tax under Sections 1441 and 1442 of the Code with respect to payments hereunder.

(c) On or prior to the date hereof (or in the case of a transferee Lender, the date that it becomes a party to this Agreement), and thereafter when reasonably requested by the Borrower or the

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Facility Agent, each Lender that is not a Non-U.S. Lender shall deliver to the Borrower and the Facility Agent executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax.

(d) Without limitation on the foregoing provisions of this Section 8.4 (Delivery of Tax Forms), to the extent it is legally entitled to do so, any Lender shall when reasonably be requested by the Borrower or the Facility Agent provide such forms as (i) will reduce or eliminate the amount of any Taxes imposed on payments to the Lender under this Agreement or (ii) are necessary to comply with the Common Reporting Standard issued by the Organisation for Economic Cooperation and Development (OECD), or similar legislation, regulations or guidance enacted in any jurisdiction that seeks to implement equivalent tax reporting and/or withholding tax regimes.

(e) For the avoidance of doubt, the Facility Agent shall under no circumstances be responsible for or liable for any tax reporting, withholding or other related tax compliance.

8.5 FATCA Information.

(a) Subject to paragraph (c) below, each FATCA Relevant Party, within ten (10) Banking Days of a reasonable request by the Borrower or the Facility Agent, shall:

(b) If a FATCA Relevant Party confirms to the Borrower or the Facility Agent that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing 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 or that the Form provided has ceased to be accurate or valid, that party shall so notify the Borrower and the Facility Agent or provide a revised Form, as applicable, reasonably promptly.

(c) Nothing in this Section 8.5 (FATCA Information) shall obligate any FATCA Relevant Party to do anything which would or, in its reasonable opinion, might, constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided that nothing in this paragraph shall excuse any FATCA Relevant Party from providing a true complete and correct applicable IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of such party for purposes of this paragraph.

(d) If a FATCA Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in accordance the provisions of this agreement or the provided information is insufficient under FATCA, then such party shall be treated as if it were a FATCA Non-Exempt Party until such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant facts.

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8.6 FATCA Withholding.

(a) The Borrower or the Facility Agent making a payment to any FATCA Non-Exempt Party shall make such FATCA Deduction as it determines is required by law and shall render payment to the IRS or other applicable taxing authority within the time allowed and in the amount required by FATCA.

(b) If a FATCA Deduction is required to be made by the Borrower or the Facility Agent to a FATCA Non-Exempt Party, the amount of the payment due from the Borrower or the Facility Agent shall be reduced by the amount of the FATCA Deduction reasonably determined to be required by the Borrower or the Facility Agent.

(c) Each FATCA Relevant Party shall promptly upon becoming aware that a FATCA Deduction is required with respect to any payment owed to it (or that there is any change in the rate or basis of a FATCA Deduction) notify the Borrower or the Facility Agent accordingly, and no Obligor shall be required to increase any payment in respect of which it makes such a FATCA Deduction.

(d) Within thirty days of making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the party making such FATCA Deduction shall deliver to the Facility Agent for delivery to the party on account of whom the FATCA Deduction was made evidence reasonably satisfactory to that party that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the IRS or other applicable taxing authority.

(e) The Facility Agent shall promptly upon becoming aware that it must make a FATCA Deduction in respect of a payment to a Lender which relates to a payment by the Obligors (or that there is any change in the rate or the basis of such a FATCA Deduction) notify the Obligors and the relevant Lender.

8.7 FATCA Mitigation. Notwithstanding any other provision of this Agreement, if a FATCA Deduction is or will be required to be made by any party under Section 8.6 (FATCA Withholding) in respect of a payment to any FATCA Non-Exempt Lender, the FATCA Non-Exempt Lender may either:

9.1 Events of Default. The occurrence of any of the following events shall constitute an Event of Default:

(a) Non-Payment. Any payment of principal, interest, fees or other amounts payable pursuant to this Agreement or any Fee Letter is not made on the due date thereof, unless such failure is caused by an administrative or technical error and payment is made within three (3) Banking Days of its due date;

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(b) Representations. Any representation, warranty or other statement made by any Transaction Obligor in (i) this Agreement, (ii) any of the other Loan Documents, or (iii) any other instrument, document or other agreement delivered in connection herewith or therewith, proves to have been untrue or misleading in any material respect when made or deemed made; or

(c) Impossibility; Illegality. It becomes impossible or unlawful for any Transaction Obligor to fulfill any of its covenants or obligations under any Loan Document or for any Finance Party to exercise any of the rights vested in it under any Loan Document; or

(d) Mortgage. There is an event of default (after giving effect to applicable notice and cure periods) under any Mortgage; or

(e) Certain Covenants. Any Obligor defaults in the performance or observance of any covenant contained in Sections 4.5 (Satisfaction After Effective Date, Prepositioning Date or Funding Date), 5.4 (Mandatory Prepayment), 5.5 (Interest and Costs with Prepayments; Application of Prepayments), 10.1(b) (Notice of Default, etc.), 10.1(e) (Corporate Existence), 10.1(k) (Environmental Matters), 10.1(t) (Maintenance of Insurances), 10.1(x) (Sanctions and Anti-Money Laundering Laws), 10.1(aa) (Newbuilding Vessels), 10.2(a) (Liens), 10.2(b) (Investments), 10.2(d) (Change of Flag, Class, Management or Ownership), 10.2(g) (Acquisitions and Sale of Assets), 10.2(i) (Restricted Payments), 10.2(j) (Consolidation and Merger), 10.2(l) (Indebtedness), 10.2(m) (Sanctions and Anti-Money Laundering Laws), 10.2(o) (Use of Proceeds), 10.2(q) (Restrictions on Chartering), 10.3 (Minimum Value Percentage) or 21 (Subordination) of this Agreement and sub-sections (a)(iii), (a)(iv)(A), (a)(iv)(B), (a)(v), (a)(xiii), (a)(xiv), (a)(xv), (a)(xvi), (a)(xvii), or (b) of Section 4 (Covenants) of the Parent Guaranty; or

(f) Covenants. Any Transaction Obligor defaults in the performance of any term, covenant or agreement contained in any Loan Document to which it is a party or in any other instrument, document or other agreement delivered by it in connection herewith or therewith, in each case other than an Event of Default referred to elsewhere in this Section 9.1 (Events of Default), or there occurs any other event which constitutes a default by any Transaction Obligor under any Loan Document to which it is a party and in each case such default continues unremedied for a period of twenty (20) days after the earlier of (x) actual knowledge thereof by a Responsible Officer of such Transaction Obligor or (y) such Transaction Obligor having been notified thereof in writing by the Facility Agent (acting at the instruction of the Majority Lenders), in each case other than an Event of Default referred to elsewhere in this Section 9.1 (Events of Default); or

(g) Indebtedness. (i) Any default occurs in the payment when due (after giving effect to applicable notice and cure periods) of any Indebtedness of any Obligor, or (ii) any other default occurs in respect of any Indebtedness of such Obligor, the effect of which default is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries thereof (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity, and the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been such payment default or other default, exceeds $25,000,000; or

(h) Bankruptcy. (i) Any Transaction Obligor shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, receiver manager, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or any Transaction Obligor shall make a general

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assignment for the benefit of its creditors; or (ii) there shall be commenced against any Transaction Obligor any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against any Transaction Obligor thereof any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) any Transaction Obligor shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; (v) any Transaction Obligor shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or (vi) any Transaction Obligor shall make a general assignment for the benefit of creditors;

(i) Certain ERISA Transactions. An ERISA Funding Event, ERISA Termination Event, Foreign Termination Event or Foreign Underfunding shall exist or occur that, in the reasonable opinion of the Majority Lenders, when taken together with all other ERISA Funding Events, ERISA Termination Events, Foreign Termination Events and Foreign Underfundings that exist or have occurred, or could reasonably be expected to exist or occur, could reasonably be expected to result in a Material Adverse Effect; or

(j) Judgments and Decrees. Any judgment, order or decree is made the effect whereof would be to render invalid this Agreement or any other Loan Document or any material provision thereof or any Transaction Obligor asserts in writing that any such agreement or provision thereof is invalid; or one or more judgments or decrees shall be entered against any Obligor for an aggregate liability (net of amounts paid or covered by insurance) of, in the case of any Subsidiary Guarantor, $500,000 or more or, in the case of the Parent Guarantor or the Borrower, $10,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within thirty (30) days from the entry thereof; or

(k) Invalidity of Agreement, Note and any Loan Document. (i) Any Loan Document or any material provision thereof shall cease, for any reason, to be in full force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the satisfaction in full of the obligations in accordance with the terms hereof or thereof), or any action or suit at law or in equity or other legal proceeding to cancel, revoke or rescind any Loan Document or any material provision thereof shall be commenced by or on behalf of any Transaction Obligor or any Governmental Authority, or (ii) the Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby; or

(l) Business Suspended. Any Obligor shall be enjoined, restrained or in any way prevented by the order of any court or any Governmental Authority from conducting a material part of its business and such order shall continue in effect for more than forty-five (45) days; or

(m) Loss or Suspension of License or Permit. There shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by any Transaction Obligor if such loss, suspension, revocation or failure to renew would have a Material Adverse Effect or the loss of coastwise trading privileges in respect of any Jones Act Vessel; or

(n) Classification. A Vessel is not in compliance with the requirements for the highest classification for vessels of like age and type or is not in compliance with the requirements of applicable law for use as intended under this Agreement and action shall not have been commenced within fifteen (15) days after written notice thereof shall have been given by the Majority Lenders to the relevant Vessel Owner and such corrective action shall not be diligently prosecuted or completed in a manner and time schedule consistent with industry standard; or

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(o) Termination of Operations; Sale of Assets. (i) Any Transaction Obligor ceases its operations or (ii) any Obligor sells or otherwise disposes of all or substantially all of its assets or all or substantially all of the assets thereof are seized or otherwise appropriated; or

(p) Inability to Pay Debts. Any Transaction Obligor is unable to pay or admits its inability to pay its debts as they fall due or a moratorium shall be declared in respect of any material indebtedness of such Transaction Obligor; or

(q) Material Adverse Change. There has occurred an event or condition that has resulted in a Material Adverse Effect with respect to the financial position or prospects of the Parent Guarantor; or

(r) Arrest of a Vessel. Any Vessel shall at any time be subject to an arrest, distress or detention in any place for thirty (30) days or more; or

(s) Restricted Party. Any Transaction Obligor or any Subsidiary thereof or any Relevant Individuals becomes a Restricted Party; or

(t) Delisting. The Parent Guarantor’s shares are delisted from the New York Stock Exchange (or other reputable international stock exchange).

Upon and during the continuance of any Event of Default, the Lenders’ obligation to make the Loans available shall cease and the Facility Agent, on behalf of the Majority Lenders, shall upon the Majority Lenders’ instruction, by written notice to the Borrower declare the entire unpaid balance of the then outstanding Loans, accrued interest and any other sums payable by the Borrower hereunder or under the Notes and under the other Loan Documents due and payable, whereupon the same shall forthwith be due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; provided that upon the happening of an event specified in subsections (h) or (p) of this Section 9.1 (Events of Default), the Loans, accrued interest and any other sums payable by the Borrower hereunder, under the Notes and under the other Loan Documents shall be immediately due and payable without declaration, presentment, demand, protest or other notice to the Borrower all of which are expressly waived. In such event, the Facility Agent and the Security Trustee, each at the instruction of the Majority Lenders, may proceed to protect and enforce the rights of the Finance Parties by action at law, suit in equity or in admiralty or other appropriate proceeding, whether for specific performance of any covenant contained in this Agreement, in the Notes, in any other Loan Document, or in aid of the exercise of any power granted herein or therein, or the Facility Agent or the Security Trustee, each at the instruction of the Majority Lenders, may proceed to enforce the payment of the Notes or to enforce any other legal or equitable right of the Finance Parties, or proceed to take any action authorized or permitted under the terms of any Loan Document or by applicable law for the collection of all sums due, or so declared due, including, without limitation, the right to appropriate and hold or apply (directly, by way of set-off or otherwise) to the payment of the obligations of the Borrower to the Finance Parties hereunder and/or under the Notes (whether or not then due) all moneys and other amounts of the Borrower then or thereafter in possession of any Finance Party, the balance of any deposit account (demand or time, matured or unmatured) of the Borrower then or thereafter with any Finance Party and every other claim of the Borrower then or thereafter against any of the Finance Parties.

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9.2 Application of Moneys. Except as otherwise provided in any Loan Document, all moneys received by the Facility Agent, the Security Trustee or any Lender under or pursuant to any Loan Document after the happening of any Event of Default (unless cured to the satisfaction of the Lenders) shall be applied by the Facility Agent in the following manner:

(a) first, in or towards the payment or reimbursement of any fees, expenses, indemnification amounts or other amounts incurred by or owing to the Facility Agent or the Security Trustee hereunder or under any of the other Loan Documents;

(b) secondly, in or towards the payment or reimbursement of any expenses or liabilities incurred by any of the other Finance Parties in connection with the protection or enforcement of its rights and remedies hereunder, under the Notes and under the other Loan Documents;

(c) thirdly, in or towards payment of any interest owing in respect of the Senior Loan;

(d) fourthly, in or towards repayment of principal of the Senior Loan;

(e) fifthly, in or towards payment of any interest owing in respect of the Junior Loan;

(f) sixthly, in or towards repayment of principal of the Junior Loan;

(g) seventhly, in or towards payment of all other sums which may be owing to any Finance Party under any Loan Document; and

(h) eighthly, the surplus (if any) shall be paid to the Borrower or its designee.

The Facility Agent shall (x) if so directed by the Senior Lenders, vary the order set out between sub-paragraphs (c) and (d) above, and (y) if so directed by the Junior Lenders, vary the order set out between sub-paragraphs (e) and (f) above.

9.3 Indemnification. Each Obligor agrees, within five (5) Banking Days of demand, to jointly and severally indemnify and hold each of the Finance Parties and their respective Related Parties harmless against any loss, as well as against any costs or expenses (including legal fees and expenses), which any of the Finance Parties or their respective Related Parties sustain or incur as a consequence of any default in payment of the principal amount of the Loans, interest accrued thereon or any other amount payable hereunder, under the Notes related thereto or under any other Loan Documents, including, but not limited to, all losses incurred in liquidating or re-employing fixed deposits or funds acquired to effect or maintain the Loans or any portion thereof. Any Finance Party’s certification of such costs and expenses shall, absent any manifest error, be conclusive and binding on the Obligors. The covenants contained in this Section 9.3 (Indemnification) shall survive payment or satisfaction in full of the Loans and all other obligations under this Agreement and the other Loan Documents and the earlier resignation or replacement of the Facility Agent or Security Trustee.

10.1 Affirmative Covenants. Each Obligor (other than the Parent Guarantor and each Subsidiary Guarantor owning a COSCO Vessel or Santander Vessel) hereby covenants and undertakes with the Lenders that from the Initial Funding Date, and each Subsidiary Guarantor owning a COSCO Vessel or Santander Vessel hereby covenants and undertakes with the Lenders that from the Funding Date on which the COSCO Indebtedness or Santander Indebtedness, as applicable, is repaid, and in each case, so long as any principal, interest or other moneys are owing by it in respect of this Agreement or under any other Loan Document to which it is a party, that it will:

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(a) Performance of Agreements. Duly perform and observe, and procure the observance and performance of all other parties thereto (other than the Finance Parties) of the terms of the Loan Documents to which it is a party;

(b) Notice of Default, etc. Promptly upon any Responsible Officer of any Obligor obtaining actual knowledge thereof, inform the Facility Agent of the occurrence of (a) any Default or Event of Default, (b) any litigation, arbitration or governmental proceeding pending or threatened in writing against any Transaction Obligor not previously disclosed to the Lenders or any development in respect of a previously disclosed litigation, arbitration or governmental proceeding, which if adversely determined could reasonably be expected to have a Material Adverse Effect, including but not limited to, in respect of any Environmental Claim or any judgment entered against a Transaction Obligor, (c) the withdrawal, with respect to any Vessel owned by it, of such Vessel’s rating by its Classification Society or the issuance by the Classification Society of any material recommendation or notation affecting class and (d) any other event or condition which is reasonably likely to have a Material Adverse Effect;

(c) Financial Information. Deliver to the Facility Agent:

provided that any delivery requirement under this Section 10.1(c) (Financial Information) shall be deemed satisfied by the posting of such information, materials or reports as applicable on EDGAR or any successor website maintained by the SEC (if the Borrower is permitted by law to post such materials on EDGAR). The Borrower shall notify the Facility Agent of any such posting on EDGAR. For the avoidance of doubt, the Facility Agent shall have no obligation to distribute to the other Finance Parties any information, materials or reports posted on EDGAR or notify any other Finance Party of such postings.

(d) Vessel Covenants. Except as otherwise permitted by this Agreement, with respect to each of the Vessels owned by it:

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(e) Corporate Existence. Except as otherwise permitted hereunder, do or cause to be done all things necessary to preserve and keep its separate identity and existence under the laws of its jurisdiction of incorporation or formation and all licenses, franchises, permits and assets necessary to the conduct of its business;

(f) Books and Records. At all times keep proper books of record and account into which full and correct entries shall be made in accordance with GAAP;

(g) Taxes and Assessments. Pay and discharge all taxes, assessments and governmental charges or levies imposed upon each Obligor’s income or property prior to the date upon which penalties attach thereto; provided, however, that it shall not be required to pay and discharge, or cause to be paid and discharged, any such tax, assessment, charge or levy so long as the legality thereof shall be contested in good faith and by appropriate proceedings or other acts and it shall set aside on its books adequate reserves with respect thereto;

(h) Inspection. Allow, upon ten (10) Banking Days’ notice from the Facility Agent, any representative or representatives designated by the Facility Agent, subject to applicable laws and regulations, at normal business hours, to visit and inspect subject to customary confidentiality arrangements any of its properties, and, on request, to examine its books of account, records, reports, agreements and other papers and to discuss its affairs, finances and accounts with its officers; provided, that (i) the Facility Agent shall only be allowed to conduct one such inspection per calendar year prior to the occurrence of an Event of Default and an unlimited amount of inspections during the continuance of an Event of Default; and (ii) the foregoing inspections by the Facility Agent shall not unreasonably interfere with the conduct of any Obligor’s business (unless an Event of Default has occurred and is continuing);

(i) Inspection and Survey Reports. (i) If the Facility Agent shall so request, the relevant Obligor shall provide the Facility Agent (for distribution to the Lenders) with copies of all internally generated inspection or survey reports on each Vessel owned by it; provided, that in the event that any Vessel is reactivated out of cold stack, the Borrower shall provide (or cause to be provided), upon the reasonable request of the Facility Agent, the Facility Agent with copies of all inspections and survey reports to the extent required to be provided to the Classification Society or other such reports requested by the Facility Agent at the cost of the Borrower, and (ii) upon reasonable notice to the relevant Obligor, each Obligor shall permit the Facility Agent (acting through surveyors or other persons appointed by it for that purpose) at the cost of the Borrower to inspect the relevant Vessel and shall afford all proper facilities for such inspections; provided, that (A) the Facility Agent shall only be allowed to conduct one such inspection per calendar year prior to the occurrence of an Event of Default and (B) such inspections shall not unreasonably interfere with the operation of any Vessel, any relevant charterer’s quiet enjoyment of the applicable Vessel or that Vessel’s scheduled maintenance and docking schedule;

(j) Compliance with Statutes, Agreements, etc. Except where failure to comply would not alone or in the aggregate result in a Material Adverse Effect, do or cause to be done, all things necessary to comply with all contracts or agreements to which it is a party, and all laws, and the rules and regulations thereunder, applicable to it, including, without limitation, those laws, rules and regulations relating to employee benefit plans and environmental matters;

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(k) Environmental Matters. Promptly upon the occurrence of any of the following conditions, provide to the Facility Agent notice thereof, specifying in reasonable detail the nature of such condition: (a) its receipt of any written communication that alleges that it is not in compliance with any applicable Environmental Law or Environmental Approval, if such failure to comply would reasonably be expected to have a Material Adverse Effect, (b) any Environmental Claim pending or threatened in writing against any it, which would reasonably be expected to have a Material Adverse Effect, or (c) any release, emission, discharge or disposal of any Material of Environmental Concern that would reasonably be expect to form the basis of any Environmental Claim against it, if such Environmental Claim could reasonably be expected to have a Material Adverse Effect. Upon the written request by the Facility Agent, it will submit to the Facility Agent at reasonable intervals, a report providing an update of the status of any issue or claim identified in any notice or certificate required pursuant to this subsection;

(l) ERISA. Forthwith upon learning of the existence or occurrence of any ERISA Funding Event, ERISA Termination Event, Foreign Termination Event or Foreign Underfunding that, when taken together with all other ERISA Funding Events, ERISA Termination Events, Foreign Termination Events and Foreign Underfundings that exist or have occurred, or which could reasonably be expected to exist or occur, could reasonably be expected to result in a liability to the Obligors in the aggregate in excess of $5,000,000, furnish or cause to be furnished to the Facility Agent written notice thereof;

(m) ISM Code, ISPS Code, Annex VI and MTSA Matters. With respect to each Vessel owned by it (i) procure that the Vessel Manager is and shall at all times remain the Operator thereof, (ii) procure that the Operator will comply with and ensure that each of the Vessels operated by it will comply with the requirements of the ISM Code, ISPS Code, Annex VI and MTSA in accordance with the implementation schedules thereof, including (but not limited to) the maintenance and renewal of valid certificates, and when required, security plans, pursuant thereto throughout the term of the Loans; (iii) procure that the Operator will immediately inform the Facility Agent if there is any threatened or actual withdrawal of the Vessel Manager’s DOC or SMC, ISSC or IAPPC in respect of any Vessel operated by it; (iv) procure that the Operator will promptly inform the Facility Agent upon the issuance to the relevant Vessel Owner or Operator of a Vessel Manager’s DOC and to any of the Vessels of an SMC, ISSC or IAPPC; and (v) to the extent required by applicable law, maintain an Inventory of Hazardous Materials onboard at all times;

(n) Vessel Classification. Keep and cause to be kept each Vessel owned by it in a good and efficient state of repair so as to maintain her present class with a Classification Society and so as to comply with the provisions of all laws, regulations and requirements (statutory or otherwise) from time to time applicable to vessels registered under the laws of the relevant Approved Flag Jurisdiction, procure that each such Vessel’s Classification Society make available to the Security Trustee, upon its request, such information and documents in respect of such Vessel as are maintained in the records of such Classification Society, and procure that all repairs to or replacements of any damaged, worn or lost parts or equipment be effected in such manner (both as regards workmanship and quality of materials) as not to diminish the value of each such Vessel;

(o) Vessel Management. Cause each of the Vessels owned by it to be managed both commercially and technically by a Vessel Manager;

(p) Brokerage Commissions, etc. Indemnify and hold each of the Finance Parties harmless from any claim for any brokerage commission, fee, or compensation from any broker or third party hired by any Obligor resulting from the transactions contemplated hereby;

(q) Vessel Valuations. On the last day of June and December of each calendar year commencing on June 30, 2025, the Borrower shall obtain and deliver to the Facility Agent appraisals of the

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Fair Market Value of the Vessels, such valuations to be at the Borrower’s cost, together with a Valuation Certificate. In the event that the Borrower fails or refuses to obtain the valuations required by this clause, the Facility Agent may, at the direction of the Majority Lenders, obtain such valuations from Approved Brokers, at the Borrower’s cost, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this clause, but the Facility Agent’s action in doing so shall not excuse any default of the Borrower hereunder. If an Event of Default has occurred and is continuing, the Borrower shall obtain appraisals of the Fair Market Value of the Vessels, such valuations to be at the Borrower’s cost, at such further frequency as may be reasonably required by the Majority Lenders;

(r) Evidence of Current COFR. If the Facility Agent shall so request, provide, if applicable, the Facility Agent with copies of the current Certificate of Financial Responsibility pursuant to the Oil Pollution Act 1990 for any Vessel owned by it;

(s) Additional Charters. If a Vessel is subject to any new Assignable Charter, the relevant Vessel Owner shall (or shall procure that the relevant member of the Group as is party to such Charter shall), no later than thirty (30) days of entering into such Assignable Charter, deliver a Charter Assignment with respect to such Assignable Charter;

(t) Maintenance of Insurance.

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(u) Maintenance of Properties. Keep all material property necessary in its business in good working order and condition (loss or damage by casualty or condemnation excepted);

(v) Know Your Customer Requirements. Provide all documentation reasonably requested by any Finance Party in connection with their know your customer requirements, including but not limited to:

(w) Accounts.

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(x) Sanctions and Anti-Money Laundering Laws. Remain, and instruct each of its Subsidiaries, the Vessel Managers and any Relevant Individuals thereof to remain, in compliance with applicable Sanctions Laws and Anti-Money Laundering Laws;

(y) Sustainable Vessel Dismantling. In the event that any Vessel Owner undertakes to dismantle, scrap, or recycle, a Vessel owned by it (or to sell such Vessel to an intermediary with the intention of it being dismantled, scrapped or recycled) (or any other vessel owned by it), with the prior written consent of the Majority Lenders, it shall be dismantled, scrapped or recycled at a recycling yard which conducts its recycling business in a socially and environmentally responsible manner in accordance with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009, and/or EU Ship Recycling Regulation, 2013, and to the extent applicable, United States laws, as well as any other applicable vessel dismantling conventions on safe, sustainable, and socially and environmentally responsible dismantling of such Vessel that is taken out of service;

(z) Citizenship. Each Vessel Owner owning a Jones Act Vessel covenants that it shall remain (i) a citizen of the United States pursuant to Section 2(c) of the Shipping Act of 1916, as amended (46 USC § 50501), and the regulations in effect thereunder from time to time, as amended, and (ii) qualified to own and operate such Vessel for so long as it is documented under the laws of the United States and in the coastwise trade of the United States pursuant to 46 U.S.C. §§ 12102 and 12106, and the regulations in effect thereunder from time to time, as amended;

(aa) Newbuilding Vessels. Each Buyer or registered owner of a Newbuilding Vessel shall deliver to the Facility Agent, no later than the date of delivery of its Newbuilding Vessel, each of the following documents:

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(bb) Shipbuilding Contract.

10.2 Negative Covenants. Each Obligor (other than the Parent Guarantor and each Subsidiary Guarantor owning a COSCO Vessel or a Santander Vessel) hereby covenants and undertakes with the Lenders that from the Initial Funding Date, and each Subsidiary Guarantor owning a COSCO Vessel or Santander Vessel hereby covenants and undertakes with the Lenders that from the Funding Date on which the COSCO Indebtedness or Santander Indebtedness, as applicable, is repaid, and in each case, so long as any principal, interest or other moneys are owing by it in respect of this Agreement or under any other Loan Document to which it is a party, that it will not:

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(a) Liens. Create, assume or permit to exist, any Lien whatsoever upon any Collateral, except for the following (collectively, “Permitted Liens”):

(b) Investments. Make any Investment, except for the following Investments:

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(c) Transaction with Affiliates. Enter into any transaction with an Affiliate, other than on an arms-length basis other than transactions for the benefit of such Obligor; provided that the foregoing restriction shall not apply to (i) any transaction between or among any Obligor and any other Obligor; (ii) transactions in respect of Intercompany Debt, and (iii) other affiliate transactions existing on the Effective Date and set forth on Schedule 6 hereto;

(d) Change of Flag, Class, Management or Ownership. Change (i) the flag of a Vessel owned by it other than to another Approved Flag Jurisdiction (provided, that a new Mortgage is granted to the Security Trustee and registered with the registry of the new Approved Flag Jurisdiction and any other necessary changes to the Security Documents are effected in a manner satisfactory to the Majority Lenders) or with the consent of the Majority Lenders, (ii) the Classification Society of a Vessel owned by it other than with the Majority Lenders’ prior written consent, (iii) the technical or commercial management of a Vessel owned by it other than to another Vessel Manager (provided that such Vessel Manager delivers a Vessel Manager’s Undertaking) or (iv) the immediate or ultimate ownership of a Vessel owned by it;

(e) Change in Business. Materially change the nature of its business or commence any business materially different from its current business;

(f) Equity Interests. (i) purchase, cancel, redeem or retire any of its Equity Interests, (ii) increase or reduce its authorized Equity Interests; or (iii) issue any additional Equity Interests except to a Relevant Parent and to the extent such new Equity Interests are made subject to the terms of the Pledge Agreement immediately upon the issue thereof in a manner satisfactory to the Majority Lenders;

(g) Acquisitions and Sales of Assets.

(h) Changes in Name or Principal Place of Business. Change its name or principal place of business unless the Facility Agent shall have received five (5) Banking Days prior written notice of such change;

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(i) Restricted Payments. (i) directly or indirectly declare or pay any dividend or make any distribution on account of its Equity Interests, (ii) purchase, repurchase, redeem, retire or otherwise acquire for value any Equity Interests of any Transaction Obligor, or (iii) make any payment in respect of any Intercompany Debt (each, a “Restricted Payment”), unless so long as before and after giving effect thereto, there shall not have occurred an Event of Default that is continuing;

(j) Consolidation and Merger. Consolidate with, or merge into, any corporation or other entity, or merge any corporation or other entity into it or enter into any demerger, amalgamation, consolidation or corporate reconstruction or restructuring, other than (x) a merger of any Subsidiary Guarantor with another Subsidiary Guarantor, or a merger of any Affiliate of a Subsidiary Guarantor into another Subsidiary Guarantor, in each case, so long as the surviving entity after such merger is a Subsidiary Guarantor and any necessary actions as reasonably requested by the Security Trustee to preserve the Security Trustee’s security interests are taken simultaneously upon the consummation of such transaction and (y) with the prior written consent of the Majority Lenders;

(k) Change Fiscal Year. Change its fiscal year (other than as may be required to conform to GAAP);

(l) Indebtedness. Create, incur, issue, or otherwise become directly or indirectly liable for any Indebtedness, other than the following (collectively, “Permitted Indebtedness”):

(m) Sanctions and Anti-Money Laundering Laws. (i) Engage in a trade or financial transaction or other dealing with any individual, entity or Sanctioned Country that would violate Sanctions Laws; or (ii) take any action or make any omission that results, or is reasonably likely to result, in any Obligor or Finance Party becoming a Restricted Party (or permit any Subsidiary or Relevant Individuals thereof to take such action or make such omission); or (iii) use any proceeds from the Loans, directly or, to its knowledge, indirectly, (1) to fund any trade or business involving any Restricted Party (except to the extent licensed or approved by OFAC or other applicable Governmental Authority), or (2) for the purpose of engaging in any activities that would result in a violation of Sanctions Laws or Anti-Money Laundering Laws by any Obligor or Finance Party;

(n) Changes to Management Agreements. Terminate or otherwise make (i) any amendment, waiver or modification to any Management Agreement with a Vessel Manager that is a member of the Group, and (ii) make any material amendment, waiver or modification to a Management Agreement with a Vessel Manager that is not a member of the Group, in each case, without the prior written consent of the Majority Lenders, such consent not to be unreasonably withheld, conditioned or delayed. For purposes of clause (ii) above, “material amendment, waiver or modification” shall include any amendment, waiver or modification resulting in an increase of the amount to be paid by a Subsidiary

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Guarantor thereunder in excess of 15% of the amount to be paid prior to any such amendments, waivers or modifications. The Obligors shall deliver to the Lenders, promptly and in any event within ten (10) Business Days of entering into such amendments, modifications or waivers, all amendments, modifications or waivers to any Management Agreement permitted under this Section 10.2(n) (Changes to Management Agreements);

(o) Use of Proceeds. Use the proceeds of the Loans in violation of Regulation T, U or X;

(p) Accounts. Establish or maintain any deposit accounts other than (i) the Earnings Account, (ii) the Debt Service Reserve Account, and (iii) the Escrow Account;

(q) Restrictions on Chartering. In relation to the Vessel owned by it, (i) let that Vessel on demise charter for any period, other than any Approved Bareboat Charter, or (ii) permanently remove that Vessel from service unless it has first given notice to the Facility Agent and the requirement in respect of the Minimum Value Percentage set forth in Section 10.3 (Minimum Value Percentage) is satisfied before and after such removal;

(r) Trading Restrictions. (i) Cause or permit any Vessel to be operated in any manner contrary to law or otherwise allow any subsidiaries to engage in any unlawful trade or violate any law or carry any cargo that will expose any Vessel to penalty, confiscation, forfeiture, capture or condemnation, or, (ii) with respect to any Jones Act Vessel, do, or suffer or permit to be done, anything which can or may injuriously affect the documentation or enrollment of any Vessel under the laws and regulations of the United States and will at all times keep such Vessel duly documented as an United States flag vessel under Chapter 121 of Title 46 of the United States Code, eligible for the coastwise trade of the United States under 46 U.S.C. §50501, and the regulations in effect thereunder from time to time, as amended;

(s) Tax Status. To the extent it is a U.S. Tax Obligor, make any interest payments hereunder;

(t) Shipbuilding Contract and Refund Guarantee.

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10.3 Minimum Value Percentage. If (A) the appraisals delivered pursuant to Section 10.1(q) (Vessel Valuations) or, (B) the appraisals delivered on the Closing Date if on the last of the Availability Period relating to Tranche A the COSCO Vessels and the Santander Vessels have not yet become Collateral, demonstrate that the sum of (y) the aggregate Fair Market Value of the Vessels subject to a Mortgage or Vessel Owner Undertaking Letter and (z) any cash balance held in the Escrow Account is less than 200% (the “Required Percentage”) of (i) at any time between June 30, 2025 and March 31, 2027, the outstanding principal amount of the Loans under Tranche A only, and (ii) at any time after March 31, 2027, the outstanding principal amount of the Loans (the “Minimum Value Percentage”), the Borrower shall within a period of fifteen (15) days following receipt by the Borrower of written notice from the Facility Agent (acting at the instruction of the Majority Lenders) notifying the Borrower of such shortfall and specifying the amount thereof (which amount shall, in absence of manifest error, be deemed to be conclusive and binding on the Borrower), either (a) pledge (or cause to be pledged) to the Security Trustee additional Collateral satisfactory to the Majority Lenders (the “Additional Collateral”) of sufficient value such that the sum of (x) the aggregate Fair Market Value of the Vessels subject to a Mortgage or Vessel Owner Undertaking Letter, (y) any cash balance held in the Escrow Account and (z) the Additional Collateral is not less than the Required Percentage of the outstanding principal amount of the Loans or (b) prepay such amount of the Loans (together with interest thereon and any other monies payable in respect of such prepayment pursuant to Section 5.5 (Interest and Costs with Prepayments; Application of Prepayments)) such that after such prepayment, the Minimum Value Percentage is not less than the Required Percentage. To the extent the cash balance held in the Escrow Account is required to be included in the calculations described in this Section 10.3 (Minimum Value Percentage) to cause the Minimum Value Percentage to be equal or greater to the Required Percentage, such cash shall not be permitted to be released from the Escrow Account in connection with a transaction permitted under Section 5.4(a) (Sale of a Vessel) unless the Borrower demonstrates that following the release of such cash (and, if applicable, the granting of any new Mortgage upon the acquisition of a Replacement Vessel using such cash pursuant to Section 5.4(a) (Sale of a Vessel)), the Minimum Value Percentage shall not be less than the Required Percentage.

(a) This Agreement shall be binding upon, and inure to the benefit of, each of the Obligors and each of the Finance Parties and their respective successors and assigns, except that the Obligors may not assign any of their respective rights or obligations hereunder without the written consent of the Lenders.

(b) Each Lender shall be entitled to assign its rights and obligations under this Agreement with the consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed) and the Facility Agent; provided that, no such consent of the Borrower shall be necessary in the case of the assignment to (i) another Lender, (ii) a Subsidiary, an Affiliate, a Related Fund, another office or branch of any Lender, or (iii) any Person during the continuance of any Event of Default. Notwithstanding the foregoing sentence, a Lender may assign its rights and obligations under this Agreement without the consent of the Borrower if (a) upon receiving notice from such Lender of a proposed assignment, the Borrower does not provide irrevocable notice within five (5) Banking Days to the assigning Lender and the Facility Agent that the Borrower shall acquire such assigning Lender’s rights and obligations on similar terms as the potential acquirer, and (b) the Borrower does not acquire such assigning Lender’s

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rights and obligations within thirty (30) days of delivering such notice. In any case, such Lender shall forthwith give notice of any such assignment to the Borrower and the Facility Agent and, provided no Event of Default has occurred and is continuing, the Borrower, and shall pay the Facility Agent an assignment fee of $7,500 for each such assignment; provided, however, that any such assignment must be made pursuant to an Assignment and Assumption Agreement and any assignee that is not a Lender shall deliver to the Facility Agent an Administrative Questionnaire and such tax documentation as the Facility Agent may require. Each of the Obligors will take all reasonable actions requested by the Facility Agent or any Lender to effect such assignment, including but not limited to, providing the documents required pursuant to Section 10.1(v) (Know Your Customer Requirements). No Lender shall assign its rights and obligations under this Agreement to any natural Person, the Borrower (other than as provided for in this paragraph (b)) or any of the Borrower’s Affiliates, or to any Lender that has not previously complied with its funding obligations under this Agreement.

(c) The aggregate amount of the Commitments to be assigned (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitments are not then in effect, the principal outstanding balance of the Loans to be assigned of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Facility Agent) shall not be less than $1,000,000, unless each of the Facility Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed). Notwithstanding the foregoing, in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitments and/or the Loans at the time owing to it no minimum amount need be assigned.

(d) The Facility Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders and principal amount of (and stated interest on) the Loans owing to each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Facility Agent, the Security Trustee and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Security Trustee and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

(e) Upon its receipt of a duly completed Assignment and Assumption Agreement executed by an assigning Lender and an assignee, the assignment fee referred to above and any written consent to such assignment required, the Facility Agent shall accept such Assignment and Assumption Agreement and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment or provide documents required to be made by it pursuant to this Agreement, the Facility Agent shall have no obligation to accept such Assignment and Assumption Agreement and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

(f) In addition, any Lender may at any time sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitments and/or the Loans owing to it); provided, that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Facility Agent, the Security Trustee and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which

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a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that requires the consent of each Lender directly affected thereby pursuant to the terms of this Agreement and that directly affects such Participant.

(g) Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amount of (and stated interest on) each Participant’s interest in the participation (“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in the participation) to any Person except to the extent that such disclosure is necessary to establish that the Loans or other obligation under this Agreement is registered under Section 5f.103-1(c) of the United States Treasury Regulations and Section 1.163-5(b) of the proposed United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Facility Agent shall have no responsibility or obligation with respect to the Participant Register.

12.1 Illegality. In the event that by reason of any change in or introduction of any applicable law, regulation or regulatory requirement or in the interpretation thereof, a Lender has a reasonable basis to conclude that it has become unlawful for any Lender to maintain or give effect to its obligations as contemplated by this Agreement, such Lender shall inform the Facility Agent and the Borrower to that effect, whereafter the liability of such Lender to make its portion of the Loans available shall forthwith cease and the Borrower shall be required either to repay to such Lender that portion of the Loans advanced by such Lender within sixty (60) days or, if such Lender so agrees, to repay such portion of the Loans to the Lender on the last day of the calendar month in accordance with and subject to the provisions of Section 5.5 (Interest and Costs with Prepayments; Application of Prepayments). In any such event, but without prejudice to the aforesaid obligations of the Borrower to repay such portion of the Loans, the Borrower and the relevant Lender shall negotiate in good faith with a view to agreeing on terms for making such portion of the Loans available from another jurisdiction or otherwise restructuring such portion of the Loans on a basis which is not unlawful.

12.2 Increased Costs.

(a) If, after the Effective Date, any change in or introduction of applicable law, regulation or regulatory requirement (including any applicable law, regulation or regulatory requirement which relates to capital adequacy or liquidity controls or which affects the manner in which a Lender allocates capital resources under this Agreement), Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV, or in the interpretation or application thereof by any governmental or other authority, shall:

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and the result of the foregoing is either to increase the cost to such Lender of making available or maintaining the Loans or any part thereof or to reduce the amount of any payment received by such Lender, then and, in any such case, if such increase or reduction, in the opinion of such Lender, materially affects the interests of such Lender under or in connection with this Agreement:

(b) such Lender shall notify the Facility Agent and the Borrower of the happening of such event, and

(c) the Borrower agrees forthwith upon demand to pay to such Lender such amount as such Lender certifies to be necessary to compensate such Lender for such additional cost or such reduction in respect of the Loans.

(d) In this Section 12.2 (Increased Costs),

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12.3 Lender’s Certificate Conclusive. A certificate or determination notice of any Lender as to any of the matters referred to in this Section 12 (Illegality, Increased Cost, Non-Availability, Etc.) shall, absent manifest error, be conclusive and binding on the Borrower.

12.4 Compensation for Losses. Where the Loans or any portion thereof is to be repaid by the Borrower pursuant to this Section 12 (Illegality, Increased Cost, Non-Availability, Etc.), the Borrower agrees simultaneously with such repayment to pay to the relevant Lenders all accrued interest to the date of actual payment on the amount repaid and all other sums then payable by the Borrower to the relevant Finance Party pursuant to this Agreement, together with such amounts as may be necessary and are certified by the relevant Lender to be necessary to compensate such Lender for any actual loss, premium or penalties incurred or to be incurred thereby on account of funds borrowed to make, fund or maintain the Loans or such portion thereof until the next Repayment Date, if any, but otherwise without penalty or premium.

13.1 Currency Conversion. If, for the purpose of obtaining or enforcing a judgment in any court in any country, it becomes necessary to convert into any other currency (the “judgment currency”) an amount due in Dollars under any Loan Document, then the conversion shall be made, in the discretion of the Facility Agent, at the rate of exchange available to the Facility Agent in accordance with its normal practices (the “conversion date”), provided that the Finance Parties shall not be entitled to recover under this Section 13.1 (Currency Conversion) any amount in the judgment currency which exceeds at the conversion date the amount in Dollars due under any Loan Document.

13.2 Change in Exchange Rate. If there is a change in the rate of exchange prevailing between the conversion date and the date of actual payment of the amount due, the Borrower shall pay such additional amounts (if any, but, in any event, not a lesser amount) as may be necessary to ensure that the amount paid in the judgment currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount then due under the Loan Documents in Dollars; any excess over the amount due received or collected by any Lender shall be remitted to the Borrower.

13.3 Additional Debt Due. Any amount due from any Obligor under this Section 13 (Currency and Indemnity) shall be due as a separate debt and shall not be affected by judgment being obtained for any other sums due under or in respect of the Loan Documents.

13.4 Rate of Exchange. The term “rate of exchange” in this Section 13 (Currency and Indemnity) means the rate at which the Facility Agent in accordance with its normal practices is able on the relevant date to purchase Dollars with the judgment currency and includes any premium and costs of exchange payable in connection with such purchase. Notwithstanding anything contained herein to the contrary: (i) the Facility Agent shall be entitled to rely conclusively on the bases (which will be the exchange rate resulting from the Facility Agent’s normal procedures) for such determination utilized by it and shall not be held liable for any associated losses (including without limitation any losses incurred on account of the difference between any indicative market rate utilized by the Facility Agent, on the one hand, and any other market rate that may be obtained in respect of any foreign exchange transaction, on the other hand); (ii) the Facility Agent makes no representation and shall not be deemed to make any representation that any exchange rate used or obtained in any currency conversion under this Agreement or any other Loan Document will be the most favorable rate that could be obtained at the time or as to the method by which

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that rate will be determined; (iii) the Obligors and the Lenders shall assume and bear all risk of loss with respect to any foreign currency exchanges and the fluctuation of currency prices; and (iv) any foreign exchange transaction may be transmitted by the Facility Agent to a sub-custodian or depositary and such entity may not be the foreign exchange counterparty and the foreign exchange transaction may not be processed and priced as described in this Agreement or any other Loan Document.

14. FEES AND EXPENSES

14.1 Fees.

(a) Tranche A Commitment Fee. The Borrower shall pay to the Facility Agent for the ratable account of the Lenders, a commitment fee (the “Tranche A Commitment Fee”) equal to (i) 3.00% per annum multiplied by (ii) the aggregate daily unused Commitments relating to Tranche A, payable quarterly in arrears on the last Banking Day of each March, June, September and December from the earlier of (x) the Initial Funding Date and (y) December 16, 2024 until the final date of the Availability Period with respect to Tranche A (or if earlier, the date of cancellation of the Commitments relating to Tranche A in full), with any remaining accrued and unpaid Tranche A Commitment Fee payable on the final date of the Availability Period with respect to Tranche A.

(b) Tranche B Commitment Fee. The Borrower shall pay to the Facility Agent for the ratable account of the Lenders, a commitment fee (the “Tranche B Commitment Fee”) equal to (i) 3.00% per annum multiplied by (ii) the aggregate daily unused Commitments relating to Tranche B, payable quarterly in arrears on the last Banking Day of each March, June, September and December from the Effective Date until the final date of the Availability Period with respect to Tranche B (or if earlier, the date of cancellation of the Commitments relating to Tranche B in full), with any remaining accrued and unpaid Tranche B Commitment Fee payable on the final date of the Availability Period with respect to Tranche B.

(c) Fee Letters. The Borrower shall pay all fees in the amount and at the times agreed in any Fee Letter.

14.2 Expenses. The Obligors agree, whether or not the transactions hereby contemplated are consummated, on demand, within five (5) Banking Days of demand therefor, to pay, or reimburse the Facility Agent, the Security Trustee and the Lenders for payment of, (i) the reasonable expenses of each of the Facility Agent, the Security Trustee and the Lenders resulting or arising from said transactions (and in connection with any supplements, amendments, waivers or consents relating thereto or incurred in connection with the enforcement or defense of any of the Finance Parties’ rights or remedies with respect thereto or in the preservation of the Finance Parties’ priorities under the documentation executed and delivered in connection therewith), including, without limitation, all costs and expenses of preparation, negotiation, execution and administration of this Agreement and the documents referred to herein, the reasonable and documented fees and disbursements of counsel in connection therewith, as well as the fees and expenses of any independent appraisers, surveyors, engineers, inspectors and other consultants retained in connection with this Agreement and the transactions contemplated hereby and under the Loan Documents, (ii) all costs and expenses, if any, in connection with the enforcement of this Agreement, the Notes and the Loan Documents and (iii) stamp and other similar taxes, if any, resulting or arising from the execution and delivery of the documents (including, without limitation, the Note) herein contemplated and to hold the Facility Agent, the Security Trustee and the Lenders free and harmless in connection with any liability arising from the non-payment of any such stamp or other similar taxes. Such stamp or other similar taxes and, if any, interest and penalties related thereto as may become payable after the Effective Date shall be paid immediately by the Borrower to the Facility Agent, the Security Trustee or the Lenders, as applicable, when liability therefor is no longer contested by the Facility Agent, the Security Trustee or the Lenders or reimbursed immediately by the Borrower to the Facility Agent, the Security Trustee or the

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Lenders after payment thereof (if the Facility Agent, the Security Trustee of the Lenders, in their sole discretion, choose to make such payment). The covenants contained in this Section 14.2 (Expenses) shall survive payment or satisfaction in full of the Loans and all other obligations under this Agreement and the other Loan Documents and the earlier resignation or replacement of the Facility Agent or Security Trustee.

(a) Each of the Lenders appoints the Facility Agent to act as its agent under and in connection with the Loan Documents.

(b) Each of the Lenders authorizes the Facility Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under, or in connection with, the Loan Documents together with any other incidental rights, powers, authorities and discretions.

15.2 Instructions.

(a) The Facility Agent shall:

For the avoidance of doubt, without limiting any rights, protections, immunities or indemnities afforded to the Facility Agent hereunder (including without limitation this Article XV), phrases such as “satisfactory to the Facility Agent,” “approved by the Facility Agent,” “acceptable to the Facility Agent,” “as determined by the Facility Agent,” “designed by the Facility Agent”, “specified by the Facility Agent”, “in the Facility Agent’s discretion,” “selected by the Facility Agent,” “elected by the Facility Agent,” “requested by the Facility Agent,” “in the opinion of the Facility Agent,” and phrases of similar import that authorize or permit the Facility Agent to approve, disapprove, determine, act, evaluate or decline to act in its discretion shall be subject to the Facility Agent receiving a direction from the Majority Lenders (or such other number or percentage of the Lenders as shall be expressly required under this Agreement); and

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(b) Any instructions given by the Majority Lenders (or such other number or percentage of the Lenders as shall be expressly required under the Loan Documents), shall be in writing and any instructions by the Majority Lenders on matters which do not require the consent or instructions of all the Lenders as specified in this Agreement shall be binding on all the Lenders.

(c) The Facility Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Loan Document expressly stipulates the matter is a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Facility Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested. The Facility Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, and shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first (i) receive in writing direction from the Majority Lenders (or such other number or percentage of the Lenders as shall be expressly required under this Agreement) and (ii) be indemnified and provided with adequate security to its sole satisfaction by such Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such directed action.

(d) Save in the case of decisions stipulated to be a matter for any Lender or group of lenders under the relevant Loan Document and unless otherwise expressly provide for in a Loan Document, any instructions given to the Facility Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Lenders.

(e) Without prejudice to paragraph (a)(ii) above, paragraph (a)(i) above shall not apply in respect of any provision which protects the Facility Agent’s own position in its personal capacity as opposed to its role of Facility Agent for the relevant Finance Parties.

(f) The Facility Agent may refrain from acting in accordance with any instructions of any Finance Party or group of Finance Parties until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Loan Documents and which may include payment in advance) for any cost, loss or liability which it may reasonably incur in complying with those instructions.

(g) Without prejudice to the remainder of this Section 15.2 (Instructions), in the absence of instructions, the Facility Agent shall not be obliged to take any action (or refrain from taking action) even if it considers acting or not acting to be in the best interests of the Finance Parties.

15.3 Duties of the Facility Agent.

(a) The Facility Agent’s duties under the Loan Documents are solely mechanical and administrative in nature.

(b) Subject to paragraph (c) below, the Facility Agent shall promptly make available to a Party the original or a copy of any document or notice which is delivered to the Facility Agent for that Party by any other Party.

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(c) Without prejudice to Section 11 (Assignments), paragraph (b) above shall not apply to any Assignment and Assumption Agreement.

(d) Notwithstanding anything set out in a Loan Document, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

(e) If the Facility Agent receives notice from a Party referring to any Loan Document, describing a circumstance and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties but shall not have any duty to verify whether the circumstance described has actually occurred or whether it constitutes a Default.

(f) If the Facility Agent is aware of the non-payment of any principal, interest or any fee payable to a Finance Party under this Agreement, it shall promptly notify the other Finance Parties.

(g) The Facility Agent shall provide to the Borrower within five (5) Banking Days of a request by the Borrower (but no more frequently than once per calendar quarter), a list (which may be in electronic form) setting out the names of the Lenders as at that Banking Day, their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Loan Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with the Loan Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Facility Agent to that Lender under the Loan Documents.

(h) The Facility Agent shall have only those duties, obligations and responsibilities expressly specified in the Loan Documents to which it is expressed to be a party (and no others shall be implied).

15.4 No Fiduciary Duties.

(a) Nothing in any Loan Document constitutes the Facility Agent as a trustee or fiduciary of any other person.

(b) The Facility Agent shall not be bound to account to other Finance Party for any sum or the profit element of any sum received by it for its own account.

15.5 Application of Receipts. Except as expressly stated to the contrary in any Loan Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility Agent shall be applied by the Facility Agent in accordance with Section 7.5 (Application of Receipts; Partial Payments).

15.6 Business with the Group. The Facility Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.

15.7 Rights and Discretions.

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as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

(b) The Facility Agent may assume (unless it has received written notice to the contrary in its capacity as agent for the Finance Parties) that:

(c) The Facility Agent may engage (at the Borrower’s expense) the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.

(d) Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Facility Agent may at any time engage (at the Borrower’s expense) the services of any lawyers to act as independent counsel to the Facility Agent (and so separate from any lawyers instructed by the Lenders) if the Facility Agent in its reasonable opinion deems this to be desirable.

(e) The Facility Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Facility Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

(f) The Facility Agent may act in relation to the Loan Documents and the Collateral through its officers, employees, delegate, receiver and agents and shall not: